Lansing-East Lansing Personal Income Data

2024 Economic Outlook

Updated on 09/27/2023
Lansing Income Forecast

Lansing Income Forecast

Lansing Area Output 2019 2020 2021 2022 2023 2024
Gross State Product ($000s Current) 26,942,590 27,043,400 29,363,630 31,481,870 32,924,930 34,157,140
  2.9% 0.4% 8.6% 7.2% 4.6% 3.7%
Real GDP (Chained 2012 $000s) 23,535,380 23,041,510 24,604,060 24,826,610 24,476,540 24,544,440
  0.7% -2.1% 6.8% 0.9% -1.4% 0.3%
Lansing Income by place of residence 2019 2020 2021 2022 2023 2024
Personal income (thousands of dollars) 20,654,580 22,616,860 23,964,580 24,832,780 23,479,843 24,576,556
  3.6% 9.5% 6.0% 3.6% -5.4% 4.7%
Population (persons) 474,235 472,754 472,404 473,565 474,680 475,768
  0.0% -0.3% -0.1% 0.2% 0.2% 0.2%
Per capita personal income (dollars) 43,553 47,841 50,729 52,438 49,465 51,657
  3.5% 9.8% 6.0% 3.4% -5.7% 4.4%
Real Per-Capita Personal Income (Chained 2012 $) 38,046 40,761 42,506 41,353 40,417 40,921
  1.3% 7.1% 4.3% -2.7% -2.3% 1.2%
Relative Per-Capita Personal Income (Local/US) 0.77 0.80 0.79 0.80 0.79 0.78
             
Derivation of Personal Income ($000s)            
Earnings by place of work 15,346,030 15,622,960 16,674,280 17,702,170 18,400,720 19,063,260
  2.7% 1.8% 6.7% 6.2% 3.9% 3.6%
  Less: Contributions for government social insurance 1,797,404 1,826,556 1,912,382 2,016,741 2,106,670 2,194,080
  2.5% 1.6% 4.7% 5.5% 4.5% 4.1%
  Plus: Adjustment for residence -854,255 -882,295 -928,510 -964,341 -1,001,511 -1,040,123
             
  Equals: Net earnings by place of residence 12,694,380 12,914,110 13,833,390 14,721,090 15,292,540 15,829,060
  2.8% 1.7% 7.1% 6.4% 3.9% 3.5%
  Plus: Dividends, interest, and rent 3,688,737 3,711,999 3,773,735 3,469,918 3,604,480 3,790,491
  4.2% 0.6% 1.7% -8.1% 3.9% 5.2%
  Plus: Personal current transfer receipts 4,271,470 5,990,753 6,357,455 6,641,774 4,582,824 4,957,008
  5.5% 40.3% 6.1% 4.5% -31.0% 8.2%
             
Components of Earnings ($000s)            
  Wages and salaries 11,423,070 11,425,110 12,209,560 13,012,210 13,573,050 14,097,990
  3.0% 0.0% 6.9% 6.6% 4.3% 3.9%
  Supplements to wages and salaries 2,899,837 2,866,852 3,023,197 3,173,176 3,235,270 3,294,302
  Proprietors' income 1,023,123 1,331,002 1,441,523 1,516,785 1,592,401 1,670,966
    Farm proprietors' income 1,264 59,146 78,091 94,786 115,621 139,329
    Nonfarm proprietors' income 1,021,859 1,271,856 1,363,432 1,421,999 1,476,779 1,531,637
Source: Center for Economic Analysis, Michigan State University