This article is part of an ongoing, county by county overview of the Tri-County Area. This article covers Gross Regional Product (GRP) and Personal Income trends in Ingham County. GRP is the total value a regional economy produces in a given year, while Personal Income includes wages, salaries, plus income from investments and government transfer payments (e.g. social security). Comparing GRP and Personal Income provides insight into both overall economic performance and how that growth translates to household income.

Over the last decade, Ingham County’s economy grew at a steady pace from 2014 to 2021 and has grown more rapidly since 2021 as shown in Figure 1. In the seven years from 2014 to 2021, Ingham County’s economy grew over $5 billion (37.5%). In just the next three years from 2021 to 2024 it grew another $4 billion (21.9%). Overall, the County’s economy grew by 67.5% over the last 10 years, slightly more than the broader region (+66.3%), demonstrating consistent and broad-based economic expansion.

Figure 1: GRP in Ingham County, 2014-2024

Source: Points Consulting using Michigan Capital Region Data Hub

Figure 2 displays the cumulative growth in GRP and Personal Income from 2014 to 2024. As noted earlier, GRP in Ingham County had a cumulative growth rate of approximately 67.5%, notably higher than Personal Income at 56.1%.

The growth rates shown in Figure 2 illustrate that GRP has generally been faster growing, only growing less than personal income from 2020 to 2021 with the Covid-19 pandemic but recovering with especially large gains between 2021 and 2023. Personal income growth has also been substantial, particularly during the pandemic period when transfer payments and wage increases boosted incomes. Overall, the data suggest that Ingham County’s economic output has been expanding more rapidly than resident income in recent years, indicating strong production growth but with gains that are not fully translating proportionally into personal income.

Figure 2: Cumulative Growth in GRP vs. Personal Income, 2014-2024

 Source: Points Consulting using Michigan Capital Region Data Hub

Figure 3 highlights the industries in Ingham County that experienced the strongest GRP growth over the past decade. The fastest-growing sector was Wholesale Trade, which grew 169.8% over the decade. Other top-performing industries included Construction, Durable Goods, Manufacturing, and Federal Reserve Banks, Credit Intermediation, and Related, all of which more than doubled or nearly doubled their economic output.

It is important to note that high growth rates do not necessarily indicate the largest contributors to the overall economy, as some industries may be growing from a smaller base. Additionally, the breadth of growth across multiple industries indicates a resilient and well-diversified economy that has adapted successfully to changing market conditions over the past decade.

Figure 3: Top Growing Industries in Ingham County by GRP, 2014-2024

Source: Points Consulting using Michigan Capital Region Data Hub