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With over 10 million people, Michigan ranks 8th in population among the United States. Its 96,810 square miles (250,736.7 square kilometers or 25,073,675 hectares) make the Wolverine State the 11th largest of the states in geographic size, and it is the largest state east of the Mississippi River. Michigan’s Midwestern location and position alongside some of the Great Lakes make the state ideal for commerce. The capital of Michigan is Lansing, whereas Detroit is the largest city.
Michigan’s diverse economy still relies greatly on manufacturing and heavy machinery. Numerous products are made here, most famously the automobile, which has anchored the state since Henry Ford’s development of the assembly line and the evolution of "The Big Three" automakers, Ford, Chrysler, and General Motors, whose headquarters are located in Detroit, also known as "Motor City". The Great Lakes State is also home to many famous food products, such as Kellogg’s cereals and Gerber baby food and products. The city of Midland hosts the globally recognized Dow Chemical Company, which enriches the state’s chemical products industry.
Michigan displays a unique shape of two peninsulas, separated by the Great Lakes, known as the Upper and Lower Peninsulas. Each peninsula offers rich resources for the state’s economy. The Upper Peninsula remains somewhat wilder and contributes lumber, fish and game. While historically this region provided extraordinary wealth in copper and iron ore, these resources have since been exhausted. Today the Upper Peninsula relies more on the shipping industry and tourism. Shipping remains prominent to Michigan’s economic success by providing water transportation options for millions of tons of cargo across the Great Lakes each year.
The Lower Peninsula offers such resources as limestone, gypsum, sandstone, sand, gravel, and salt. However, agriculture dominates the economy of this region. The adjacent lakes moderate the climate; Michigan is the national leader in sour cherry production, thanks to the unique microclimate along Lake Michigan. Other important agricultural riches include corn, dairy products, apples, soybeans, blueberries, and nursery stock.
Michigan relies more heavily on tourism today as a major industry. Its proximity to the Great Lakes, wealth of rivers and streams, and fascinating scenery from farms to huge sand dunes create a unique environment for people to enjoy.
With regards to Michigan’s cost of living, in 2005, the Great Lakes State had a median household income of $45,793 and a per capita personal income (PCPI) of $32,735. The average annual growth rate of PCPI between 1995 and 2005 was 3.4 percent, compared to the average annual rate of 4.1 percent for the nation. Michigan boasts a home ownership rate of 76.4 percent. The unemployment rate is 6.7 percent. Michigan levies a sales tax of 6 percent, and maintains a flat rate of 3.9 percent for personal income tax.
Michigan benefits from over 560,000 high tech professionals, ranking the state 4th in the nation. Additionally, Michigan ranks third in the country in the number of Bachelor of Science engineering graduates. Increasingly, the life sciences industries are contributing impressively to the Great Lakes State, promising a bright outlook for Michigan’s future.
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