Transcript Platt - BEAs Regional Economic Accounts: An Update

BEA’s REGIONAL ECONOMIC
ACCOUNTS :
AN UPDATE
Joel D. Platt
C2ER Annual Conference
Oklahoma City, OK
June 8, 2012
www.bea.gov
Topics
▪ Budget Update
▪ New Interactive Data Application
▪ Planned Improvements\New Statistics
▪ Questions\Comments
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Current Budget Environment
 Department strongly supports BEA’s
mission, but budgets are extremely tight
and cuts are likely
 BEA needs to continue producing its
core statistical products
 “Flat” budgets in even a mild inflationary
environment erode base funds
 BEA’s building lease expires in FY 2013
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BEA’s FY 2012 Budget: $92.2 m
Industry—$13.2 m (14%)
International—$31.7 m (34%)
Regional—$16.3 m (18%)
National—$31.1 m (34%)
www.bea.gov
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Spending by Category
Overhead, other
charges (12%)
Rent (7%)
Data contracts (2%)
IT (8%)
Training (2%)
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People (69%)
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“Menu” of Potential Future Cuts
▪ Eliminate advance GDP by industry statistics ($1.1 m)
▪ Eliminate county and metro area personal income
statistics ($2 m)
▪ Eliminate monthly estimates of personal income and
outlays ($2.3 m)
▪ Dramatically scale back projects to modernize the
accounts such as better measures of health care
inflation ($3 m)
▪ Reduce detail, periodicity, and analysis of FDI/MNC
data ($5 m)
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“Menu” of Potential Future Cuts
▪ Discontinue “underlying detail” tables for GDP and the
national accounts ($400 k)
▪ Discontinue RIMS program ($1.4 m)
▪ Discontinue travel and tourism statistics (net $150 k)
▪ Discontinue paper publications ($180 k)
▪ Scale back the IT modernization and systems
reengineering ($3 m)
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New Interactive Application
▪ Interactive tables—the heart of the new
application
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Interactive Tables
▪ Easier to share
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Interactive Tables
▪ Log-in to save complex tables, charts
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Interactive Charts
▪ Enhanced features
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Interactive Charts
▪ More customer friendly
 Color coded
 Full-screen
 Line charts and bar charts
▪ Option to save as .png file to drop into
presentations and documents
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Planned Improvements\New Statistics
▪ Accelerate release of local area personal
income statistics by 5 months
▪ Price adjusted state and metropolitan area
personal income
▪ Release of new RIMS II User Guide
▪ Quarterly GDP by State
▪ PCE by State
www.bea.gov
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2011-2012 Local Area Personal Income Releases
 Advance metro area release
 August 9, 2011 (2010)
 County compensation release
 December 14, 2011 (2008-2010)
 Local area personal income
 April 24, 2012 (2008-2010)
www.bea.gov
2012-2013 Local Area Personal Income Release
▪ All local area personal income released
November 26, 2012
▪ County personal income and final
metropolitan area personal income
accelerated by 5 months (2009-2011)
▪ No advance metropolitan area personal
income release
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Price Adjusted Personal Income
▪ Survey of Current Business Article:
August 2012
▪ Experimental Regional Price Parities
▪ Experimental price adjusted state and
metropolitan area personal income
(2006-2010)
www.bea.gov
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RIMS II Handbook
▪ Updated and improved user guide BEA’s
Region Input-Output Modeling System
(RIMS II): September 2012
▪ Emphasis on limitations of regional
input-output multipliers and their
proper use
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Quarterly GDP by State
▪ Prototype Quarterly GDP by Industry
statistics for 2007-2009: Survey of
Current Business July 2011
▪ Prototype Quarterly GDP by Industry for
2007-2011: Survey of Current Business
June 2012
▪ Regional Accounts staff collaborating
with Industry staff to develop Prototype
Quarterly GDP by State statistics
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PCE by State
▪ Beginning stages of development
▪ National definitions and controls
provide consistency with NIPAs
▪ State-level PCE data issues
 Less detailed data for geographic areas
 Imputations in NIPAs are challenging at
state level
 PCE residency adjustment needed for point
of sale data
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