Posts Tagged 'local area personal income'

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

Restoration of Previously Eliminated Local Area Personal Income Statistics

The Bureau of Economic Analysis (BEA) will restore a portion of the statistical detail to its Local Area Personal Income (LAPI) program that had been eliminated due to sequestration and reduced funding levels in FY 2013.

In early May, BEA will release for 2001-2012 (1) local area employment statistics; (2) local area industry detail for compensation and earnings for 108 industries; (3) detail on farm income and expenses; (4) and partially restored detail on personal current transfer receipts.

Improved production efficiency, in part, will allow for the restoration of these statistics.

For further information about the statistics, contact the Regional Income Division at 202–606–5360, or e-mail reis@bea.gov.

Some Local Economic Statistics Eliminated Due to 2013 Budget Sequester

You probably noticed that today’s release of the Bureau of Economic Analysis’ (BEA) local area personal income statistics is missing some detail that’s normally included.  Why?

Automatic budget cuts due to the 2013 sequester forced BEA to eliminate some data from the release, including detailed county-level statistics showing how much income people received from specific transfer receipts programs (unemployment benefits, Social Security, and Medicare); information on the categories of farm income and expenses; and data on the number of people employed by industry and the average wage per job.

BEA laid out the impact of the 2013 budget sequester on its local area personal income (LAPI) statistics on June 19.  Today’s release is the first LAPI report affected by the automatic budget cuts.

BEA also scaled back some of the local statistical detail normally provided. For instance, today’s report contains detailed compensation and earnings information for 25 industries, instead of the usual 108.

For more information on how BEA’s LAPI statistics were affected by the 2013 sequester, please visit BEA’s Web site.

You can still access historical LAPI statistics that were produced before the detail was eliminated or reduced. Those statistics (which cover the period of 1969–2011 and were published November 2012) are available at http://www.bea.gov/regional/histdata, under the heading Local Area Personal Income.