Detroit Personal Income

2024 Economic Outlook

Updated on 09/27/2023
Detroit Income Forecast

Detroit Income Forecast

State Output 2019 2020 2021 2022 2023 2024
Gross State Product ($000s Current) 266,537,300 257,189,600 283,660,300 310,329,900 327,624,000 341,456,600
  1.8% -3.5% 10.3% 9.4% 5.6% 4.2%
Real GDP (Chained 2012 $000s) 233,889,300 222,348,100 241,602,700 247,510,500 245,114,900 246,831,300
  -0.3% -4.9% 8.7% 2.4% -1.0% 0.7%
Detroit Income by place of residence 2019 2020 2021 2022 2023 2024
Personal income (thousands of dollars) 234,769,700 253,299,100 266,124,000 278,331,200 265,210,675 277,846,199
  3.2% 7.9% 5.1% 4.6% -4.7% 4.8%
Population (persons) 4,394,145 4,385,748 4,365,205 4,362,750 4,359,355 4,355,376
  0.1% -0.2% -0.5% -0.1% -0.1% -0.1%
Per capita personal income (dollars) 53,428 57,755 60,965 63,797 60,837 63,794
  3.1% 8.1% 5.6% 4.6% -4.6% 4.9%
Real Per-Capita Personal Income (Chained 2012 $) 46,884 49,931 51,926 50,883 49,559 50,318
  1.0% 6.5% 4.0% -2.0% -2.6% 1.5%
Relative Per-Capita Personal Income (Local/US) 0.95 0.97 0.95 0.98 0.96 0.96
             
Derivation of Personal Income ($000s)            
Earnings by place of work 171,968,900 169,499,000 182,589,900 198,858,100 206,960,300 214,940,700
  2.6% -1.4% 7.7% 8.9% 4.1% 3.9%
  Less: Contributions for government social insurance 20,150,130 19,839,660 20,892,530 21,971,160 22,874,090 23,739,310
  2.1% -1.5% 5.3% 5.2% 4.1% 3.8%
  Plus: Adjustment for residence -3,416,789 -3,109,807 -3,645,336 -3,756,474 -3,858,132 -3,970,712
             
  Equals: Net earnings by place of residence 148,401,900 146,549,600 158,052,100 173,130,500 180,228,100 187,230,700
  2.8% -1.2% 7.8% 9.5% 4.1% 3.9%
  Plus: Dividends, interest, and rent 41,437,640 41,575,470 42,449,180 37,437,730 38,903,750 41,084,800
  2.4% 0.3% 2.1% -11.8% 3.9% 5.6%
  Plus: Personal current transfer receipts 44,930,150 65,174,080 65,622,730 67,763,010 46,078,847 49,530,721
  5.4% 45.1% 0.7% 3.3% -32.0% 7.5%
             
Components of Earnings ($000s)            
  Wages and salaries 127,314,200 124,121,600 134,084,600 147,733,900 154,533,500 161,277,100
  2.4% -2.5% 8.0% 10.2% 4.6% 4.4%
  Supplements to wages and salaries 27,525,000 26,363,580 28,160,860 29,909,170 30,439,080 30,918,960
  Proprietors' income 17,129,660 19,013,860 20,344,470 21,215,090 21,987,690 22,744,690
    Farm proprietors' income 5,039 46,593 54,431 63,274 74,591 87,030
    Nonfarm proprietors' income 17,124,620 18,967,260 20,290,030 21,151,820 21,913,100 22,657,660
Source: Center for Economic Analysis, Michigan State University