Per Capita Personal Income in Illinois
ILPCPI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
74,197.00
Year-over-Year Change
61.53%
Date Range
1/1/1929 - 1/1/2024
Summary
The Per Capita Personal Income in Illinois measures the average income per person in the state. It is an important economic indicator used to assess the overall standard of living and purchasing power of Illinois residents.
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
Per capita personal income is a measure of the total personal income in a state divided by the state's population. It provides insight into the economic well-being and consumption patterns of Illinois residents, which is useful for policymakers and businesses.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records.
Historical Context
This metric is closely watched by economists, businesses, and policymakers to gauge the economic conditions and consumer demand in Illinois.
Key Facts
- Illinois per capita personal income was $62,462 in 2021.
- Illinois per capita personal income has grown by 25% over the past decade.
- Illinois per capita personal income is 6% higher than the national average.
FAQs
Q: What does this economic trend measure?
A: The Per Capita Personal Income in Illinois measures the average income per person in the state. It provides insight into the overall economic well-being and purchasing power of Illinois residents.
Q: Why is this trend relevant for users or analysts?
A: This metric is closely watched by economists, businesses, and policymakers to gauge the economic conditions and consumer demand in Illinois. It is an important indicator of the state's standard of living and economic performance.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records.
Q: How is this trend used in economic policy?
A: Per capita personal income is used by policymakers and businesses to understand the purchasing power and consumer demand in Illinois, which informs economic policies and business strategies.
Q: Are there update delays or limitations?
A: The per capita personal income data for Illinois is typically published on an annual basis with a lag of several months.
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Citation
U.S. Federal Reserve, Per Capita Personal Income in Illinois (ILPCPI), retrieved from FRED.