Total Real GDP and Annual Percent Change

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.

Latest Southeast Michigan trend:

Total real Gross Domestic Product (GDP) gained over $5 billion between 2021 and 2022, or 1.8%. Real GDP came back strong from the COVID Recession, for it is now $9.4 billion larger (or 3.2%) than it was in 2019.