Michigan Personal Income Data

2022 Economic Outlook

Updated on 12/28/2021
Michigan Income Forecast

Michigan Income Forecast

State Output 2017 2018 2019 2020 2021 2022
Gross State Product ($ Millions: Current) 501,752 520,803 531,435 515,120 533,194 562,520
  2.3% 3.8% 2.0% -3.1% 3.5% 5.5%
Real GDP (Chained 2012 $ Mill) 457,765 467,830 467,300 445,683 452,869 458,304
  1.2% 2.2% -0.1% -4.6% 1.6% 1.2%
Michigan Income by place of residence ($000s) 2017 2018 2019 2020 2021 2022
Personal income 458,756,727 476,476,800 492,022,200 530,808,600 535,847,400 542,219,300
  2.9% 3.9% 3.3% 7.9% 0.9% 1.2%
Population (persons) 9,976,752 9,987,286 9,984,795 9,966,555 9,967,817 9,968,269
  0.2% 0.1% 0.0% -0.2% 0.0% 0.0%
Per capita personal income ($) 45,983 47,708 49,277 53,259 53,758 54,395
  2.6% 3.8% 3.3% 8.1% 0.9% 1.2%
Real Per-Capita Personal Income (Chained 2012 $) 41,952 42,855 43,330 46,080 45,659 44,289
  1.5% 2.2% 1.1% 6.3% -0.9% -3.0%
Relative Per-Capita Personal Income (Local/US) 0.89 0.88 0.88 0.89 0.85 0.82
             
Derivation of Personal Income            
Earnings by place of work 316,803,749 328,347,000 336,844,400 333,330,800 350,721,300 360,248,800
  4.6% 3.6% 2.6% -1.0% 5.2% 2.7%
  Less: Contributions for government social insurance 37,102,424 39,002,520 40,117,350 39,989,680 42,031,240 43,711,530
  4.0% 5.1% 2.9% -0.3% 5.1% 4.0%
  Plus: Adjustment for residence 2,319,461 2,530,197 2,519,264 2,470,551 2,681,647 2,863,863
             
  Equals: Net earnings by place of residence 282,020,786 291,874,700 299,246,300 295,811,600 311,371,800 319,401,200
  4.7% 3.5% 2.5% -1.1% 5.3% 2.6%
  Plus: Dividends, interest, and rent 82,973,361 86,400,790 89,034,400 88,455,490 88,710,210 91,059,130
  -0.1% 4.1% 3.0% -0.7% 0.3% 2.6%
  Plus: Personal current transfer receipts 93,762,580 98,201,330 103,741,500 146,541,400 135,765,400 131,759,000
  0.1% 4.7% 5.6% 41.3% -7.4% -3.0%
             
Components of Earnings            
  Wages and salaries 232,050,245 240,649,500 246,972,600 242,644,100 255,310,500 263,041,600
  4.2% 3.7% 2.6% -1.8% 5.2% 3.0%
  Supplements to wages and salaries 53,944,224 56,773,060 57,861,880 56,190,940 58,755,270 58,840,260
  Proprietors' income 30,809,280 30,924,520 32,009,880 34,495,760 36,655,530 38,366,940
    Farm proprietors' income 157,000 104,817 19,246 1,530,086 1,866,467 2,149,051
    Nonfarm proprietors' income 30,652,280 30,819,700 31,990,630 32,965,670 34,789,070 36,217,890
Source: Center for Economic Analysis, Michigan State University