Median Adjusted Gross Income for Utah
MEDAGIUT49A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
57,000.00
Year-over-Year Change
53.16%
Date Range
1/1/1989 - 1/1/2022
Summary
The Median Adjusted Gross Income for Utah measures the midpoint income level reported on Utah residents' federal tax returns. This key economic indicator provides insights into the financial well-being and purchasing power of Utah households.
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 Utah represents the middle income value in the state, meaning half of Utah tax filers report a higher income and half report a lower income. Economists and policymakers use this statistic to analyze trends in Utah's cost of living, consumer spending, and tax revenue.
Methodology
The data is compiled annually by the U.S. Census Bureau from individual income tax returns filed with the Internal Revenue Service.
Historical Context
Trends in Utah's median income are closely monitored by state and local governments to inform fiscal and economic development policies.
Key Facts
- Utah's median AGI was $58,109 in 2020.
- Median incomes in Utah are higher than the national average.
- Income levels vary significantly across Utah's diverse regions and demographics.
FAQs
Q: What does this economic trend measure?
A: The Median Adjusted Gross Income for Utah measures the midpoint income level reported on federal tax returns by Utah residents.
Q: Why is this trend relevant for users or analysts?
A: This statistic provides insight into the financial well-being and purchasing power of Utah households, which is crucial for analyzing the state's cost of living, consumer spending, and tax revenue.
Q: How is this data collected or calculated?
A: The U.S. Census Bureau compiles this data annually from individual income tax returns filed with the IRS.
Q: How is this trend used in economic policy?
A: Trends in Utah's median income are closely monitored by state and local governments to inform fiscal and economic development policies.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, and may not capture the full economic impact of recent events or policy changes.
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Citation
U.S. Federal Reserve, Median Adjusted Gross Income for Utah (MEDAGIUT49A052NCEN), retrieved from FRED.