Archive for the 'Regional' Category

Want to Build Apps Using BEA Economic Data? BEA Launches API

Developers, are you looking for a way to bring some of the most closely watched economic data into your next app? You can now build apps using BEA economic statistics, thanks to BEA’s new application programming interface (API). The API provides direct access to gross domestic product (GDP) and related national economic statistics, along with regional economic statistics.api_blog

The BEA API allows developers to build a service to search, display, analyze, retrieve, or view BEA statistics. For example, you can create a “mashup” that combines BEA data with other government or private data sources to create new services or give your users a different perspective on their communities. Or you can design a tool that gives your users new ways to visualize economic data.

The API includes methods for retrieving subsets of BEA statistical data and the meta-data that describes it using HTTP requests. It delivers data in two industry-standard formats: XML (Extensible Markup Language) and JSON (JavaScript Object Notation).

A beta version of the service launched in May and was featured during the National Civic Day of Hacking.

To use the API, you need to register here. Full documentation is available in the API User Guide.

State Personal Income: First Quarter 2013

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62813 2State personal income declined an average 1.2 percent in the first quarter of 2013 after growing 2.7 percent in the fourth quarter of 2012. Personal income declines ranged from 0.1 percent in Iowa to 2.5 percent in Wyoming. In contrast, personal income grew 1.6 percent in South Dakota, the only state with an increase in the first quarter. Inflation, as measured by the national price index for personal consumption expenditures, slowed to 0.2 percent in the first quarter from 0.4 percent in the fourth quarter of 2012.

For more information on SPI, see the full report.

BEA Introduces New Measures of the Regional Economy

Today, the U.S. Bureau of Economic Analysis released experimental real, or inflation-adjusted, estimates of personal income for states and metropolitan areas. The inflation adjustments are based in part on regional price parities (RPPs), which provide a measure of differences in price levels across each state and region relative to the national price level for each of the years 2007–2011. When RPPs are applied in conjunction with BEA’s national Personal Consumption Expenditures (PCE) price index, which measures price changes over time, personal income comparisons can be made across regions and time periods. These prototype statistics are being released for evaluation and comment by data users.

PI_1_0612Growth in real state personal income from 2010 to 2011 ranged from 1.3 percent in Mississippi to 10.4 percent in South Dakota. These growth rates reflect the year-over-year change in the state’s nominal personal income, the change in the national PCE price index, and the change in the regional price parity for that state. After South Dakota, the states with the largest growth rates of real personal income are North Dakota (9.5 percent), Iowa (6.1 percent), Nebraska (6.0 percent), and Texas (4.3 percent). The states with smallest growth rates after Mississippi are Maine (1.4 percent), Rhode Island (1.5 percent), Vermont (1.6 percent), and New Mexico (1.6 percent). Four states—Arizona, Indiana, North Carolina, and Oregon—had growth rates equal to the national average of 2.7 percent.

PI_2_0612Growth in real metropolitan area personal income from 2010 to 2011 ranged from a decline of 0.7 percent in Rochester, MN, to an increase of 11.9 percent in Odessa, TX. After Odessa, TX, the metropolitan areas with largest growth rates of real personal income were Midland, TX (10.7 percent), Hanford-Corcoran, CA (6.7 percent), San Jose-Sunnyvale-Santa Clara, CA (6.4 percent), and Madera-Chowchilla, CA (6.2 percent). In addition to Rochester, MN, four metropolitan areas had declining or flat growth rates. These are Ocean City, NJ (–0.3 percent), Anniston-Oxford, AL (–0.2 percent), Gadsden, AL (–0.2 percent), and Cape Girardeau-Jackson, MO-IL (0.0 percent).

To learn more, read the full report.