Median Adjusted Gross Income for North Carolina
MEDAGINC37A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
48,500.00
Year-over-Year Change
51.54%
Date Range
1/1/1989 - 1/1/2022
Summary
The Median Adjusted Gross Income for North Carolina measures the midpoint income level for tax filers in the state, providing insight into economic well-being and consumer spending patterns.
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
This data series from the Internal Revenue Service tracks the median adjusted gross income reported on individual tax returns for North Carolina residents. It serves as a key indicator of the typical income and purchasing power of households in the state.
Methodology
The data is calculated from individual income tax returns filed with the IRS.
Historical Context
Policymakers and analysts use this metric to assess economic conditions and cost-of-living trends in North Carolina.
Key Facts
- The median AGI in North Carolina was $52,752 in 2020.
- North Carolina's median AGI is slightly below the national median of $54,979.
- Median income levels vary significantly by county within the state.
FAQs
Q: What does this economic trend measure?
A: The Median Adjusted Gross Income for North Carolina measures the midpoint income level for tax filers in the state, providing insight into typical household finances and spending power.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of economic conditions and cost-of-living in North Carolina, informing decisions by policymakers, businesses, and consumers.
Q: How is this data collected or calculated?
A: The data is calculated from individual income tax returns filed with the Internal Revenue Service.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess income levels, consumer spending patterns, and the overall economic health of North Carolina.
Q: Are there update delays or limitations?
A: This data is released annually with a lag of about one year, reflecting the time required to process tax return information.
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Citation
U.S. Federal Reserve, Median Adjusted Gross Income for North Carolina (MEDAGINC37A052NCEN), retrieved from FRED.