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State economy

Michigan economy

Michigan's unemployment rate was 5.0% in September 2026, unchanged from the month before and 4.9% a year earlier. That ranks 47 of 51 (1 = lowest); the national rate was 4.1%. Employers had 4.49 million jobs on their payrolls in September 2026, a gain of 2,000 (+0.0%) from a year earlier. Home prices (FHFA index) were +4.6% from a year earlier in Q2 2026. Median household income was $76,800 in 2025.

5.0%
unemployment rate
September 2026
Unemployment rate5.0%Rank 47 of 51 (1 = lowest)
10-year range3.7–22.7%Low Mar 2020 · high Apr 2020
Nonfarm jobs4.49M+0.0% in a year · rank 42
Home prices (FHFA)+4.6%1-year change · Q2 2026 · 5-yr +46%
Median household income$76,8002025 · rank 41 of 51

Michigan: unemployment rate

Michigan unemployment rateLine chart from Jan 1, 2006 to Sep 1, 2026. Latest 5.0%; high 22.7% on Apr 1, 2020; low 3.7% on Mar 1, 2020.0%5%10%15%20%25%20082010201220142016201820202022202420265.0%High 22.7%Low 3.7%

Michigan: jobs, change from a year earlier

Michigan nonfarm jobs, 12-month changeLine chart from Jan 1, 2001 to Sep 1, 2026. Latest 0.0%; high +21.9% on Apr 1, 2021; low -23.6% on Apr 1, 2020.-30%-20%-10%0%10%20%30%200520102015202020250.0%High +21.9%Low -23.6%

Michigan: home prices, change from a year earlier

Michigan FHFA house price index, 12-month changeLine chart from Jan 1, 2001 to Apr 1, 2026. Latest +4.6%; high +17.2% on Apr 1, 2022; low -11.6% on Jan 1, 2010.-20%-10%0%10%20%20052010201520202025+4.6%High +17.2%Low -11.6%

Michigan: median household income

Michigan median household incomeLine chart from Jul 1, 1984 to Jul 1, 2025. Latest $76,800; high $78,860 on Jul 1, 2024; low $22,970 on Jul 1, 1984.$20,000$40,000$60,000$80,0001990199520002005201020152020$76,800Low $22,970

Other states

AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming

Sources: U.S. Bureau of Labor Statistics (unemployment, nonfarm payrolls; seasonally adjusted), Federal Housing Finance Agency (all-transactions house price index), U.S. Census Bureau (median household income, current dollars), via FRED. US unemployment rate: 4.1% (October 2026).