Posts Tagged 'BEA'

American Samoa’s Economy Grows in 2014

American Samoa’s economy grew 1.6 percent in 2014, the Bureau of Economic Analysis reported today.

The estimate is for real GDP, which is adjusted to remove price changes. For comparison, real GDP for the United States (excluding U.S. territories) increased 2.4 percent in 2014.

The growth in the American Samoa economy reflected widespread increases among the components of GDP. These increases were partly offset by an increase in imports of goods, which is a subtraction item in the calculation of GDP.

Growth in private fixed investment and in exports of goods reflected increased activity of the tuna canning industry. Private fixed investment, which is spending by businesses on construction and equipment, increased for a second consecutive year. This growth reflected continued investments by the tuna canning industry, including the construction of a multimillion dollar tuna processing plant. The increase in exports of goods was due to growth in exports of canned tuna.

Government spending also increased, primarily reflecting growth in spending by the territorial government. Federal grant revenues supported major territorial government projects in 2014, including the telecommunication authority’s work to improve broadband capacity and coverage in American Samoa.

For more information, read the full report.

Travel and Tourism Spending Decelerated in the Third Quarter of 2015

Real spending (output) on travel and tourism decelerated in the third quarter of 2015, increasing at an annual rate of 4.3 percent after increasing 8.4 percent (revised) in the second quarter of 2015. Real gross domestic product (GDP) also decelerated, increasing 2.1 percent (second estimate) in the third quarter after increasing 3.9 percent.

The leading contributors to the deceleration in the third quarter were “traveler accommodations” and “recreation and entertainment.” Real spending on “traveler accommodations” decelerated, increasing 4.0 percent in the third quarter after increasing 13.5 percent (revised) in the second quarter. Real spending on “recreation and entertainment” turned down, declining 8.1 percent, after increasing 5.6 percent in the previous quarter.

Real Tourism Spending 1216

Tourism Prices. Price growth for travel and tourism goods and services turned down in the third quarter of 2015, decreasing 0.3 percent following an increase of 0.5 percent (revised) in the second quarter.  The downturn was mainly attributable to a downturn in “all other transportation-related commodities,” which includes gasoline, travel arrangements and reservation services, and automotive rental. This commodity group decreased 0.2 percent after increasing 14.4 percent in the second quarter. Prices for “traveler accommodations” turned up in the third quarter, partially offsetting the downturn in prices for “all other transportation-related commodities.”
Tourism Prices 1216

For more information, read the full report.

 

 

 

BEA’s New and Existing Statistics Offer Economic Intel for Entrepreneurs and Business Community

What are consumer spending patterns in California compared to New York? Which states are attracting new foreign investment?  How are different industries in each state performing on a quarterly basis? Those are just a few examples of the kinds of new statistics that the Bureau of Economic Analysis (BEA) is producing to give entrepreneurs even more economic intelligence as they chart strategies on marketing, investing, and hiring.

These new statistics, which will soon be released, join a raft of existing BEA data that offer entrepreneurs, investors, policymakers, and households detailed insights into what is happening on the economic front in the United States, in states, metro areas, and counties, and in the global marketplace. BEA data also offer timely insights on the economic impact of major industries, such as finance, insurance, real estate, rental and leasing, manufacturing, and health care.

BEA’s existing economic statistics are available for free on our Web site, our interactive tables, and through our API. We also have some additional handy data tools to easily and quickly obtain fast facts on regional economic activity (BEARFACTS) as well as trade and investment activity between the United States and another country of your choosing (Country Facts).

In addition, BEA also has available a regional economic impact tool that enables entrepreneurs  and other business people to estimate the regional impacts of a variety of projects, such as the development of a new manufacturing plant or the construction and development of a sports stadium. That tool is called the Regional Input-Output Modeling System, or RIMS II, for short, and is available for a fee.

Debuting on November 30, BEA will release new statistics detailing new foreign direct investment in the United States. These statistics, which cover new direct investments initiated in 2014, will provide information on:

  • The total amount of new investment foreigners are making in the United States.
  • The industries that are drawing new foreign investment.
  • The states attracting new investments as well as the countries of the foreign owners.
  • The type of investment made—creating a new company or acquiring or expanding an existing one. “Greenfield” investment includes establishments of new companies by foreign investors and expansions of already existing companies.

Then, on December 1, BEA will begin producing on a regular basis another new set of statistics detailing how much consumers are spending in each state on goods and services, such as food and beverages, gasoline and other energy products, housing and utilities, and health care.

The data, called personal consumption expenditures by state, will provide statistics for 2014 back to 1997, a series that will give entrepreneurs and other business people useful information to analyze consumer buying trends over time.

One week later, BEA on December 10 will start producing on a regular basis yet another new set of statistics providing information on states’ economic performance each quarter, including which industries are helping or hindering economic activity.

Industries tracked include manufacturing, agriculture, mining, utilities, retail, transportation and warehousing, information, and finance and insurance. These new statistics called gross domestic product by state will provide data for the second quarter of 2015 back to the first quarter of 2005.