Per Capita Personal Income in South Dakota
SDPCPI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
73,959.00
Year-over-Year Change
64.37%
Date Range
1/1/1929 - 1/1/2024
Summary
The Per Capita Personal Income in South Dakota measures the average personal income per person in the state. It is a key indicator of economic well-being and standard of living.
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
Per capita personal income is a comprehensive measure of the income received by individuals, including wages, salaries, investment earnings, and government assistance. It provides insights into the economic prosperity and spending power of South Dakota residents.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using personal income and population estimates.
Historical Context
This trend is closely watched by policymakers, businesses, and economists to gauge the financial health and consumer demand in South Dakota.
Key Facts
- South Dakota's per capita personal income was $58,700 in 2021.
- This represents a 4.5% increase from the previous year.
- The state's per capita income is higher than the national average.
FAQs
Q: What does this economic trend measure?
A: The Per Capita Personal Income in South Dakota measures the average personal income per person living in the state. It includes wages, salaries, investment earnings, and government assistance.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic prosperity and spending power of South Dakota residents, which is crucial for understanding the state's consumer demand, economic growth, and policy decisions.
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 of South Dakota.
Q: How is this trend used in economic policy?
A: Policymakers, businesses, and economists closely monitor this trend to gauge the financial health and consumer demand in South Dakota, which informs decision-making and policy actions.
Q: Are there update delays or limitations?
A: The data is typically published on a quarterly basis, with a lag of several months. There may be revisions to historical data as more complete information becomes available.
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Citation
U.S. Federal Reserve, Per Capita Personal Income in South Dakota (SDPCPI), retrieved from FRED.