Real GDP by Industry Sector

What is it and why does it matter?

Gross Domestic Product (GDP) indicates how much a county’s economy is expanding or contracting by measuring the value of goods and services produced. It is measured in real (or inflation-adjusted) terms. Real GDP serves as the most comprehensive measure of economic growth. This chart is broken into select industry sectors for more detailed analysis. Real GDP serves as the most comprehensive measure of economic growth.

Latest Southeast Michigan trend:

Real GDP growth over the last year was lead by the Professional, Scientific, and Technical Services sector, gaining over $2.2 billion, or 6.5%. This gain was tempered by losses in the Finance and Insurance sector, which lost $1.6 billion, or almost 10%. Since the COVID recession, the Professional, Scientific, and Technical Services sector, along with the Real Estate and Rental and Leasing sector, have led the way in the region's economic output. Combined, the two sectors gained more than $6.5 billion since 2019, or more than two-thirds of the region's total gain of $9.4 billion in that period.

Caution

Some data are suppressed. Years with suppressed data show as "0". The sum of the suppressed data are rolled into the "All Other Sectors" category.