Detroit Personal Income

Detroit Income Forecast

Detroit Income Forecast

State Output 2015 2016 2017 2018 2019 2020
Gross State Product ($ Millions: Current) 242,296 250,430 260,612 272,193 280,133 285,727
  5.6% 3.4% 4.1% 4.4% 2.9% 2.0%
Real GDP (Chained 2012 $ Mill) 218,528 222,087 228,069 237,123 239,904 239,332
  2.4% 1.6% 2.7% 4.0% 1.2% -0.2%
Detroit Income by place of residence ($000s) 2015 2016 2017 2018 2019 2020
Personal income (thousands of dollars) 206,164,100 212,692,700 219,366,000 229,674,200 237,161,000 241,689,700
  6.3% 3.2% 3.1% 4.7% 3.3% 1.9%
Population (persons) 4,309,845 4,316,198 4,321,704 4,326,442 4,319,777 4,312,553
  0.0% 0.1% 0.1% 0.1% -0.2% -0.2%
Per capita personal income (dollars) 47,836 49,278 50,759 53,086 54,901 56,043
  6.3% 3.0% 3.0% 4.6% 3.4% 2.1%
Real Per-Capita Personal Income (Chained 2012 $) 43,143 43,701 44,421 46,246 47,017 46,943
  3.0% 1.3% 1.6% 4.1% 1.7% -0.2%
Relative Per-Capita Personal Income (Local/US) 0.98 0.99 0.98 0.98 0.97 0.94
             
Derivation of Personal Income            
Earnings by place of work 150,661,200 156,023,800 162,695,400 168,697,500 172,212,400 174,451,700
  5.5% 3.6% 4.3% 3.7% 2.1% 1.3%
Less: Contributions for government social insurance 17,602,100 18,121,990 18,870,190 19,673,960 20,230,500 20,659,520
  4.6% 3.0% 4.1% 4.3% 2.8% 2.1%
Plus: Adjustment for residence -2,565,062 -2,938,388 -3,197,458 -3,172,872 -3,214,911 -3,341,301
             
Equals: Net earnings by place of residence 130,494,100 134,963,400 140,627,700 145,850,600 148,767,000 150,450,900
  5.8% 3.4% 4.2% 3.7% 2.0% 1.1%
Plus: Dividends, interest, and rent 35,591,180 36,768,020 37,955,370 41,251,620 44,372,130 45,665,670
  9.1% 3.3% 3.2% 8.7% 7.6% 2.9%
Plus: Personal current transfer receipts 40,078,810 40,961,300 40,782,860 42,571,930 44,021,870 45,573,080
  5.5% 2.2% -0.4% 4.4% 3.4% 3.5%
             
Components of Earnings            
Wages and salaries 110,898,200 114,985,700 120,079,500 124,084,400 126,674,000 128,320,500
  5.5% 3.7% 4.4% 3.3% 2.1% 1.3%
Supplements to wages and salaries 23,780,010 25,058,260 25,950,030 27,201,070 27,543,920 27,783,230
Proprietors' income 15,983,060 15,979,820 16,665,850 17,411,990 17,994,540 18,348,050
Farm proprietors' income -1,245 -14,801 -14,081 -4,217 -6,255 -8,082
Nonfarm proprietors' income 15,984,300 15,994,620 16,679,930 17,416,200 18,000,790 18,356,130
Source: Center for Economic Analysis, Michigan State University