Lansing-East Lansing Personal Income Data

2023 Economic Outlook

Updated on 01/01/2023
Lansing Income Forecast

Lansing Income Forecast

State Output 2018 2019 2020 2021 2022 2023
Gross State Product ($ Millions: Current) 26,188,121 26,942,591 27,043,398 29,363,629 31,369,770 33,228,780
  3.5% 2.9% 0.4% 8.6% 6.8% 5.9%
Real GDP (Chained 2012 $ Mill) 23,365,235 23,535,380 23,041,507 24,604,057 25,393,530 25,851,410
  1.7% 0.7% -2.1% 6.8% 3.2% 1.8%
Lansing Income by place of residence ($000) 2018 2019 2020 2021 2022 2023
Personal income (thousands of dollars) 19,945,535 20,654,582 22,616,861 23,964,581 24,523,770 25,874,040
  3.8% 3.6% 9.5% 6.0% 2.3% 5.5%
Population (persons) 474,005 474,235 472,754 472,404 472,867 473,544
  -0.1% 0.0% -0.3% -0.1% 0.1% 0.1%
Per capita personal income (dollars) 42,079 43,553 47,841 50,729 51,862 54,639
  3.8% 3.5% 9.8% 6.0% 2.2% 5.4%
Real Per-Capita Personal Income (Chained 2012 $) 37,543 38,046 40,761 42,506 41,982 42,508
  2.0% 1.3% 7.1% 4.3% -1.2% 1.3%
Relative Per-Capita Personal Income (Local/US) 0.78 0.77 0.80 0.79 0.79 0.78
             
Derivation of Personal Income            
Earnings by place of work 14,945,702 15,346,034 15,622,960 16,674,283 17,620,420 18,488,000
  3.8% 2.7% 1.8% 6.7% 5.7% 4.9%
  Less: Contributions for government social insurance 1,753,277 1,797,404 1,826,556 1,912,382 2,024,594 2,145,596
  5.2% 2.5% 1.6% 4.7% 5.9% 6.0%
  Plus: Adjustment for residence -838,963 -854,255 -882,295 -928,510 -961,704 -999,326
             
  Equals: Net earnings by place of residence 12,353,462 12,694,375 12,914,109 13,833,391 14,634,120 15,343,070
  3.5% 2.8% 1.7% 7.1% 5.8% 4.8%
  Plus: Dividends, interest, and rent 3,541,634 3,688,737 3,711,999 3,773,735 3,473,185 3,685,100
  3.6% 4.2% 0.6% 1.7% -8.0% 6.1%
  Plus: Personal current transfer receipts 4,050,439 4,271,470 5,990,753 6,357,455 6,416,473 6,845,866
  4.9% 5.5% 40.3% 6.1% 0.9% 6.7%
             
Components of Earnings            
  Wages and salaries 11,086,111 11,423,074 11,425,106 12,209,563 12,826,200 13,508,900
  4.0% 3.0% 0.0% 6.9% 5.1% 5.3%
  Supplements to wages and salaries 2,874,648 2,899,837 2,866,852 3,023,197 3,174,112 3,244,497
  Proprietors' income 984,943 1,023,123 1,331,002 1,441,523 1,620,107 1,734,602
    Farm proprietors' income -15,008 1,264 59,146 78,091 195,703 245,811
    Nonfarm proprietors' income 999,951 1,021,859 1,271,856 1,363,432 1,424,405 1,488,791
Source: Center for Economic Analysis, Michigan State University