Average Wage In Michigan

Introduction to Michigan’s Economy

Michigan, known as the Great Lakes State, has a diverse economy with major industries in manufacturing, healthcare, and education. The state is home to several major corporations, including the Big Three automakers: General Motors, Ford, and Fiat Chrysler Automobiles. The average wage in Michigan is an important indicator of the state’s economic health and the well-being of its residents. In this article, we will explore the average wage in Michigan, including the median household income, per capita income, and the average hourly wage in various industries.

Average Wage in Michigan

According to data from the United States Bureau of Labor Statistics (BLS), the average annual wage in Michigan was around 54,000 in May 2020. This is slightly lower than the national average of 56,000. However, wages in Michigan can vary significantly depending on the location, industry, and occupation. For example, the Detroit-Warren-Dearborn Metropolitan Division had an average annual wage of around 63,000, while the <i>Grand Rapids-Wyoming Metropolitan Division</i> had an average annual wage of around 51,000.

Median Household Income in Michigan

The median household income in Michigan is around 59,000, according to data from the <i>United States Census Bureau</i>. This is slightly lower than the national median household income of 67,000. However, median household income can vary significantly depending on the location and demographic characteristics of the household. For example, households with a bachelor’s degree or higher had a median household income of around 83,000, while households with <i>less than a high school diploma</i> had a median household income of around 26,000.

Per Capita Income in Michigan

The per capita income in Michigan is around 31,000, according to data from the <i>United States Bureau of Economic Analysis (BEA)</i>. This is slightly lower than the national per capita income of 34,000. Per capita income can vary significantly depending on the location and demographic characteristics of the population. For example, the city of Ann Arbor had a per capita income of around 44,000, while the <i>city of Detroit</i> had a per capita income of around 18,000.

Average Hourly Wage in Michigan

The average hourly wage in Michigan is around 26, according to data from the <i>United States Bureau of Labor Statistics (BLS)</i>. However, hourly wages can vary significantly depending on the industry and occupation. For example, workers in the <i>manufacturing industry</i> had an average hourly wage of around 29, while workers in the leisure and hospitality industry had an average hourly wage of around $14.

Top-Paying Industries in Michigan

The top-paying industries in Michigan include: * Finance and insurance: 63,000 per year * <i>Professional and technical services</i>: 62,000 per year * Manufacturing: 59,000 per year * <i>Healthcare and social assistance</i>: 57,000 per year * Education: $55,000 per year

Top-Paying Occupations in Michigan

The top-paying occupations in Michigan include: * Physicians and surgeons: 208,000 per year * <i>Dentists</i>: 156,000 per year * Lawyers: 144,000 per year * <i>Aerospace engineers</i>: 115,000 per year * Computer and information systems managers: $113,000 per year

📝 Note: These figures are based on data from May 2020 and may have changed since then.

Conclusion

In conclusion, the average wage in Michigan is around $54,000 per year, with significant variations depending on the location, industry, and occupation. The state’s economy is diverse, with major industries in manufacturing, healthcare, and education. Understanding the average wage in Michigan can help residents and businesses make informed decisions about their economic future.