Archive for the 'Local Area Personal Income' Category

BEA Restores Local Economic Statistics That Were Eliminated Due to 2013 Budget Sequester

On May 5th, the Bureau of Economic Analysis (BEA) restored detailed estimates on employment, farm income and expenses, and personal current transfer receipts as well as expanded industrial detail for compensation and earning for 108 industries to its Local Area Personal Income (LAPI) program.

The current transfer receipts statistics can be found in the redesigned LAPI table CA35. The redesigned table continues to include major categories such as: Social Security benefits; Medicare benefits; Military medical insurance benefits; Supplemental security income benefits; Supplemental nutrition assistance program benefits; State unemployment insurance compensation; and Veterans benefits.

The CA35 table also includes new detail on the Earned income tax credit. The CA35 table continues to be fully consistent with State tables SA35 and SQ35 which present annual and quarterly State statistics on personal current transfer receipts.

CA35 Personal current transfer receipts
LineCode Description
1000 Personal current transfer receipts (thousands of dollars)
2000 Current transfer receipts of individuals from governments
2100 Retirement and disability insurance benefits
2110 Social Security benefits
2120 Excluding Social Security benefits
2200 Medical benefits
2210 Medicare benefits
2220 Public assistance medical care benefits
2230 Military medical insurance benefits
2300 Income maintenance benefits
2310 Supplemental security income (SSI) benefits
2320 Earned Income Tax Credit (EITC)
2330 Supplemental Nutrition Assistance Program (SNAP)
2340 Other income maintenance benefits
2400 Unemployment insurance compensation
2410 State unemployment insurance compensation
2420 Excluding state unemployment insurance compensation
2500 Veterans benefits
2600 Education and training assistance
2700 Other transfer receipts of individuals from governments
3000 Current transfer receipts of nonprofit institutions
4000 Current transfer receipts of individuals from businesses

Thank you for your continued interest and support for BEA’s LAPI program. For further information about the statistics, contact the Regional Income Division at 202-606-5360, or e-mail reis@bea.gov.

BEA Introduces New Measures of the Regional Economy—Estimates of Real Personal Income for Metropolitan Areas, 2008–2012

Today, the U.S. Bureau of Economic Analysis released real, price-adjusted estimates of personal income for states and metropolitan areas for 2008-2012. The price-adjustments are based on regional price parities (RPPs) and on BEA’s national Personal Consumption Expenditure (PCE) price index. The RPPs measure geographic differences in the price levels of consumption goods and services relative to the national average, and the PCE price index measures national price changes over time. Using the RPPs in combination with the PCE price index allows for comparisons of the purchasing power of personal income across regions and over time. These estimates are being released for the first time as official statistics.*

Real-PI_metroareas_2013

Growth in real metropolitan area personal income from 2011 to 2012 ranged from a decline of 3.8% in Kennewick-Richland, WA to an increase of 10.2% in Odessa, TX. After Odessa, TX, the metropolitan areas with largest growth rates of real personal income were Midland, TX (9.6%), Greenville, NC (9.0%), Jackson, TN (8.1%), and Columbus, IN (7.6%). After Kennewick-Richland, WA, the metropolitan areas with the largest declines were Watertown-Fort Drum, NY (-2.5%), State College, PA (-2.4%), Hanford-Corcoran, CA (-2.3%), and Sierra Vista-Douglas, AZ (-1.7%).

* Prototype statistics were released for evaluation and comment by users on June 12, 2013.

Read the full report

Coming Soon: Real Personal Income Statistics for States and Metropolitan Areas

The Bureau of Economic Analysis will soon release real personal income statistics using regional price indexes to adjust BEA’s personal income data for differences in the cost of living across states and metro areas. These new statistics will inform decisions by businesses and households alike – from deciding where to move for a new job or locating a new company to helping economic development offices shape regional marketing plans and comparing economic performances across regions.

Across the U.S., there are differences in the cost of everything from medical care to housing. In some states, such as Hawaii and New York, goods and services cost more. In others, such as South Dakota and Mississippi, they cost less. Just as adjusting U.S. economic growth for inflation (real GDP) is critical for comparing the high inflation years of the early 1980s to the low inflation years of the late 1990s, adjusting state personal incomes (real state personal income) for differences in the cost of living across states is important in comparing incomes, and the purchasing power of that income across states.

BEA will provide comprehensive data on regional differences in real incomes, on April 24, when it releases statistics for 50 states and for 381 metro areas. The report will cover the period 2008 through 2012.

Economists call indexes that compare the level of prices of goods and services across geographic areas purchasing power parity indexes. BEA has worked with the Bureau of Labor Statistics, the Census Bureau, and other experts in price measurement to develop its new regional price parities. These regional price parities, which measure differences in the level of prices across states and metro areas, are used in combination with BEA’s national Personal Consumption Expenditures (PCE) price index, which measures the changes in prices over time, (or inflation), to compare personal incomes across regions and over time.

Last year, BEA released prototype statistics of this kind. This year, for the first time, BEA will start releasing annual reports on a regular basis.