Michigan’s per capita income growth from 2014 to 2015 was the 4th fastest in the nation -- nearly twice as fast as the “Top Ten” average and faster than all of its peers except for California, Georgia, Massachusetts, and Tennessee. However, its per capita income level was below over half of its peers.
What It Is: Personal income (2015 dollars) divided by population. Personal income includes salaries, wages, and bonuses from employment; dividends and interest from investments; rental income; pensions, etc.
Why It Matters: This is an indicator of prosperity and average standard of living in a state.