Per capita personal income (dollars)
Personal income is the income that is received by persons from all sources. It is calculated as the sum of wage and salary disbursements, supplements to wages and salaries, proprietors' income with inventory valuation and capital consumption adjustments, rental income of persons with capital consumption adjustment, personal dividend income, personal interest income, and personal current transfer receipts, less contributions for government social insurance.
This measure of income is calculated as the personal income of the residents of a given area divided by the resident population of the area. In computing per capita personal income, BEA uses the Census Bureau's annual midyear population estimates.
State of Michigan Per Capita Income Value is based upon difference of 2000 and 2010 census bureau data distributed evenly over the 10 year span following above calculations. This decrease in resident numbers by 5,485 individuals per year.
Explanation of the indicator:
Personal income per capita reflects the amount of income received per person from all sources. Per capita personal income includes wages and salaries, transfer payments, dividends, interest and rental income. As income rises, individuals are better able to provide for their families, buy homes, and improve their quality of life. Real personal income, which is personal income adjusted for inflation, is used in this chart.