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% |
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| 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 |
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| Derivation of Personal
Income |
|
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|
|
| 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% |
| |
|
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| Components of Earnings |
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|
|
|
| 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 |
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