Michigan Personal Income Data

Michigan Income Forecast

Michigan Income Forecast

State Output 2016 2017 2018 2019 2020 2021
Gross State Product ($ Millions: Current) 488,963 501,915 521,803 536,888 508,560 534,620
  3.3% 2.6% 4.0% 2.9% -5.3% 5.1%
Real GDP (Chained 2012 $ Mill) 451,026 457,342 467,828 471,648 438,785 451,748
  2.0% 1.4% 2.3% 0.8% -7.0% 3.0%
Michigan Income by place of residence ($000s) 2016 2017 2018 2019 2020 2021
Personal income 446,521,100 461,485,500 484,029,800 502,088,200 473,275,200 495,275,900
  3.3% 3.4% 4.9% 3.7% -5.7% 4.6%
Population (persons) 9,951,890 9,976,447 9,995,915 9,997,809 10,000,780 10,004,530
  0.2% 0.2% 0.2% 0.0% 0.0% 0.0%
Per capita personal income ($) 44,868 46,258 48,423 50,220 47,324 49,505
  3.1% 3.1% 4.7% 3.7% -5.8% 4.6%
Real Per-Capita Personal Income (Chained 2012 $) 41,387 42,150 43,414 44,117 40,831 41,831
  1.7% 1.8% 3.0% 1.6% -7.4% 2.5%
Relative Per-Capita Personal Income (Local/US) 0.90 0.89 0.89 0.89 0.80 0.80
             
Derivation of Personal Income            
Earnings by place of work 304,956,900 317,939,300 330,816,400 339,396,400 320,109,200 333,092,100
  3.6% 4.3% 4.1% 2.6% -5.7% 4.1%
  Less: Contributions for government social insurance 35,692,560 37,121,470 38,891,440 40,013,410 37,188,600 39,188,060
  2.9% 4.0% 4.8% 2.9% -7.1% 5.4%
  Plus: Adjustment for residence 2,219,803 2,330,952 2,367,801 2,485,009 2,282,092 2,470,052
             
  Equals: Net earnings by place of residence 271,484,100 283,148,800 294,292,700 301,868,000 285,202,700 296,374,100
  3.7% 4.3% 3.9% 2.6% -5.5% 3.9%
  Plus: Dividends, interest, and rent 81,466,680 84,777,720 91,960,760 98,890,970 100,651,800 103,304,400
  3.0% 4.1% 8.5% 7.5% 1.8% 2.6%
  Plus: Personal current transfer receipts 93,570,360 93,559,020 97,776,340 101,329,300 87,420,720 95,597,430
  2.4% 0.0% 4.5% 3.6% -13.7% 9.4%
             
Components of Earnings            
  Wages and salaries 222,534,800 231,772,600 240,365,400 246,831,100 231,512,800 241,402,500
  3.7% 4.2% 3.7% 2.7% -6.2% 4.3%
  Supplements to wages and salaries 53,464,100 55,112,240 57,885,980 58,856,050 59,625,420 60,380,600
  Proprietors' income 28,958,000 31,054,450 32,565,040 33,709,240 28,970,970 31,308,930
    Farm proprietors' income -189,589 -20,201 62,729 244,864 522,355 738,889
    Nonfarm proprietors' income 29,147,590 31,074,650 32,502,310 33,464,370 28,448,610 30,570,040
Source: Center for Economic Analysis, Michigan State University