Mean Family Income in West Census Region
MAFAINUSWEA646N • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
144,200.00
Year-over-Year Change
71.93%
Date Range
1/1/1967 - 1/1/2023
Summary
The 'Mean Family Income in West Census Region' series measures the average inflation-adjusted annual income for families residing in the Western United States. This metric is a key indicator of economic well-being and standard of living for a major U.S. geographic region.
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
This series represents the mean family income for the West Census Region, which includes the states of California, Oregon, Washington, Nevada, Idaho, Montana, Wyoming, Colorado, Utah, and Arizona. It is a valuable gauge of regional economic conditions and can inform policy decisions related to taxation, social programs, and investments.
Methodology
The data is collected through the U.S. Census Bureau's annual Current Population Survey.
Historical Context
Policymakers and analysts monitor this trend to assess the relative economic prosperity of the Western U.S. compared to other regions.
Key Facts
- The West Census Region represents approximately 23% of the U.S. population.
- Mean family income in the West was $110,235 in 2021, higher than the national average.
- Real (inflation-adjusted) mean family income in the West has grown by 25% since 2000.
FAQs
Q: What does this economic trend measure?
A: The 'Mean Family Income in West Census Region' series measures the average annual income for families residing in the Western United States, adjusting for inflation.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the relative economic well-being and standard of living for a major U.S. geographic region, which can inform policy decisions and investments.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Census Bureau's annual Current Population Survey.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this trend to assess the economic prosperity of the Western U.S. relative to other regions, which can inform decisions on taxation, social programs, and investments.
Q: Are there update delays or limitations?
A: The data is published annually with a lag of several months, so it may not reflect the most recent economic conditions.
Related Trends
Real Mean Family Income in South Census Region
MAFAINUSSOA672N
Share of Equity in Noncorporate Business Held by the 50th to 90th Wealth Percentiles
WFRBSN40179
Real Median Personal Income in West Census Region
MEPAINUSWEA672N
Share of Real Estate Held by the Top 0.1% (99.9th to 100th Wealth Percentiles)
WFRBSTP1305
Median Personal Income in Northeast Census Region
MEPAINUSNEA646N
Financial Assets Held by the Top 1% (99th to 100th Wealth Percentiles)
WFRBLT01004
Citation
U.S. Federal Reserve, Mean Family Income in West Census Region (MAFAINUSWEA646N), retrieved from FRED.