Mean Adjusted Gross Income for North Dakota
This dataset tracks mean adjusted gross income for north dakota over time.
Latest Value
96500.00
Year-over-Year Change
58.25%
Date Range
1/1/1989 - 1/1/2022
Summary
The Mean Adjusted Gross Income for North Dakota measures the average income reported on individual tax returns in the state. This key economic indicator provides insight into the financial well-being and spending power of North Dakota residents.
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 North Dakota represents the average amount of total income, from all sources, that individuals in the state report on their annual federal tax returns. This metric is widely used by economists and policymakers to analyze trends in personal income and consumer spending.
Methodology
The data is collected and calculated annually by the U.S. Internal Revenue Service based on individual tax return filings.
Historical Context
Analysts and officials use this income trend to inform policy decisions and economic forecasts for North Dakota.
Key Facts
- North Dakota has one of the highest average incomes in the U.S.
- Incomes have steadily risen in the state over the past decade.
- The data does not include non-filers or underground economy income.
FAQs
Q: What does this economic trend measure?
A: The Mean Adjusted Gross Income for North Dakota measures the average amount of total income reported on individual tax returns in the state.
Q: Why is this trend relevant for users or analysts?
A: This income metric provides key insights into the overall financial well-being and spending power of North Dakota residents, which is highly relevant for economic analysis and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated annually by the U.S. Internal Revenue Service based on individual tax return filings.
Q: How is this trend used in economic policy?
A: Analysts and officials use this income trend to inform policy decisions and economic forecasts for North Dakota, such as tax policy, consumer spending patterns, and personal financial health.
Q: Are there update delays or limitations?
A: The data has a natural one-year delay as it is based on annual tax return filings, and it does not capture income from non-filers or the underground economy.
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Citation
U.S. Federal Reserve, Mean Adjusted Gross Income for North Dakota (MEANAGIND38A052NCEN), retrieved from FRED.