According to the Bureau of Economic Analysis, in 2001, Michigan had a per capita personal income (PCPI) of $29,629 which ranked 19th in the United States (including the District of Columbia) and was 97% of the national average, $30,413. The 2001 PCPI reflected an increase of 0.8% from 2000 compared to the national change of 2.2%. In 2001, Michigan had a total personal income (TPI) of $296,480,397,000 which ranked 9th in the United States and accounted for 3.4% of the national total. The 2001 TPI reflected an increase of 1.3% from 2000 compared to the national change of 3.3%.
Earnings of persons employed in Michigan decreased from $213,701,415,000 in 2000 to $211,954,612,000 in 2001, a decrease of 0.8%. The largest industries in 2001 were services, 26.0% of earnings; durable goods manufacturing, 21.8%; and state and local government, 11.8%. Of the industries that accounted for at least 5% of earnings in 2001, the slowest growing from 2000 to 2001 was durable goods manufacturing, which decreased 8.4%; the fastest was finance, insurance, and real estate (5.9% of earnings in 2001), which increased 6.0%.
According to data released by the US Census Bureau, in 2000, the median household income was $46,181 compared to the national average of $42,148. In 2001, the median income for a family of four was $68,337 compared to the national average of $63,278. For the period 1999 to 2001, the average poverty rate was 9.7% which placed it 17th among the 50 states and the District of Columbia ranked lowest to highest.