Mean Adjusted Gross Income for Idaho
This dataset tracks mean adjusted gross income for idaho over time.
Latest Value
87500.00
Year-over-Year Change
85.58%
Date Range
1/1/1989 - 1/1/2022
Summary
The Mean Adjusted Gross Income for Idaho measures the average income reported on federal tax returns by Idaho residents. This key economic indicator provides insight into the overall prosperity and spending power of Idaho's population.
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, or average, adjusted gross income (AGI) reported by individual tax filers in the state of Idaho. AGI is a commonly used metric that reflects total income minus allowable deductions, providing a standardized measure of household wealth and earnings potential.
Methodology
The data is collected annually by the U.S. Census Bureau based on individual tax return filings.
Historical Context
Trends in mean AGI are closely monitored by policymakers, market analysts, and businesses to assess economic conditions and consumer demand in Idaho.
Key Facts
- Idaho's mean AGI was $52,284 in 2016.
- AGI has increased by 12% in Idaho over the past 5 years.
- Idaho's mean AGI is 5% below the national average.
FAQs
Q: What does this economic trend measure?
A: The Mean Adjusted Gross Income for Idaho measures the average income reported on federal tax returns by residents of the state.
Q: Why is this trend relevant for users or analysts?
A: Trends in mean AGI provide valuable insights into the overall prosperity and spending power of Idaho's population, which is critical information for policymakers, businesses, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Census Bureau based on individual tax return filings.
Q: How is this trend used in economic policy?
A: Policymakers closely monitor mean AGI trends in Idaho to assess economic conditions and consumer demand, which informs decisions on fiscal, monetary, and social policies.
Q: Are there update delays or limitations?
A: The data is released annually with a lag, typically 1-2 years behind the current year.
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Citation
U.S. Federal Reserve, Mean Adjusted Gross Income for Idaho (MEANAGIID16A052NCEN), retrieved from FRED.