Median Personal Income in West Census Region
This dataset tracks median personal income in west census region over time.
Latest Value
42930.00
Year-over-Year Change
61.33%
Date Range
1/1/1974 - 1/1/2023
Summary
Tracks median personal income levels in the Western United States. Provides critical insight into regional economic health and individual earning potential.
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 metric represents the midpoint of personal income distribution for the West Census Region. It helps economists understand regional economic trends and income dynamics.
Methodology
Calculated using survey data from the U.S. Census Bureau's income tracking system.
Historical Context
Used by policymakers to assess regional economic disparities and income patterns.
Key Facts
- Reflects median income for Western U.S. states
- Helps track regional economic performance
- Important for understanding local economic conditions
FAQs
Q: What states are included in the West Census Region?
A: Includes Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, and Washington.
Q: How often is this data updated?
A: Typically updated annually by the U.S. Census Bureau with potential quarterly revisions.
Q: Why is median income important?
A: Provides a more accurate representation of typical earnings than mean income, accounting for extreme values.
Q: How does this data impact economic policy?
A: Helps policymakers understand regional economic disparities and develop targeted economic interventions.
Q: What factors influence median personal income?
A: Includes local job markets, industry composition, education levels, and economic conditions.
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Citation
U.S. Federal Reserve, Median Personal Income in West Census Region (MEPAINUSWEA646N), retrieved from FRED.