Economic Census and related sources Sarah Cohen Duke University 00:00.

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Presentation transcript:

Economic Census and related sources Sarah Cohen Duke University 00:00

Economic data sources From the Census Bureau Economic Census every five years Economic Census County Business Patterns every year County Business Patterns From the Bureau of Economic Analysis Regional economic accounts (State, local GDP) Regional economic accounts Regional input-output modeling system (RIMS II - $270)RIMS II From Bureau of Labor Statistics Quarterly Employment and Wages with location quotients Quarterly Employment and Wages 00:29

Story examples How much does my area depend on one or a few businesses or industries? (location quotient) How likely are the projected jobs and tax revenue for new stadiums, economic development subsidies or a Wal- Mart? Estimate the effect of price spikes, shortages on your local area (localizing national stories) Quick way to understand the important drivers in a region or a new beat. 2:25

More Stories Tampa Bay area was dependent on back office jobs. The story warned of the coming bust from offshore operations and automation. In the Washington area, the number of employees working for contractors was greater than the number working for the government. 3:20

Economic vulnerability 4:48

Concepts Based on where economic activity happens Usually excludes government Industry, not product, based. Establishments, not companies Confidentiality limits a lot of publication Overlapping sources and methods 5:54

Watch out for… Excluded sectors Government employment Agricultural workers Self-employed, household employment Very small companies Technical issues Too few respondents (ND) – propagate or randomize? Same data, different presentation Comparisons over time : definitions and form

Source comparison SectorEcon CensusCounty Bus PatQuarterly BLS AgricultureNo*NoYes GovernmentNo*NoYes** Self-employed, domestic No Small estabs (<5)Yes No*** The Census of Agriculture from the Agriculture Department and Census of Governments available from the Census Bureau can be added for basic data elements. BLS employment excludes active military and national intelligence agencies BLS includes all establishments covered by unemployment insurance. Some very small employers don’t have to cover their employees. 10:20

Economic Census 12:09

Basic industry data by state 13:26

14:26

Useful ratios 14:27

Industry series 18:35

County business patterns 19:21

20:21

Location quotients 22:47

Zip codes – industry 24:52

Quarterly Emp & Wages 25:35

Location quotient calculator 27:56

Getting other QEW data Use multi-screen, not the single screen. Tables very difficult to read – save the series codes and do it that way. 30:31

Change the display 32:20

Regional economic accounts 32:49

Metro area GDP State and metro area GDP estimates – based on production areas, easy to use Local (county) personal income estimates, adjusted to reflect where people live, not where they get their money Includes sources of income and does not shield as much data. 34:07

35:10

RIMS Lets you estimate for yourself economic impacts. Useful for government economic development spending, loss of industry, new stadiums Very complex, costs $275 for your area, but may be worth the investment to understand it. 35:40