Median Adjusted Gross Income for Tennessee
MEDAGITN47A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
47,000.00
Year-over-Year Change
55.33%
Date Range
1/1/1989 - 1/1/2022
Summary
The Median Adjusted Gross Income for Tennessee measures the middle value of incomes reported on federal tax returns filed by Tennessee residents. This key indicator provides insight into the economic well-being and purchasing 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 Median Adjusted Gross Income (AGI) for Tennessee represents the midpoint of all AGI values reported on tax returns from Tennessee filers. AGI is a comprehensive measure of total taxable income, making this statistic a reliable gauge of typical household financial resources in the state.
Methodology
The data is collected and calculated annually by the U.S. Internal Revenue Service (IRS) based on individual income tax returns.
Historical Context
Economists and policymakers monitor this trend to assess the economic health and standard of living in Tennessee relative to national benchmarks.
Key Facts
- Median AGI in Tennessee was $52,301 in 2020.
- Tennessee's median AGI is below the national average.
- Incomes have grown steadily in Tennessee over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Median Adjusted Gross Income for Tennessee measures the midpoint income value reported on federal tax returns filed by residents of the state.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into the typical financial resources and purchasing power of Tennessee households, which is valuable information for economists, policymakers, 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 (IRS) based on individual income tax returns filed in Tennessee.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this trend to assess the economic health and standard of living in Tennessee relative to national benchmarks, which can inform policy decisions.
Q: Are there update delays or limitations?
A: There is typically a 1-2 year lag in the availability of this data due to the time required for tax return processing and compilation by the IRS.
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Citation
U.S. Federal Reserve, Median Adjusted Gross Income for Tennessee (MEDAGITN47A052NCEN), retrieved from FRED.