CANR RESPONSE TO NOVEL CORONAVIRUS

Michigan Personal Income Data

Michigan Income Forecast

Michigan Income Forecast

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
             
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