An Overview of BEAs Other Data Programs

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An Overview of BEAsOther Data Programs
Charles Ian Mead
PNREAP Regional Workshop Reno, NV September 29,
2009
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Products of Other Directorates

• National Economic Accounts
• Gross Domestic Product (GDP)
• Personal income
• International Economic Accounts
• International transactions
• Direct investments
• Operations of U.S. and foreign multinationals
• Industry Accounts
• Input-output accounts
• GDP by industry
• Satellite accounts (e.g., travel and tourism)

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Products of the Regional Directorate

• Personal income by state and local areas
• GDP by state and metropolitan area
• Regional economic multipliers (RIMS II)

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Three Ways to Measure GDP

• Value added approach Gross output less
  intermediate inputs
• Expenditure approach C I G NX
• Income approach
• Compensation of employees
• Taxes on production and imports (TOPI) less
  subsidies
• Gross operating surplus

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National Income and Product Accounts

• Expenditure and income measures
• Main focus on U.S. economy
• Three main sectors, plus rest of the world
• Industry detail limited to a few items (e.g.,
  compensation, corporate profits)
• Price and quantity indexes based on expenditures

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Main Industry Accounts

• Input-Output Accounts
• Show structure of U.S. economy
• Use table shows GDP measured all three ways
• GDP by Industry
• Value added approach
• Double deflation for price and quantity indexes

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GDP by State and Metro Area

• Counterpart of U.S. GDP measures
• By state Most detailed methodology
• By metro area Covers 90 percent of all U.S.
  economic activity
• Primarily based on an income approach

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Currently Available statistics

• Annual data from 1963-2008
• Total GDP and components (for states) by industry
• 1963-1997 2-digit SIC industries
• 1997-2008 NAICS sectors or sub-sectors
• Current dollars, chained (2000) dollars, and
  quantity indexes

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Chain Dollar Statistics

• Based on implicit price deflators
• National-level prices by industry are used
• Do not account for possible differences in
• Prices of the same goods across regions
• The use of intermediate inputs across regions

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Release Schedule

• GDP by state June following the reference year
• GDP by metropolitan area September following
  the reference year
• Note Next year is an exception due to
  comprehensive revision

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Percent Change in Real GDP by State
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Percent Change in Real GDP by Metro Area
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Recent Improvements

• Acceleration of industry detail for GDP by state
  by a full year (2005)
• Development of GDP by metropolitan area
  statistics (2007)
• Acceleration of GDP by metropolitan area by a
  full year (2009)

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Future Improvements

• Incorporation of recent changes made in the NIPAs
  (2010-2011)
• New treatment of disasters
• Cafeteria plans
• Misreporting adjustments
• Capitalization of RD expenditures (2013)

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RIMS II

• Multipliers for regional impact analyses
• Many different types available
• Examples of analyses
• Military base closure
• New sports stadium
• New highway construction
• Based on data from Industry and Regional accounts

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Availability

• Current multiplier sets
• 2006 60 aggregated industries
• 1997 473 detailed industries
• Customized product for a fee
• By user-defined region
• By industry

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Improvements

• Recent improvements
• Online order and delivery system Orders in 1-2
  days rather than 1-2 weeks (2006)
• Introduction of value added multipliers (2007)
• Future improvements Detailed industry
  multipliers for 2002 (early 2010)