Michigan Personal Income Data
2027-2028 Michigan Economic Outlook
Updated August 31, 2026
Michigan Income Forecast
| State Output | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
| Current-dollar GDP | 676,030,800 | 702,466,900 | 727,433,100 | 757,073,600 | 783,773,300 | 812,175,500 |
| 8.3% | 3.9% | 3.6% | 4.1% | 3.5% | 3.6% | |
| Real GDP | 554,556,200 | 562,177,600 | 568,935,200 | 579,061,700 | 586,421,200 | 594,492,900 |
| 2.7% | 1.4% | 1.2% | 1.8% | 1.3% | 1.4% | |
| Michigan Income by place of residence ($000s) | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
| Personal income | 617,163,200 | 645,846,800 | 672,278,500 | 686,926,000 | 708,234,900 | 731,871,500 |
| 5.8% | 4.6% | 4.1% | 2.2% | 3.1% | 3.3% | |
| Population (persons) | 10,083,360 | 10,140,460 | 10,160,020 | 10,177,680 | 10,194,040 | 10,209,520 |
| 0.3% | 0.6% | 0.2% | 0.2% | 0.2% | 0.2% | |
| Per capita personal income ($) | 61,206 | 63,690 | 66,169 | 67,493 | 69,475 | 71,685 |
| 5.5% | 4.1% | 3.9% | 2.0% | 2.9% | 3.2% | |
| Real Per-Capita Personal Income (Chained 2012 $) | 50,208 | 50,971 | 51,752 | 51,624 | 51,982 | 52,472 |
| 0.1% | 1.5% | 1.5% | -0.2% | 0.7% | 0.9% | |
| Relative Per-Capita Personal Income (Local/US) | 0.87 | 0.87 | 0.87 | 0.83 | 0.80 | 0.79 |
| Derivation of Personal Income | ||||||
| Earnings by place of work | 407,243,200 | 424,377,600 | 438,963,200 | 446,230,000 | 457,502,000 | 469,442,400 |
| 4.5% | 4.2% | 3.4% | 1.7% | 2.5% | 2.6% | |
| Less: Contributions for government social insurance | 48,539,530 | 51,302,010 | 52,815,820 | 54,361,580 | 56,259,900 | 58,332,900 |
| 4.3% | 5.7% | 3.0% | 2.9% | 3.5% | 3.7% | |
| Plus: Adjustment for residence | 3,211,905 | 3,227,493 | 3,374,930 | 3,528,114 | 3,712,501 | 3,915,219 |
| Equals: Net earnings by place of residence | 361,915,600 | 376,303,100 | 389,522,300 | 395,396,600 | 404,954,600 | 415,024,800 |
| 4.5% | 4.0% | 3.5% | 1.5% | 2.4% | 2.5% | |
| Plus: Dividends, interest, and rent | 123,398,700 | 128,599,100 | 132,188,100 | 136,617,400 | 86,336,860 | 149,914,700 |
| 13.2% | 4.2% | 2.8% | 3.4% | 4.6% | 4.9% | |
| Plus: Personal current transfer receipts | 131,848,800 | 140,944,600 | 150,568,000 | 154,912,000 | 160,402,400 | 166,932,000 |
| 3.3% | 6.9% | 6.8% | 2.9% | 3.5% | 4.1% | |
| Components of Earnings | ||||||
| Wages and salaries | 297,168,500 | 310,164,500 | 322,281,000 | 326,422,600 | 334,377,600 | 342,959,000 |
| 5.0% | 4.4% | 3.9% | 1.3% | 2.4% | 2.6% | |
| Supplements to wages and salaries | 66,331,540 | 70,103,420 | 71,359,450 | 73,243,780 | 75,139,560 | 76,982,200 |
| Proprietors' income | 43,743,190 | 44,109,720 | 45,322,790 | 46,563,670 | 47,984,850 | 49,501,250 |
| Farm proprietors' income | 1,817,082 | 637,827 | 637,827 | 637,827 | 637,827 | 637,827 |
| Nonfarm proprietors' income | 41,926,110 | 43,471,890 | 44,684,970 | 45,925,840 | 47,347,020 | 48,863,420 |
| Source: Center for Economic Analysis, Michigan State University | ||||||
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