Real Per Capita Personal Income for Minnesota
MNRPIPC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
61,227.00
Year-over-Year Change
22.28%
Date Range
1/1/2008 - 1/1/2023
Summary
The Real Per Capita Personal Income for Minnesota measures the purchasing power of Minnesotans' personal income, adjusted for inflation. This metric provides insight into the economic well-being and living standards of Minnesota 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
Real per capita personal income is a key indicator of economic prosperity and living standards within a state. It tracks the average inflation-adjusted income per person, offering a comprehensive view of Minnesotans' financial resources and purchasing power.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on personal income estimates and population figures.
Historical Context
Policymakers and analysts use this metric to assess Minnesota's economic conditions and make informed decisions about policies, programs, and resource allocation.
Key Facts
- Minnesota's real per capita personal income was $59,577 in 2021.
- Real per capita personal income in Minnesota has grown by 18% over the past decade.
- Minnesota's real per capita personal income is consistently higher than the national average.
FAQs
Q: What does this economic trend measure?
A: The Real Per Capita Personal Income for Minnesota measures the average inflation-adjusted income per person in the state, providing a comprehensive view of Minnesotans' purchasing power and financial resources.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of economic prosperity and living standards within Minnesota, and is widely used by policymakers, economists, and analysts to assess the state's economic conditions and make informed decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on personal income estimates and population figures for the state of Minnesota.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to evaluate Minnesota's economic performance, make informed decisions about policies and programs, and allocate resources to support the state's economic growth and development.
Q: Are there update delays or limitations?
A: The Real Per Capita Personal Income for Minnesota data is typically released on a quarterly basis, with a slight delay in availability. While the data provides a comprehensive view of the state's economic conditions, it may not capture immediate or short-term fluctuations in personal income.
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Citation
U.S. Federal Reserve, Real Per Capita Personal Income for Minnesota (MNRPIPC), retrieved from FRED.