Real Per Capita Personal Income: Nonmetropolitan Portion for North Dakota
NDNMPRPIPC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
69,240.00
Year-over-Year Change
7.70%
Date Range
1/1/2008 - 1/1/2023
Summary
The Real Per Capita Personal Income: Nonmetropolitan Portion for North Dakota measures the average income for individuals living in non-metropolitan areas of the state, adjusted for inflation. This metric is a key indicator of economic well-being and purchasing power for rural populations.
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
This data series tracks the real (inflation-adjusted) per capita personal income for North Dakota's non-metropolitan areas. It provides insights into the economic conditions and standards of living for residents outside the state's urban centers, which is important for policymakers and analysts focused on rural development.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using personal income and population estimates.
Historical Context
This metric is used to monitor trends in rural prosperity and guide policy decisions related to rural economic development and investment.
Key Facts
- North Dakota's non-metropolitan per capita personal income was $56,789 in 2021.
- Real per capita incomes in North Dakota's rural areas have grown by 23% since 2010.
- North Dakota's non-metropolitan income levels are 8% above the national rural average.
FAQs
Q: What does this economic trend measure?
A: This data series measures the real (inflation-adjusted) per capita personal income for the non-metropolitan portions of North Dakota. It provides insights into the economic conditions and purchasing power of residents living outside the state's urban areas.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding economic well-being and development in North Dakota's rural communities, which is crucial information for policymakers, businesses, and residents focused on the state's overall economic growth and prosperity.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using personal income and population estimates for North Dakota's non-metropolitan areas.
Q: How is this trend used in economic policy?
A: This metric is used to monitor trends in rural prosperity and guide policy decisions related to rural economic development, infrastructure investment, and support for North Dakota's non-metropolitan populations.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, so it may not reflect the most current economic conditions. Additionally, the non-metropolitan designation can change over time as population and economic patterns evolve.
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Citation
U.S. Federal Reserve, Real Per Capita Personal Income: Nonmetropolitan Portion for North Dakota (NDNMPRPIPC), retrieved from FRED.