Median Family Income in West Census Region
This dataset tracks median family income in west census region over time.
Latest Value
105300.00
Year-over-Year Change
68.59%
Date Range
1/1/1953 - 1/1/2023
Summary
Tracks median family income for the West Census Region, providing insights into regional economic performance. Crucial for understanding geographic economic variations.
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
Measures the midpoint of family incomes in the Western United States, reflecting economic conditions and living standards in the region.
Methodology
Calculated using comprehensive household income surveys and statistical sampling techniques.
Historical Context
Used by economists, policymakers, and researchers to analyze regional economic trends.
Key Facts
- Reflects economic conditions in Western states
- Provides benchmark for regional economic comparisons
- Influenced by local industry and employment trends
FAQs
Q: What states are included in the West Census Region?
A: Includes Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington.
Q: How is median family income calculated?
A: Determined by arranging all family incomes from lowest to highest and selecting the middle value.
Q: Why is this metric important?
A: Helps understand regional economic health, living standards, and comparative economic performance.
Q: How often is this data updated?
A: Typically updated annually, providing current insights into regional economic conditions.
Q: What factors influence this metric?
A: Impacted by local job markets, industry composition, cost of living, and economic development.
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Citation
U.S. Federal Reserve, Median Family Income in West Census Region (MEFAINUSWEA646N), retrieved from FRED.