Michigan Personal Income Data
2026-2027 Michigan Economic Outlook
Updated October 29, 2025
Michigan Income Forecast
| State Output | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
| Current-dollar GDP ($000s) | 627,009,100 | 673,818,100 | 699,351,700 | 722,773,300 | 745,481,600 | 768,989,300 |
| 9.0% | 7.5% | 3.8% | 3.3% | 3.1% | 3.2% | |
| Real GDP (2017 $000s) | 543,720,900 | 554,256,200 | 556,474,900 | 559,317,200 | 560,876,600 | 562,172,800 |
| 2.5% | 1.9% | 0.4% | 0.5% | 0.3% | 0.2% | |
| Michigan Income by place of residence ($000s) | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
| Personal income (thousands of dollars) | 582,021,100 | 613,719,200 | 647,569,700 | 670,765,000 | 693,164,800 | 717,164,500 |
| 1.9% | 5.4% | 5.5% | 3.6% | 3.3% | 3.5% | |
| Population (persons) | 10,033,280 | 10,037,260 | 10,037,730 | 10,039,340 | 10,041,680 | 10,044,460 |
| 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Per capita personal income ($) | 58,009 | 61,144 | 64,514 | 66,814 | 69,029 | 71,399 |
| 1.9% | 5.4% | 5.5% | 3.6% | 3.3% | 3.4% | |
| Real Per-Capita Personal Income (Chained 2012 $) | 50,303 | 50,295 | 51,333 | 51,704 | 51,935 | 52,197 |
| -4.2% | 0.0% | 2.1% | 0.7% | 0.4% | 0.5% | |
| Relative Per-Capita Personal Income (Local/US) | 0.88 | 0.88 | 0.88 | 0.84 | 0.80 | 0.80 |
| Derivation of Personal Income | ||||||
| Earnings by place of work | 390,019,000 | 409,756,400 | 426,471,300 | 436,627,700 | 447,378,000 | 458,256,300 |
| 7.4% | 5.1% | 4.1% | 2.4% | 2.5% | 2.4% | |
| Less: Contributions for government social insurance | 46,782,540 | 49,293,450 | 51,034,040 | 52,906,350 | 54,745,930 | 56,656,740 |
| 10.8% | 5.4% | 3.5% | 3.7% | 3.5% | 3.5% | |
| Plus: Adjustment for residence | 3,322,615 | 3,125,542 | 3,293,599 | 3,476,020 | 3,660,714 | 3,855,792 |
| Equals: Net earnings by place of residence | 346,559,000 | 363,588,500 | 378,730,800 | 387,197,400 | 396,292,800 | 405,455,400 |
| 7.0% | 4.9% | 4.2% | 2.2% | 2.3% | 2.3% | |
| Plus: Dividends, interest, and rent | 106,751,500 | 117,864,200 | 122,552,000 | 126,026,000 | 131,714,100 | 137,969,900 |
| 7.8% | 10.4% | 4.0% | 2.8% | 4.5% | 4.7% | |
| Plus: Personal current transfer receipts | 128,710,500 | 132,266,600 | 146,286,800 | 157,541,700 | 165,157,800 | 173,739,200 |
| -13.2% | 2.8% | 10.6% | 7.7% | 4.8% | 5.2% | |
| Components of Earnings | ||||||
| Wages and salaries | 283,244,200 | 296,270,500 | 310,164,500 | 317,619,100 | 325,289,400 | 332,913,400 |
| 7.9% | 4.6% | 4.7% | 2.4% | 2.4% | 2.3% | |
| Supplements to wages and salaries | 61,530,090 | 66,179,330 | 67,368,290 | 68,336,400 | 69,682,000 | 71,136,210 |
| Proprietors' income | 45,244,720 | 47,306,490 | 48,938,520 | 50,672,180 | 52,406,550 | 54,206,650 |
| Farm proprietors' income | 1,333,322 | 1,541,501 | 1,541,501 | 1,541,501 | 1,541,501 | 1,541,501 |
| Nonfarm proprietors' income | 43,911,400 | 45,764,990 | 47,397,020 | 49,130,670 | 50,865,050 | 52,665,140 |
| Source: Center for Economic Analysis, Michigan State University | ||||||
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