LANSING — Personal income in Michigan last year grew at the strongest rate in more than a decade, providing another substantial indicator of Michigan’s rebounding economy, Gov. Rick Snyder said.
The state’s personal income growth rate is the strongest since 2000, according to 2011 figures released by the U.S. Bureau of Economic Analysis (BEA). Michigan’s improvement also is the best among the Great Lakes states.
“Michigan’s reinvention continues to gain momentum,” Snyder said. “We have taken aggressive steps to get Michigan’s fiscal house in order and to put families back to work. Strong personal income growth is critical to continuing our effort to boost Michigan›s economy.”
Michigan’s personal income increased 5.2 percent in 2011, which exceeded the U.S. personal income growth rate of 5.1 percent. Total personal income is income received by individuals from all sources, including salaries and wages, interest and dividends.