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U.S. State26th State • January 26, 1837
Michigan MI
"The Great Lakes State"
The birthplace of the American automobile, the home of Motown, and a state shaped, and surrounded, by the greatest freshwater system on Earth.
Michigan state finances at a glance
State Debt - FY2024
$25.0 billion
Total state government debt outstanding at the close of fiscal 2024, including long-term bonds and short-term borrowing across state agencies and public universities.
Tax Revenue - FY2024
$38.6 billion
Total Michigan state tax collections in fiscal 2024, led by the general sales tax ($13B) and the individual income tax ($12B).
Borrowing
Michigan issues voter-approved general obligation bonds and, more often, appropriation-backed bonds through the State Building Authority, which builds and leases facilities to the state. These are sold to investors in the municipal market; Michigan also uses GARVEE bonds backed by future federal highway aid. The state reported about $984 million in interest on its debt in fiscal 2024.
Source: U.S. Census Bureau, 2024 Annual Survey of State Government Finances.
10.1M
Population
26th
State (1837)
3,200+
Miles Great Lakes Shore
11,000+
Inland Lakes