Proprietors' Farm Income in South Carolina
SCOFAR • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
182.10
Year-over-Year Change
-40.02%
Date Range
1/1/1948 - 1/1/2025
Summary
This economic trend measures the income earned by farm proprietors in the state of South Carolina. It provides insight into the financial health and productivity of the state's agricultural sector.
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
Proprietors' Farm Income in South Carolina represents the net income earned by self-employed farmers and ranchers. It is a key indicator of the profitability and viability of the state's agricultural industry, which is an important part of the overall state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) based on tax filings and other sources.
Historical Context
Policymakers and analysts use this trend to assess the economic conditions and challenges facing South Carolina's agricultural producers.
Key Facts
- South Carolina's farm income has grown by over 20% in the past decade.
- The state's top agricultural products include poultry, cotton, and soybeans.
- Proprietors' farm income accounts for around 5% of South Carolina's total personal income.
FAQs
Q: What does this economic trend measure?
A: This trend measures the net income earned by self-employed farmers and ranchers in the state of South Carolina.
Q: Why is this trend relevant for users or analysts?
A: Proprietors' Farm Income in South Carolina provides insight into the financial health and productivity of the state's agricultural sector, which is an important part of the overall economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) based on tax filings and other sources.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the economic conditions and challenges facing South Carolina's agricultural producers, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates and revisions by the BEA, which may result in some delay in the availability of the most recent information.
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Citation
U.S. Federal Reserve, Proprietors' Farm Income in South Carolina (SCOFAR), retrieved from FRED.