1. BEA’s Regional Economic Accounts: Past Improvements and What Lies Ahead for the Regional Program Robert L. Brown Calibrating the Nevada Economy: Data and Tools for Assessing Our State and Local Economies Reno, Nevada February 2, 2007

2. www.bea.gov 2 BEA’s Regional Accounts Initiatives  Accelerated estimates  New statistics  Other improvements  Future improvements

3. www.bea.gov 3 Accelerations Acceleration Data releaseFromToTiming Quarterly state personal income4 months3 monthsCompleted 2004 Total GDP by state 18 months6 monthsCompleted 2005 GDP-by-state industry detail 18 months10 monthsCompleted 2005 County industry detail 16 months12 monthsCompleted 2005 Metro-area personal income16 months9 monthsCompleted 2006

4. www.bea.gov 4 New Statistics: Local Area Compensation  County estimates of compensation by industry, 1998 forward  Sum of Wages and salaries and supplements to wages  Labor costs of production  First released in 2005  December release provides early indicator of economic activity for counties

5. www.bea.gov 5 New Statistics: More Local Area Data  Metro area disposable personal income  Researching the estimation of personal current taxes for metro areas  Subtracted from personal income to derive DPI  Some results from the prototype estimates…  Bridgeport, CT per capita personal current taxes 16,150—26.1% of personal income  McAllen, TX per capita personal current taxes 1,082—7.4 % of personal income

6. www.bea.gov 6 New Statistics: More Data on Tables  New tables—CA04 summary and CA06 Compensation  More Geography  New Metropolitan area definitions—including micropolitan areas  More detail on tables  Since 1996 the amount of detail on tables has doubled  1996—0.9 million lines per year  2006—2.0 million lines per year

7. www.bea.gov 7 New Statistics: Longer Time Series  Annual state earnings industry data now back to 1990 on a NAICS basis  Previously only 2001 forward  GDP by state now available for 1963 forward on SIC basis  Previously 1977 forward

8. www.bea.gov 8 New Statistics: Interarea Prices  Indexes that permit place to place comparisons correcting for price level differences  Jointly with the BLS, using CPI microdata  Intermediate goal: produce indexes for 38 urban areas  Covers 87 percent of US population  CPI covers urban areas, so state indexes require additional data  BEA Advisory Committee presentation and Working Paper in 2005  Article in September 2006 Monthly Labor Review

9. www.bea.gov 9 Other Improvements: Improved Preliminary State Wage Methodology

10. www.bea.gov 10 Other Improvements: Outreach  Outreach to users of the statistics  6 Regional data users conferences around the country in the past 15 months  7 RIMS training workshops for regional data users in the past 15 months

11. www.bea.gov 11 Regional Working Papers and Presentations in One Location  Go To: BEA Home  Regional  Articles Tool Bar  Regional Working Papers and Presentations

12. www.bea.gov 12 Future Improvements: More Accelerations of Releases  Personal income for metropolitan areas  8 months after end of calendar year  GDP by state and sector  6 months after end of calendar year

13. www.bea.gov 13 Future Improvements: More Local Area Data  Gross metro product (GMP)  Initial estimates—top-down approach:  Allocate state GDP by local area earnings data  Research into bottom-up approach for non-labor part of GMP  Taxes and gross operating surplus  Research using sub-state Census Bureau data

14. www.bea.gov 14 Future Improvements: Alternative Estimates of Regional Income  Develop alternative household income measures that better meet user needs to:  Measure spending capacity  Track tax base  Research to be released this Spring

15. www.bea.gov 15 US Pension Accounting, 2000 Personal income 8,429.7 - Net reclassifications 3.0 - Pension contributions 697.7 - Pension Fund Property Income 367.7 + Pension benefits 652.2 Adjusted personal income 8,013.6

16. www.bea.gov 16 Future Improvements: Personal Income Mapping  Interactive Web-based state and county personal income mapping  Prototype this year

17. www.bea.gov 17 Future Improvements: GDP by State  Carry GDP by state back to 1992 on a NAICS industry basis  NAICS currently from 1997  Requires back-casting Census Bureau data at Center for Economic Studies  Develop alternative state GDP methodology to estimate gross output and intermediate expenses

18. www.bea.gov 18 Future Improvement: Regional Multipliers  Produce value-added multipliers  In addition to gross output multipliers currently produced  Improve methods to “regionalize” the national input-output accounts  Research into capturing interregional flows of goods and people

19. www.bea.gov 19 Other Future Research: New Data Sources  The American Community Survey (ACS) and the Local Employment Dynamics (LED) datasets as substitutes for the decennial Census long-form  IRS information returns data by state  Medical Expenditure Panel Survey (MEPS) data for contributions to health insurance

20. www.bea.gov 20 And Finally: Comprehensive Revision  Spring 2009—every 5 years  Definitional revisions  Statistical and methodological revisions  Presentational revisions

21. www.bea.gov 21 Questions?  Contact:  Robert L, Brown  202.606.9246  Robert.brown@bea.gov