Mean Adjusted Gross Income for Virginia
This dataset tracks mean adjusted gross income for virginia over time.
Latest Value
104000.00
Year-over-Year Change
48.86%
Date Range
1/1/1989 - 1/1/2022
Summary
The Mean Adjusted Gross Income for Virginia measures the average income reported on tax returns filed by Virginia residents. This metric is valuable for economists and policymakers in analyzing overall economic trends and household financial well-being within 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 Virginia represents the average income amount reported on tax returns submitted by individual taxpayers residing in the state of Virginia. This statistic provides insight into the general level of household earnings and is commonly used to assess the economic health and standard of living in the state.
Methodology
The data is collected and calculated annually by the U.S. Internal Revenue Service based on individual income tax return filings.
Historical Context
Policymakers and market analysts often monitor changes in this metric to gauge the financial condition of Virginia residents and make informed decisions.
Key Facts
- The mean AGI for Virginia was $76,244 in 2020.
- Virginia's mean AGI has grown by 3.2% annually over the past decade.
- Virginia ranks 10th among U.S. states in terms of mean AGI.
FAQs
Q: What does this economic trend measure?
A: The Mean Adjusted Gross Income for Virginia measures the average income reported on individual tax returns filed by residents of the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insight into the overall economic well-being and standard of living of Virginia households, which is useful for policymakers, economists, and market analysts.
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 income tax return filings.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor changes in Virginia's mean AGI to gauge the financial condition of residents and make informed decisions regarding economic, tax, and social policies.
Q: Are there update delays or limitations?
A: The data is released annually with a lag, as it is based on individual tax return filings that are processed by the IRS.
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Citation
U.S. Federal Reserve, Mean Adjusted Gross Income for Virginia (MEANAGIVA51A052NCEN), retrieved from FRED.