www.bea.gov

An Overview of BEA’sOther Data Programs

Charles Ian MeadPNREAP 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 R&D 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)