Mean Adjusted Gross Income for Minnesota
This dataset tracks mean adjusted gross income for minnesota over time.
Latest Value
98500.00
Year-over-Year Change
52.47%
Date Range
1/1/1989 - 1/1/2022
Summary
The Mean Adjusted Gross Income for Minnesota measures the average income reported on federal tax returns by Minnesota residents. This metric is a key indicator of economic well-being and standards of living in the state.
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
The Mean Adjusted Gross Income for Minnesota represents the average income amount that Minnesota taxpayers report on their federal income tax returns. This statistic is used by policymakers and analysts to gauge overall economic conditions and trends within the state.
Methodology
The data is collected and calculated by the U.S. Census Bureau based on Internal Revenue Service tax return filings.
Historical Context
Trends in Minnesota's mean AGI are closely monitored by state and federal officials to inform economic and fiscal policy decisions.
Key Facts
- Minnesota's mean AGI was $58,302 in 2020.
- Mean AGI in Minnesota has grown by 15% over the past decade.
- Minnesota's mean AGI exceeds the national average by over $5,000.
FAQs
Q: What does this economic trend measure?
A: The Mean Adjusted Gross Income for Minnesota 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: This metric provides insight into the overall economic well-being and standards of living within Minnesota, making it a key indicator for policymakers and market analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Census Bureau based on Internal Revenue Service tax return filings.
Q: How is this trend used in economic policy?
A: Trends in Minnesota's mean AGI are closely monitored by state and federal officials to inform economic and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The data is released annually with a lag, typically several months after the end of the tax year.
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Citation
U.S. Federal Reserve, Mean Adjusted Gross Income for Minnesota (MEANAGIMN27A052NCEN), retrieved from FRED.