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%
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
             
Derivation of Personal Income            
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%
             
Components of Earnings            
  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