Median Adjusted Gross Income for Hawaii
This dataset tracks median adjusted gross income for hawaii over time.
Latest Value
53500.00
Year-over-Year Change
48.96%
Date Range
1/1/1989 - 1/1/2022
Summary
The Median Adjusted Gross Income for Hawaii metric measures the midpoint of the income distribution for individual tax filers in the state. This statistic is a key indicator of economic well-being and standard of living in Hawaii.
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 Median Adjusted Gross Income for Hawaii represents the middle value of reported adjusted gross incomes for individual tax returns filed by residents of the state. This metric provides insight into the typical income levels of Hawaiian households and is widely used by economists and policymakers to analyze economic trends and living standards.
Methodology
The data is collected annually by the U.S. Internal Revenue Service from individual income tax returns.
Historical Context
This economic indicator is used to inform policy decisions and business strategies related to the Hawaiian economy.
Key Facts
- Hawaii has the 6th highest median household income among U.S. states.
- The median adjusted gross income in Hawaii has increased by 24% over the past decade.
- Honolulu County has the highest median income in the state.
FAQs
Q: What does this economic trend measure?
A: The Median Adjusted Gross Income for Hawaii measures the midpoint of the income distribution for individual tax filers in the state of Hawaii.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insight into the typical income levels and economic well-being of Hawaiian households, which is valuable information for policymakers, businesses, and researchers analyzing economic and social trends in the state.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Internal Revenue Service from individual income tax returns filed by Hawaii residents.
Q: How is this trend used in economic policy?
A: The Median Adjusted Gross Income for Hawaii is used by economists and policymakers to inform decisions related to economic development, taxation, social programs, and other policies affecting the Hawaiian economy and standard of living.
Q: Are there update delays or limitations?
A: The data is published annually with a short delay, typically 6-12 months after the end of the tax year. There may also be limitations due to changes in tax laws or reporting requirements over time.
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Citation
U.S. Federal Reserve, Median Adjusted Gross Income for Hawaii (MEDAGIHI15A052NCEN), retrieved from FRED.