Mean Adjusted Gross Income for Maryland
MEANAGIMD24A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
101,000.00
Year-over-Year Change
38.89%
Date Range
1/1/1989 - 1/1/2022
Summary
The Mean Adjusted Gross Income for Maryland measures the average income reported on federal tax returns by Maryland residents. It provides insight into the economic well-being and purchasing power of Maryland'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 metric represents the mean or average adjusted gross income (AGI) for individual tax filers in the state of Maryland. AGI is a key measure of personal income used in tax policy analysis and economic research on income distribution and economic mobility.
Methodology
The data is calculated annually by the U.S. Census Bureau using individual tax return information.
Historical Context
Policymakers and economists analyze this trend to understand income patterns and inform decisions around taxation, public spending, and economic development programs.
Key Facts
- Maryland's mean AGI was $58,841 in 2020.
- AGI has increased by 25% in Maryland over the past decade.
- Maryland ranks 6th among U.S. states for mean AGI.
FAQs
Q: What does this economic trend measure?
A: The Mean Adjusted Gross Income for Maryland measures the average income reported on federal tax returns by residents of the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insight into the economic well-being and purchasing power of Maryland's population, which is crucial information for policymakers, economists, and businesses operating in the state.
Q: How is this data collected or calculated?
A: The data is calculated annually by the U.S. Census Bureau using individual tax return information.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to understand income patterns and inform decisions around taxation, public spending, and economic development programs.
Q: Are there update delays or limitations?
A: The data is released annually with a brief delay, and may not capture all income sources for some taxpayers.
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Citation
U.S. Federal Reserve, Mean Adjusted Gross Income for Maryland (MEANAGIMD24A052NCEN), retrieved from FRED.