Archive for the 'Input-Output' Category

The New Way to Find Industry Data Fast

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Interested in industries? Our newest data tool shows you BEA’s statistics about an industry, pulled together in one place.

Industry Facts starts with a printable one-page overview of your industry of choice. There’s also a data table with more statistics and a longer time span, plus options for digging deeper into the numbers.

Industry Facts features an industry’s:

  • Gross output, the total market value of the goods or services it produces.
  • Value added (also known as GDP by industry), which is the value added in the production process; it excludes the value of intermediate inputs, such as raw materials.
  • Intermediate inputs, the raw materials and other goods and services the industry uses in its production.

The Industry Facts tool is a handy shortcut for businesspeople, government officials, researchers, students or anyone who wants to focus on specific industries within BEA’s expansive data.

Wondering which industries are driving the nation’s growth? The Industry Facts main page shows the top six contributors to real gross domestic product in the most recent data available. Hover over one of those six industry icons to see the industry’s contribution to GDP. Or click on the icon to go to that industry’s overview.

You can also get started by choosing your industry of interest — such as construction, finance and insurance, or retail trade — from the dropdown list at the top left of the main page. You’ll get an overview with current-dollar estimates and rates of change, adjusted for inflation, for both gross output and value added. Charts make it easy to spot trends over eight quarters of data. Click the PDF button to print this one-page report.

Need more info? Go to the industry’s Data Table tab for additional statistics, including intermediate inputs, and price indexes for value added, gross output, and intermediate inputs. The table shows the most recent 10 quarters of data available.

Need a longer time frame? The Modify button lets you select your start and end years. It also gives you the option of limiting the types of data shown.

Ready to save or analyze your new table? Use the Download button to export your data in Excel or CSV format.

Want to visualize your data? Click the Chart button to create a customized line chart with data you choose. Within the chart, you can use the circular icon to download your chart as an image file or to save the chart’s data.

Industry Facts includes 31 categories of industries. Twenty-two of these are core groupings from BEA’s GDP by industries statistics (some are North American Industry Classification System sectors and some are BEA’s own groupings). The other nine categories are aggregates. For a description of what’s included in an industry category, see the top of its Overview page.

For further exploration, such as comparing output across different industries, follow the links within an Industry Facts data table to the broader sets of statistics in BEA’s interactive data tables.

If you’re looking for the Industry Facts tool in the future, remember you can find it on the bea.gov homepage in the Factsheets section. (Click on Industry GDP.) You can also find Industry Facts at the top of bea.gov’s industry page.

Want to learn even more about an industry or its goods or services? You might want to visit other parts of BEA’s interactive data tables, as well. For example, you can explore consumer spending by type of product in the personal consumption expenditure tables. The input-output tables show interactions with other industries. Or you can research international trade and investment related to your industry.

Have questions or comments about Industry Facts or need help finding BEA’s industry data? Contact industryeconomicaccounts@bea.gov.

BEA to Release Modified Regional Input-Output Model in 2015

The Bureau of Economic Analysis plans to release in 2015 a modified economic model to replace the original Regional Input-Output Modeling System (RIMS II).  Cost savings will be realized because the modified model will be updated less frequently.

Much like RIMS II, the modified model will produce regional “multipliers” that can be used in economic impact studies to estimate the total economic impact of a project on a region.

However, the modified model will be updated with new input-output (I-O) data only for benchmark years.  That is — years ending in two and seven.  The modified model will become available to customers in 2015 and incorporate 2007 benchmark I-O data and 2012 regional economic data.

Last year, as a result of budget sequestration and reduced funding levels, BEA discontinued updates to RIMS II.  Orders for RIMS II multipliers, however, have continued to be accepted because the cost of fulfilling these orders is covered by a nominal processing fee.

After investigating ways to continue to meet the analytical needs of our customers but do so at a lower cost to BEA, the bureau decided to make a modified economic model available. Until the modified model is available in 2015, customers may continue to buy RIMS II multipliers.

BEA’s Industry Economic Accounts to Hit Major Milestone

Roughly every 5 years, the Bureau of Economic Analysis (BEA) releases comprehensive revisions of its major economic accounts. These revisions are generally more detailed than annual revisions, implementing changes in methods, statistics and definitions to better reflect an ever-evolving economy. In December, BEA will release the 2013 comprehensive revision of the Industry Economic Accounts (IEAs), which includes two main sets of statistics, the annual industry accounts and the benchmark input-output (I-O) accounts. That will follow the release in July of a comprehensive revision of the National Income and Product Accounts (NIPAs), or GDP accounts.

The upcoming comprehensive IEA revision will mark a significant milestone: the full integration of the IEAs with the NIPAs, which was first suggested in a March 2004 article in the Survey of Current Business and later amplified in other articles. This enhanced integration, which has long been recommended by economists, will allow for a higher degree of consistency among these widely followed accounts, offering a more consistent view of industry dynamics within the overall economy.

A preview of the 2013 comprehensive revision of the IEAs was published in the June 2013 issue of the Survey.


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