Real Per Capita Personal Income for North Dakota
NDRPIPC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
67,549.00
Year-over-Year Change
14.82%
Date Range
1/1/2008 - 1/1/2023
Summary
The Real Per Capita Personal Income for North Dakota tracks the inflation-adjusted average income per person in the state. It is a key economic indicator used to assess North Dakota's standard of living and economic performance.
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 measures the total personal income within a state, adjusted for inflation and divided by the state's population. It provides insight into the purchasing power and material well-being of North Dakota residents.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using personal income and population estimates.
Historical Context
This metric is closely watched by policymakers, analysts, and businesses to understand North Dakota's economic conditions and inform decisions.
Key Facts
- North Dakota had the highest real per capita personal income among U.S. states in 2021.
- Real per capita income in North Dakota has grown faster than the national average over the past decade.
- The energy and agricultural sectors are major drivers of North Dakota's high real per capita income.
FAQs
Q: What does this economic trend measure?
A: The Real Per Capita Personal Income for North Dakota measures the average inflation-adjusted income per person in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the purchasing power and standard of living of North Dakota residents, which is useful for policymakers, businesses, and economic analysts.
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 the state.
Q: How is this trend used in economic policy?
A: Policymakers and analysts closely monitor North Dakota's real per capita personal income to understand the state's economic conditions and inform decisions.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Real Per Capita Personal Income for North Dakota (NDRPIPC), retrieved from FRED.