Michigan Personal Income Data
2023 Economic Outlook
Updated on 01/01/2023
Michigan Income Forecast
Michigan Income Forecast
| State Output |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
| Gross State Product ($
Millions: Current) |
520,245 |
532,217 |
520,105 |
572,206 |
617,915 |
660,325 |
| |
3.6% |
2.3% |
-2.3% |
10.0% |
8.0% |
6.9% |
| Real GDP (Chained 2012 $
Mill) |
466,559 |
467,107 |
448,455 |
481,778 |
504,960 |
516,309 |
| |
2.0% |
0.1% |
-4.0% |
7.4% |
4.8% |
2.2% |
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| Michigan
Income by place of residence ($000s) |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
| Personal income |
477,925,424 |
495,268,608 |
537,493,486 |
567,807,104 |
577,657,200 |
612,926,400 |
| |
4.0% |
3.6% |
8.5% |
5.6% |
1.7% |
6.1% |
| Population (persons) |
10,070,610 |
10,078,236 |
10,067,664 |
10,050,811 |
10,034,860 |
10,025,890 |
| |
0.2% |
0.1% |
-0.1% |
-0.2% |
-0.2% |
-0.1% |
| Per capita personal
income ($) |
47,457 |
49,142 |
53,388 |
56,494 |
57,565 |
61,134 |
| |
3.8% |
3.6% |
8.6% |
5.8% |
1.9% |
6.2% |
| Real Per-Capita Personal
Income (Chained 2012 $) |
42,560 |
43,130 |
46,033 |
47,566 |
47,042 |
47,801 |
| |
2.2% |
1.3% |
6.7% |
3.3% |
-1.1% |
1.6% |
| Relative Per-Capita
Personal Income (Local/US) |
0.88 |
0.87 |
0.89 |
0.88 |
0.88 |
0.88 |
| |
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| Derivation of Personal
Income |
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| Earnings by place of
work |
328,189,814 |
336,906,267 |
336,297,333 |
361,319,660 |
386,483,800 |
405,640,800 |
| |
3.6% |
2.7% |
-0.2% |
7.4% |
7.0% |
5.8% |
| Less: Contributions for government social
insurance |
39,015,428 |
39,909,173 |
39,714,089 |
41,839,654 |
44,260,450 |
46,869,880 |
| |
5.2% |
2.3% |
-0.5% |
5.4% |
5.8% |
5.9% |
| Plus: Adjustment for residence |
2,531,225 |
2,649,865 |
2,636,925 |
3,289,390 |
3,692,951 |
4,154,179 |
| |
|
|
|
|
|
|
| Equals: Net earnings by place of residence |
291,705,611 |
299,646,959 |
299,220,169 |
322,769,396 |
342,916,300 |
362,925,100 |
| |
3.5% |
2.7% |
-0.1% |
7.9% |
6.2% |
5.8% |
| Plus: Dividends, interest, and rent |
88,067,713 |
91,821,204 |
92,110,499 |
93,905,358 |
86,336,860 |
89,387,930 |
| |
5.1% |
4.3% |
0.3% |
1.9% |
-8.1% |
7.3% |
| Plus: Personal current transfer receipts |
98,152,100 |
103,800,445 |
146,162,818 |
151,132,350 |
151,404,100 |
160,613,300 |
| |
4.7% |
5.8% |
40.8% |
3.4% |
0.2% |
6.1% |
| |
|
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|
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| Components of Earnings |
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|
|
| Wages and salaries |
240,631,432 |
247,021,885 |
242,698,162 |
261,811,627 |
276,963,200 |
295,057,600 |
| |
3.7% |
2.7% |
-1.8% |
7.9% |
5.8% |
6.5% |
| Supplements to wages and salaries |
56,754,793 |
57,691,734 |
55,963,380 |
59,536,395 |
63,129,610 |
64,636,290 |
| Proprietors' income |
30,803,589 |
32,192,648 |
37,635,791 |
39,971,638 |
43,390,930 |
45,946,980 |
| Farm proprietors' income |
32,498 |
-33,815 |
1,090,896 |
1,269,693 |
2,900,128 |
3,558,682 |
| Nonfarm proprietors' income |
30,771,091 |
32,226,463 |
36,544,895 |
38,701,945 |
40,490,800 |
42,388,300 |
| Source: Center
for Economic Analysis, Michigan State University |
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