Total Personal Income in Minnesota
MNOTOT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
448,708.30
Year-over-Year Change
15.14%
Date Range
1/1/1948 - 1/1/2025
Summary
Total Personal Income in Minnesota measures the aggregate income earned by residents of the state. It's a key indicator of economic well-being and a critical input for policymakers and analysts.
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
Total Personal Income in Minnesota represents the sum of all income earned by individuals in the state, including wages, salaries, business profits, interest, dividends, and government benefits. It's a broad measure of the overall health and purchasing power of the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on a variety of economic surveys and administrative records.
Historical Context
Total Personal Income data is widely used by economists, policymakers, and businesses to assess economic trends, forecast consumer spending, and inform policy decisions.
Key Facts
- Minnesota's total personal income reached $425 billion in 2021.
- Personal income grew by 5.2% in Minnesota in 2021.
- Minnesota ranks 16th among U.S. states in total personal income.
FAQs
Q: What does this economic trend measure?
A: Total Personal Income in Minnesota measures the total income earned by residents of the state, including wages, profits, dividends, and government benefits.
Q: Why is this trend relevant for users or analysts?
A: Total personal income is a key indicator of the overall health and purchasing power of Minnesota's economy, making it essential for assessing economic conditions, forecasting consumer spending, and informing policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on a variety of economic surveys and administrative records.
Q: How is this trend used in economic policy?
A: Total personal income data is widely used by economists, policymakers, and businesses to evaluate economic trends, forecast consumer spending, and inform policy decisions that affect the people and businesses of Minnesota.
Q: Are there update delays or limitations?
A: The total personal income data for Minnesota is typically published on a quarterly basis with a lag of several months, so the most recent data may not reflect the latest economic conditions.
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Citation
U.S. Federal Reserve, Total Personal Income in Minnesota (MNOTOT), retrieved from FRED.