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% |
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| 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 |
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| Derivation of Personal
Income |
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| 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 |
| |
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| 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% |
| |
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| Components of Earnings |
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| 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 |
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