Real Per Capita Personal Income for Maryland
MDRPIPC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
60,223.00
Year-over-Year Change
17.79%
Date Range
1/1/2008 - 1/1/2023
Summary
The Real Per Capita Personal Income for Maryland measures the average inflation-adjusted income per person in the state. It is a key indicator of Maryland's economic well-being and standard of living.
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 Per Capita Personal Income represents the total personal income of Maryland residents divided by the state's population, adjusted for inflation. It is a widely used metric to assess economic progress and compare living standards across states and over time.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on personal income and population statistics.
Historical Context
This trend is closely monitored by policymakers, economists, and market analysts to gauge Maryland's economic performance and guide fiscal and policy decisions.
Key Facts
- Maryland's real per capita personal income was $66,986 in 2021.
- This represents a 3.2% increase from the previous year.
- Maryland's real per capita personal income is consistently higher than the national average.
FAQs
Q: What does this economic trend measure?
A: The Real Per Capita Personal Income for Maryland measures the average inflation-adjusted income per person in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of Maryland's economic well-being and standard of living, and is closely monitored by policymakers, economists, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on personal income and population statistics.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers to gauge Maryland's economic performance and guide fiscal and policy decisions.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis with a slight delay, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Per Capita Personal Income for Maryland (MDRPIPC), retrieved from FRED.