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% |
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| 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 |
| |
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| Derivation of Personal
Income ($000s) |
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|
|
| 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% |
| |
|
|
|
|
|
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| Components of Earnings
($000s) |
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|
|
|
|
|
| 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 |
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