| State Output |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
| Gross State Product ($
Millions: Current) |
473,730 |
490,185 |
508,905 |
530,602 |
546,198 |
558,985 |
| |
5.5% |
3.5% |
3.8% |
4.3% |
2.9% |
2.3% |
| Real GDP (Chained 2012 $
Mill) |
440,072 |
448,725 |
458,814 |
476,128 |
481,162 |
480,744 |
| |
2.2% |
2.0% |
2.2% |
3.8% |
1.1% |
-0.1% |
|
|
|
|
|
|
|
| Michigan
Income by place of residence ($000s) |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
| Personal income |
432,391,500 |
446,521,100 |
461,485,500 |
484,029,800 |
501,350,700 |
513,224,800 |
| |
5.8% |
3.3% |
3.4% |
4.9% |
3.6% |
2.4% |
| Population (persons) |
9,932,573 |
9,951,890 |
9,976,447 |
9,995,915 |
9,998,397 |
9,999,802 |
| |
0.0% |
0.2% |
0.2% |
0.2% |
0.0% |
0.0% |
| Per capita personal
income ($) |
43,533 |
44,868 |
46,258 |
48,423 |
50,143 |
51,324 |
| |
5.8% |
3.1% |
3.1% |
4.7% |
3.6% |
2.4% |
| Real Per-Capita Personal
Income (Chained 2012 $) |
40,440 |
41,073 |
41,705 |
43,452 |
44,173 |
44,140 |
| |
2.5% |
1.6% |
1.5% |
4.2% |
1.7% |
-0.1% |
| Relative Per-Capita
Personal Income (Local/US) |
0.89 |
0.90 |
0.89 |
0.89 |
0.89 |
0.87 |
| |
|
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|
|
|
|
| Derivation of Personal
Income |
|
|
|
|
|
|
| Earnings by place of
work |
294,475,500 |
304,956,900 |
317,939,300 |
330,816,400 |
338,294,100 |
343,749,000 |
| |
5.1% |
3.6% |
4.3% |
4.1% |
2.3% |
1.6% |
| Less: Contributions for government social
insurance |
34,697,150 |
35,692,560 |
37,121,470 |
38,891,440 |
40,110,270 |
41,094,830 |
| |
4.2% |
2.9% |
4.0% |
4.8% |
3.1% |
2.5% |
| Plus: Adjustment for residence |
2,095,601 |
2,219,803 |
2,330,952 |
2,367,801 |
2,492,763 |
2,602,008 |
| |
|
|
|
|
|
|
| Equals: Net earnings by place of residence |
261,873,900 |
271,484,100 |
283,148,800 |
294,292,700 |
300,676,600 |
305,256,200 |
| |
5.2% |
3.7% |
4.3% |
3.9% |
2.2% |
1.5% |
| Plus: Dividends, interest, and rent |
79,118,090 |
81,466,680 |
84,777,720 |
91,960,760 |
99,231,920 |
102,608,300 |
| |
7.9% |
3.0% |
4.1% |
8.5% |
7.9% |
3.4% |
| Plus: Personal current transfer receipts |
91,399,530 |
93,570,360 |
93,559,020 |
97,776,340 |
101,442,300 |
105,360,300 |
| |
5.8% |
2.4% |
0.0% |
4.5% |
3.7% |
3.9% |
| |
|
|
|
|
|
|
| Components of Earnings |
|
|
|
|
|
|
| Wages and salaries |
214,599,200 |
222,534,800 |
231,772,600 |
240,365,400 |
245,796,200 |
249,780,000 |
| |
5.1% |
3.7% |
4.2% |
3.7% |
2.3% |
1.6% |
| Supplements to wages and salaries |
50,843,370 |
53,464,100 |
55,112,240 |
57,885,980 |
58,856,050 |
59,625,420 |
| Proprietors' income |
29,032,870 |
28,958,000 |
31,054,450 |
32,565,040 |
33,641,840 |
34,343,590 |
| Farm proprietors' income |
131,454 |
-189,589 |
-20,201 |
62,729 |
31,474 |
-644 |
| Nonfarm proprietors' income |
28,901,420 |
29,147,590 |
31,074,650 |
32,502,310 |
33,610,370 |
34,344,240 |
| Source: Center
for Economic Analysis, Michigan State University |
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