Michigan incomes growing again

| Thursday, March 24, 2011
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We're not exactly rolling in the dough, but incomes in Michigan (and the rest of the country) are starting to grow again after the devastation of the Great Recession.

New figures from the Bureau of Economic Analysis show total personal income in Michigan grew 2.8 percent last year to $351.8 billion from $342.1 billion in 2009.

Michigan and most other states saw personal income decline between 2008 and 2009.
Personal income in Michigan fell 3.1 percent between 2008 and 2009. Last year's increase improved the state's ranking from 49th to 27th.

Per capita personal income in the state rose 4.6 percent, from $34,025 in 2009 to $35,597 last year. The increase bumped Michigan's ranking slightly to 36th in the country from 37th last year.

Still, the state significantly lagged the national average of $40,584. Illinois, with per capita income of $43,159, was the only state in the five-state Great Lakes region to exceed the national average. Indiana was at the bottom in the region with per capita income of $34,943. It ranked 43rd.

But the Hoosier State's 3.7 percent growth rate in total income was the highest in the region, which also includes Michigan, Ohio and Wisconsin.

One more interesting tidbit from the BEA: health care passed manufacturing as the nation's largest industry in 2009 and continued to grow its share of earnings last year to 11.2 percent from 11 percent in 2009. Manufacturing produced 10.2 percent of the nation's earnings last year.

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