Mean Adjusted Gross Income for South Carolina
MEANAGISC45A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
81,000.00
Year-over-Year Change
66.72%
Date Range
1/1/1989 - 1/1/2022
Summary
The Mean Adjusted Gross Income for South Carolina (MEANAGISC45A052NCEN) is a key economic indicator that measures the average income reported on tax returns by South Carolina residents. This metric provides valuable insights into the financial well-being and spending power of the state'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
The Mean Adjusted Gross Income for South Carolina represents the mean (average) amount of adjusted gross income (AGI) reported by individual taxpayers residing in the state. AGI is a widely used measure of personal income, including wages, salaries, tips, taxable interest, dividends, capital gains, business income, and other sources. This data point is important for economists and policymakers to analyze trends in South Carolinians' earning capacity and financial health.
Methodology
The data is collected and calculated by the U.S. Internal Revenue Service (IRS) based on individual income tax returns filed by South Carolina residents.
Historical Context
This economic indicator is used by government agencies, financial institutions, and economic analysts to monitor the overall financial status of South Carolina's population and inform policy decisions.
Key Facts
- The mean AGI for South Carolina residents was $52,984 in 2020.
- AGI levels in South Carolina have increased by 25% over the past decade.
- South Carolina's mean AGI is approximately 92% of the national average.
FAQs
Q: What does this economic trend measure?
A: The Mean Adjusted Gross Income for South Carolina (MEANAGISC45A052NCEN) measures the average income reported on individual tax returns by residents of the state. It provides insight into the overall financial status and spending power of the state's population.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for economists, policymakers, and financial institutions to monitor trends in South Carolinians' earning capacity and financial health, which can inform economic and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Internal Revenue Service (IRS) based on individual income tax returns filed by South Carolina residents.
Q: How is this trend used in economic policy?
A: The Mean Adjusted Gross Income for South Carolina is used by government agencies, financial institutions, and economic analysts to monitor the overall financial status of the state's population and inform policy decisions related to taxation, spending, and economic development.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 year lag due to the time required for individual tax returns to be filed and processed by the IRS.
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Citation
U.S. Federal Reserve, Mean Adjusted Gross Income for South Carolina (MEANAGISC45A052NCEN), retrieved from FRED.