| State Output |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
| Gross State Product ($
Millions: Current) |
532,217 |
520,105 |
572,206 |
620,696 |
653,042 |
679,423 |
| |
2.3% |
-2.3% |
10.0% |
8.5% |
5.2% |
4.0% |
| Real GDP (Chained 2012 $
Mill) |
467,107 |
448,455 |
481,778 |
490,318 |
484,790 |
487,280 |
| |
0.1% |
-4.0% |
7.4% |
1.8% |
-1.1% |
0.5% |
|
|
|
|
|
|
|
| Michigan
Income by place of residence |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
| Personal income ($000s) |
495,268,600 |
537,493,500 |
567,807,100 |
590,176,300 |
548,364,489 |
591,349,637 |
| |
3.6% |
8.5% |
5.6% |
3.9% |
-7.1% |
7.8% |
| Population (persons) |
10,078,240 |
10,067,660 |
10,050,810 |
10,057,680 |
10,062,980 |
10,067,280 |
| |
0.1% |
-0.1% |
-0.2% |
0.1% |
0.1% |
0.0% |
| Per capita personal
income ($) |
49,142 |
53,388 |
56,494 |
58,679 |
54,493 |
57,276 |
| |
3.6% |
8.6% |
5.8% |
3.9% |
-7.1% |
5.1% |
| Real Per-Capita Personal
Income (Chained 2012 $) |
43,130 |
46,033 |
47,566 |
46,354 |
45,233 |
45,932 |
| |
1.3% |
6.7% |
3.3% |
-2.5% |
-2.4% |
1.5% |
| Relative Per-Capita
Personal Income (Local/US) |
0.87 |
0.89 |
0.88 |
0.90 |
0.88 |
0.88 |
| |
|
|
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| Derivation of Personal
Income ($000s) |
|
|
|
|
|
|
| Earnings by place of
work |
336,906,300 |
336,297,300 |
361,319,700 |
390,477,700 |
391,483,800 |
421,708,300 |
| |
2.7% |
-0.2% |
7.4% |
8.1% |
0.3% |
3.8% |
| Less: Contributions for government social
insurance |
39,909,170 |
39,714,090 |
41,839,650 |
44,087,370 |
46,012,650 |
47,878,350 |
| |
2.3% |
-0.5% |
5.4% |
5.4% |
4.4% |
4.1% |
| Plus: Adjustment for residence |
2,649,865 |
2,636,925 |
3,289,390 |
3,666,870 |
4,013,001 |
4,366,425 |
| |
|
|
|
|
|
|
| Equals: Net earnings by place of residence |
299,647,000 |
299,220,200 |
322,769,400 |
350,057,200 |
364,150,900 |
378,196,400 |
| |
2.7% |
-0.1% |
7.9% |
8.5% |
4.0% |
3.9% |
| Plus: Dividends, interest, and rent |
91,821,200 |
92,110,500 |
93,905,360 |
83,229,860 |
86,336,860 |
92,066,740 |
| |
4.3% |
0.3% |
1.9% |
-11.4% |
3.7% |
6.0% |
| Plus: Personal current transfer receipts |
103,800,400 |
146,162,800 |
151,132,400 |
156,889,200 |
112,543,478 |
121,086,522 |
| |
5.8% |
40.8% |
3.4% |
3.8% |
-28.3% |
7.6% |
| |
|
|
|
|
|
|
| Components of Earnings
($000s) |
|
|
|
|
|
|
| Wages and salaries |
247,021,900 |
242,698,200 |
261,811,600 |
285,474,700 |
298,026,300 |
310,535,900 |
| |
2.7% |
-1.8% |
7.9% |
9.0% |
4.4% |
4.2% |
| Supplements to wages and salaries |
57,691,730 |
55,963,380 |
59,536,400 |
63,105,360 |
64,395,180 |
65,599,400 |
| Proprietors' income |
32,192,650 |
37,635,790 |
39,971,640 |
41,897,640 |
43,729,020 |
45,572,970 |
| Farm proprietors' income |
-33,815 |
1,090,896 |
1,269,693 |
1,497,693 |
1,794,745 |
2,122,869 |
| Nonfarm proprietors' income |
32,226,460 |
36,544,900 |
38,701,950 |
40,399,950 |
41,934,280 |
43,450,100 |
| Source: Center
for Economic Analysis, Michigan State University |
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