Median Adjusted Gross Income for Pennsylvania
MEDAGIPA42A052NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
53,500.00
Year-over-Year Change
44.47%
Date Range
1/1/1989 - 1/1/2022
Summary
The Median Adjusted Gross Income for Pennsylvania measures the midpoint of income levels for Pennsylvania tax filers. This metric is a key indicator of economic well-being and standards of living within the state.
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
The Median Adjusted Gross Income (AGI) for Pennsylvania represents the middle value of reported incomes among tax filers in the state. It is a useful statistic for policymakers and researchers to analyze income distribution and economic trends across Pennsylvania.
Methodology
This data is collected annually by the U.S. Internal Revenue Service (IRS) from individual tax returns filed by Pennsylvania residents.
Historical Context
Trends in Pennsylvania's median AGI can provide insights into the state's economic conditions and help guide fiscal and social policies.
Key Facts
- The median AGI for Pennsylvania was $58,700 in 2020.
- Pennsylvania's median AGI has grown by 20% over the past decade.
- The state's median AGI is slightly below the national median of $62,000.
FAQs
Q: What does this economic trend measure?
A: The Median Adjusted Gross Income for Pennsylvania measures the midpoint of income levels reported on tax returns filed by Pennsylvania residents.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic well-being and standards of living within Pennsylvania, which is valuable for policymakers, researchers, and residents.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Internal Revenue Service (IRS) from individual tax returns filed by Pennsylvania residents.
Q: How is this trend used in economic policy?
A: Trends in Pennsylvania's median AGI can inform fiscal and social policies by providing insights into the state's economic conditions and income distribution.
Q: Are there update delays or limitations?
A: There is typically a 1-2 year delay in the availability of this data, as it is collected from individual tax returns.
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Citation
U.S. Federal Reserve, Median Adjusted Gross Income for Pennsylvania (MEDAGIPA42A052NCEN), retrieved from FRED.