Average household income
Hi IMPLAN I did a download of 2013 data for Polk County Florida and used the model overview in a study document. Just lifted the overview numbers into a chart. For Polk in 2013 the download has average household income of $98,989. My client has just pointed out to me that number is way too high, about double. I checked some other sources and it appears that number for that county is about $43,000 or so. Can IMPLAN clarify this or give me a reason (s) to tell my client about the error if it is an error.
thanks Mike
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Hi Michael! Thank you for your post. I apologize for the inconvenience with the different Average Household Income Values. Included in the Average Household Income value is also imputed income. Imputed income includes the income ascribed to asset holdings and other non-monetary "income" as home ownership, free checking and farm production consumed by the farmer and his household. Here are some additional thoughts:http://implan.com/index.php?view=download&alias=34-moneyincome-vs-personal-income-implan&category_slug=studies-1&option=com_docman&Itemid=1764 In IMPLAN, we base household income on the Bureau of Economic Analysis (BEA) “Personal Income” numbers reported by the Regional Economic Information System (REIS) in the CA5 tables – Personal Income and controlled to current BEA National Income and Product Accounts (NIPA) for the nation. Per capita household income reported by the Bureau of the Census is “Money Income” based. The difference you are referring to may be the difference between Average Personal Income and Median Money Income provided by Census.
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