Detroit Personal Income
2024 Economic Outlook
Updated on 09/27/2023
Detroit Income Forecast
Detroit Income Forecast
| State Output |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
| Gross State Product
($000s Current) |
266,537,300 |
257,189,600 |
283,660,300 |
310,329,900 |
327,624,000 |
341,456,600 |
| |
1.8% |
-3.5% |
10.3% |
9.4% |
5.6% |
4.2% |
| Real GDP (Chained 2012
$000s) |
233,889,300 |
222,348,100 |
241,602,700 |
247,510,500 |
245,114,900 |
246,831,300 |
| |
-0.3% |
-4.9% |
8.7% |
2.4% |
-1.0% |
0.7% |
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| Detroit Income by place
of residence |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
| Personal income
(thousands of dollars) |
234,769,700 |
253,299,100 |
266,124,000 |
278,331,200 |
265,210,675 |
277,846,199 |
| |
3.2% |
7.9% |
5.1% |
4.6% |
-4.7% |
4.8% |
| Population (persons) |
4,394,145 |
4,385,748 |
4,365,205 |
4,362,750 |
4,359,355 |
4,355,376 |
| |
0.1% |
-0.2% |
-0.5% |
-0.1% |
-0.1% |
-0.1% |
| Per capita personal
income (dollars) |
53,428 |
57,755 |
60,965 |
63,797 |
60,837 |
63,794 |
| |
3.1% |
8.1% |
5.6% |
4.6% |
-4.6% |
4.9% |
| Real Per-Capita Personal
Income (Chained 2012 $) |
46,884 |
49,931 |
51,926 |
50,883 |
49,559 |
50,318 |
| |
1.0% |
6.5% |
4.0% |
-2.0% |
-2.6% |
1.5% |
| Relative Per-Capita
Personal Income (Local/US) |
0.95 |
0.97 |
0.95 |
0.98 |
0.96 |
0.96 |
| |
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| Derivation of Personal
Income ($000s) |
|
|
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| Earnings by place of
work |
171,968,900 |
169,499,000 |
182,589,900 |
198,858,100 |
206,960,300 |
214,940,700 |
| |
2.6% |
-1.4% |
7.7% |
8.9% |
4.1% |
3.9% |
| Less: Contributions for government social
insurance |
20,150,130 |
19,839,660 |
20,892,530 |
21,971,160 |
22,874,090 |
23,739,310 |
| |
2.1% |
-1.5% |
5.3% |
5.2% |
4.1% |
3.8% |
| Plus: Adjustment for residence |
-3,416,789 |
-3,109,807 |
-3,645,336 |
-3,756,474 |
-3,858,132 |
-3,970,712 |
| |
|
|
|
|
|
|
| Equals: Net earnings by place of residence |
148,401,900 |
146,549,600 |
158,052,100 |
173,130,500 |
180,228,100 |
187,230,700 |
| |
2.8% |
-1.2% |
7.8% |
9.5% |
4.1% |
3.9% |
| Plus: Dividends, interest, and rent |
41,437,640 |
41,575,470 |
42,449,180 |
37,437,730 |
38,903,750 |
41,084,800 |
| |
2.4% |
0.3% |
2.1% |
-11.8% |
3.9% |
5.6% |
| Plus: Personal current transfer receipts |
44,930,150 |
65,174,080 |
65,622,730 |
67,763,010 |
46,078,847 |
49,530,721 |
| |
5.4% |
45.1% |
0.7% |
3.3% |
-32.0% |
7.5% |
| |
|
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|
|
|
|
| Components of Earnings
($000s) |
|
|
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|
|
|
| Wages and salaries |
127,314,200 |
124,121,600 |
134,084,600 |
147,733,900 |
154,533,500 |
161,277,100 |
| |
2.4% |
-2.5% |
8.0% |
10.2% |
4.6% |
4.4% |
| Supplements to wages and salaries |
27,525,000 |
26,363,580 |
28,160,860 |
29,909,170 |
30,439,080 |
30,918,960 |
| Proprietors' income |
17,129,660 |
19,013,860 |
20,344,470 |
21,215,090 |
21,987,690 |
22,744,690 |
| Farm proprietors' income |
5,039 |
46,593 |
54,431 |
63,274 |
74,591 |
87,030 |
| Nonfarm proprietors' income |
17,124,620 |
18,967,260 |
20,290,030 |
21,151,820 |
21,913,100 |
22,657,660 |
| Source: Center
for Economic Analysis, Michigan State University |
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