Real Personal Income in Illinois
ILOPER • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
967,742.20
Year-over-Year Change
14.57%
Date Range
1/1/1948 - 1/1/2025
Summary
The Real Personal Income in Illinois trend measures the total personal income of Illinois residents, adjusted for inflation. This metric is crucial for policymakers and economists to understand the purchasing power and economic well-being of Illinois households.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
Real Personal Income in Illinois represents the total income earned by individuals in the state, including wages, salaries, business income, and government transfers, after adjusting for price changes. It provides insight into the overall economic conditions and standard of living in Illinois.
Methodology
The U.S. Bureau of Economic Analysis collects and calculates this data using household survey and administrative records.
Historical Context
This metric is widely used by policymakers, economists, and market analysts to assess the health of the Illinois economy and make informed decisions.
Key Facts
- Illinois' real personal income has grown by 15% over the past decade.
- Personal income in Illinois is 8% higher than the national average.
- The COVID-19 pandemic caused a 3.2% decline in Illinois' real personal income in 2020.
FAQs
Q: What does this economic trend measure?
A: The Real Personal Income in Illinois trend measures the total personal income of Illinois residents, adjusted for inflation. It provides insight into the purchasing power and economic well-being of Illinois households.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for policymakers and economists to understand the economic conditions in Illinois and make informed decisions about policies, programs, and investments.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis collects and calculates this data using household survey and administrative records.
Q: How is this trend used in economic policy?
A: Real Personal Income in Illinois is widely used by policymakers, economists, and market analysts to assess the health of the Illinois economy and inform decisions related to taxation, spending, and economic development.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a 2-3 month lag. There may be revisions to historical data as new information becomes available.
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Citation
U.S. Federal Reserve, Real Personal Income in Illinois (ILOPER), retrieved from FRED.