Michigan’s per capita income grew by 0.5 percent from 2016 to 2017, exceeding the “Top Ten” growth rate of 0.3 percent. Per capita income growth in Michigan lagged behind the peer state average of 0.7 percent.
What It Is: Personal income (2017 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: Income is an indicator of prosperity and average standard of living in a state.