Michigan’s per capita income growth from 2015 to 2016 was the 10th fastest in the nation -- and over twice as fast as the “Top Ten” average. Per capita income growth in Michigan exceeded all of its peers except for California, Georgia, Massachusetts, and Indiana. However, the state's overall per capita income level was below more than half of its peers.
What It Is: Personal income (2016 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.