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 $3.6 billion between 2023 and 2024, or 1.2%. Real GDP is now $2 billion larger (or 7.5%) than it was in 2019.