Page 10 - State of the Region Report 2020

10 State of the Lansing Region, 2020

Economic Growth

These metrics provide multiple reference points for evaluating the Lansing region’s
economic performance. High levels of employment, and in particular private employment,
are indicative of financial strength and prosperity among the region’s residents.

Employment in different industries, GDP growth, and exports are some of the primary
measures of a region’s economic health.

Real Gross Domestic Product

Lansing’s regional economy reached almost $22.5 billion
(2012 chained US dollars) in 2018. Gross domestic product
(GDP) increased by over 8% between 2014 and 2018. The
region’s economy has grown in every year since 2014, to a
total of $22,462 million (2012 chained US dollars) in 2018.

Real GDP Growth

8 8.3%

Measures the region’s GDP Ç
growth between 2014 and
2018 in terms of millions of 9.5%
chained 2012 U.S. dollars.
Source: U.S. Bureau of Economic Analysis

Labor Force and

Employment Image source: Peckham

The Lansing area had one of the lowest rates of labor force growth relative Employment Growth
to the peer regions between 2014 and 2018. The labor force (defined as the
number of population age 16 and above that is employed or actively looking
for work) totaled 281,658 in 2018, an increase of 2.8% since 2014. This plac-
es the Lansing region 11th among its peer regions for labor force growth.
Similarly, the area ranks 11th among peer regions in job creation since 11
2014, with a 4% increase in jobs through 2018. This increase in employed 4.0%
residents indicates improvement in the economic strength of the region. Ç
All peer regions, including the Lansing region, saw unemployment go down
significantly between 2014 and 2018. The Lansing region’s unemployment Measures change in the
number of public and privately
rate declined from 6.1% in 2014 to 3.6% in 2018. Among peer regions, 2018 employed residents from 2014 7.3%
unemployment rates ranged from a low of 2.3% to a high of 4.1%, placing to 2018.
Lansing 5th. Source: U.S. Bureau of Labor Statistics, Quarterly Census of
Employment and Wages