Detroit Personal Income
2023 Economic Outlook
Updated on 01/01/2023
Detroit Income Forecast
Detroit Income Forecast
| State Output |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
| Gross State Product ($
Millions: Current) |
261,791,542 |
266,537,305 |
257,189,601 |
283,660,258 |
308,966,100 |
331,879,600 |
| |
3.3% |
1.8% |
-3.5% |
10.3% |
8.9% |
7.4% |
| Real GDP (Chained 2012 $
Mill) |
234,506,268 |
233,889,316 |
222,348,141 |
241,602,714 |
255,525,600 |
262,468,700 |
| |
1.8% |
-0.3% |
-4.9% |
8.7% |
5.8% |
2.7% |
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| Detroit Income by place
of residence ($000s) |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
| Personal income
(thousands of dollars) |
227,532,657 |
234,769,732 |
253,299,113 |
266,123,984 |
270,838,800 |
287,498,800 |
| |
4.3% |
3.2% |
7.9% |
5.1% |
1.8% |
6.2% |
| Population (persons) |
4,390,557 |
4,394,145 |
4,385,748 |
4,365,205 |
4,349,152 |
4,337,291 |
| |
0.2% |
0.1% |
-0.2% |
-0.5% |
-0.4% |
-0.3% |
| Per capita personal
income (dollars) |
51,823 |
53,428 |
57,755 |
60,965 |
62,274 |
66,285 |
| |
4.0% |
3.1% |
8.1% |
5.6% |
2.1% |
6.4% |
| Real Per-Capita Personal
Income (Chained 2012 $) |
46,422 |
46,884 |
49,931 |
51,926 |
51,503 |
52,422 |
| |
2.5% |
1.0% |
6.5% |
4.0% |
-0.8% |
1.8% |
| Relative Per-Capita
Personal Income (Local/US) |
0.96 |
0.95 |
0.97 |
0.95 |
0.95 |
0.95 |
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| Derivation of Personal
Income |
|
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|
| Earnings by place of
work |
167,585,044 |
171,968,856 |
169,499,036 |
182,589,938 |
193,739,700 |
205,600,200 |
| |
3.3% |
2.6% |
-1.4% |
7.7% |
6.1% |
6.1% |
| Less: Contributions for government social
insurance |
19,738,485 |
20,150,129 |
19,839,661 |
20,892,529 |
22,061,710 |
23,321,670 |
| |
4.7% |
2.1% |
-1.5% |
5.3% |
5.6% |
5.7% |
| Plus: Adjustment for residence |
-3,423,435 |
-3,416,789 |
-3,109,807 |
-3,645,336 |
-3,424,600 |
-3,710,027 |
| |
|
|
|
|
|
|
| Equals: Net earnings by place of residence |
144,423,124 |
148,401,938 |
146,549,568 |
158,052,073 |
168,253,400 |
178,568,500 |
| |
3.1% |
2.8% |
-1.2% |
7.8% |
6.5% |
6.1% |
| Plus: Dividends, interest, and rent |
40,472,021 |
41,437,643 |
41,575,467 |
42,449,182 |
37,486,160 |
40,052,610 |
| |
8.1% |
2.4% |
0.3% |
2.1% |
-11.7% |
6.8% |
| Plus: Personal current transfer receipts |
42,637,512 |
44,930,151 |
65,174,078 |
65,622,729 |
65,099,210 |
68,877,650 |
| |
4.6% |
5.4% |
45.1% |
0.7% |
-0.8% |
5.8% |
| |
|
|
|
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| Components of Earnings |
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|
|
| Wages and salaries |
124,283,634 |
127,314,193 |
124,121,596 |
134,084,613 |
142,500,100 |
152,720,500 |
| |
3.4% |
2.4% |
-2.5% |
8.0% |
6.3% |
7.2% |
| Supplements to wages and salaries |
26,986,514 |
27,525,002 |
26,363,584 |
28,160,860 |
29,922,050 |
30,567,350 |
| Proprietors' income |
16,314,896 |
17,129,661 |
19,013,856 |
20,344,465 |
21,317,640 |
22,312,340 |
| Farm proprietors' income |
-3,930 |
5,039 |
46,593 |
54,431 |
113,449 |
137,868 |
| Nonfarm proprietors' income |
16,318,826 |
17,124,622 |
18,967,263 |
20,290,034 |
21,204,190 |
22,174,470 |
| Source: Center
for Economic Analysis, Michigan State University |
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