What is the gross domestic product (GDP) in Iron County, MI?
Refreshed annually
About $320.7 million in 2024. Gross domestic product (GDP) measures the value of goods and services a country, state, or county produces — it's the sum of consumer spending, business investment, government spending, and net exports. It is often used to quantify the size of an economy. The $320.7 million is the "real GDP," which is adjusted to account for inflation to make it easier to compare the size of an economy over time.
$321M
Real GDP (2024)
+2%
Change in real GDP (2023 to 2024)
Changes in spending and investment cause the GDP to fluctuate.
As of 2024, real GDP was $320.7 million in Iron County. This was 2% higher than in 2023.
Real GDP increased from 2023 to reach $320.7 million in 2024.
Real GDP in Iron County, MI, adjusted for inflation (chained 2017 dollars)
Which industry contributes the most to Iron County's GDP?
The GDP can also be broken down and compared across industries — useful, as different industries experience different economic pressures.
The real estate and rental and leasing industry contributed the most to the GDP of Iron County in 2024, generating a value of $78.3 million. It was followed by government and government enterprises ($55.8 million) and retail trade ($52 million).
The retail trade industry grew the most, with a 2024 GDP that was 1.8 times the 2014 GDP.
In 2024, the real estate and rental and leasing industry contributed the most to GDP in Iron County, MI.
Real gross domestic product by industry in Iron County, MI, chained 2017 dollars
What is Iron County's GDP per person?
Another way to understand a population's standard of living is by taking the GDP and dividing it by the total number of people in the population. This figure offers insight into the average economic output per individual. When the GDP per person goes up, it suggests that individuals are becoming wealthier and/or resources are being used more efficiently. This helps economists understand whether economic growth is outpacing population growth.
In 2024, GDP per person was $27,240, up 1.9% from 2023.
In 2024, real GDP was equivalent to $27,200 per person.
Real gross domestic product per person in Iron County, MI, chained 2017 dollars
GDP and the economic experience vary by location due to factors like cost of living, population density, workforce education, and the leading industries in the area.
In 2024, Iron County's real (that is, inflation-adjusted) GDP per person was 69th highest out of Michigan's 83 counties. Counties with a similar standard of living include Shiawassee County (68th) and Cheboygan County (70th).
In 2024, Iron County, MI was ranked 69 in Michigan for GDP per person.
Real gross domestic product per person in Michigan by county
Keep exploring
Methodology
USAFacts standardizes data, in areas such as time and demographics, to make it easier to understand and compare.
Page sources
USAFacts endeavors to share the most up-to-date information available. We sourced the data on this page directly from government agencies; however, the intervals at which agencies publish updated data vary.
