| 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 |
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