Real Per Capita Personal Income: Nonmetropolitan Portion for Minnesota
MNNMPRPIPC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
57,296.00
Year-over-Year Change
19.21%
Date Range
1/1/2008 - 1/1/2023
Summary
The 'Real Per Capita Personal Income: Nonmetropolitan Portion for Minnesota' measures the inflation-adjusted average income for residents of non-urban areas in Minnesota. This data provides important insights into economic trends and living standards outside of the state's metropolitan regions.
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 economic series tracks the real, per capita personal income of Minnesotans living in non-metropolitan counties and communities. It offers a more granular view of income and purchasing power trends beyond the state's major urban centers, which can be useful for policymakers and analysts studying regional economic disparities.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using personal income estimates and population figures.
Historical Context
Trends in this metric can inform decisions around economic development, social programs, and infrastructure investment targeting non-urban areas.
Key Facts
- Minnesota's nonmetropolitan personal income was $51,305 in 2021.
- This metric has grown by 18% over the past decade.
- Nonmetro incomes lag behind metro areas by about 25% in Minnesota.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average, inflation-adjusted personal income for residents of non-urban counties and communities in Minnesota.
Q: Why is this trend relevant for users or analysts?
A: It provides insights into economic conditions and living standards in Minnesota's rural and small-town areas, which can inform policy decisions and regional development strategies.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis compiles this data using personal income estimates and population figures for non-metropolitan portions of the state.
Q: How is this trend used in economic policy?
A: Policymakers and analysts can use this metric to understand regional income disparities and target investments or programs aimed at supporting economic growth in non-urban Minnesota communities.
Q: Are there update delays or limitations?
A: This data is published annually with a lag of about one year. Regional income data may also be subject to sampling or estimation errors.
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Citation
U.S. Federal Reserve, Real Per Capita Personal Income: Nonmetropolitan Portion for Minnesota (MNNMPRPIPC), retrieved from FRED.