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BEA’s Local Area Statistics

BEA’s Local Area Statistics

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BEA’s Local Area Statistics

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  1. BEA’s Local Area Statistics Mauricio Ortiz National Association of Counties Economic & Workforce Development Steering Committee Washington, D.C July 12, 2014

  2. Value of Government Data • Reliable information is critical to the proper functioning of an economy. • Government data, Federal Statistics in particular, are an important component of the information infrastructure. • “Data are the fuel that powers the 21st century economy” Commerce Secretary Penny Pritzker.

  3. Uses of Data • Statistics provide the framework to assess an area’s economy • Place of work industry data provide indirect measure of industrial market • Place of residence income provides measure of consumer market • Per capital personal income is an indicator of economic well-being • Income component data provides socioeconomic characteristics

  4. LAPI Tables

  5. Personal Income

  6. Non-Labor Income • Consists of dividend, interest, and rent plus personal current transfer receipts. • In 2012 U.S. non-labor income is 31% of personal income. In 1970 it was 21%. • Across all counties in 2012 the ratio of non-labor income to personal income ranged from 13% to 71%.

  7. Property Income • In 2012 U.S. property income is 18% of personal income. In 1970 it was 15%. • Across all counties in 2012 the ratio of property income to personal income ranged from 8% to 53%. • In 1970 the ratio across all counties ranged from 2% to 53%.

  8. Transfer Receipts

  9. Current Personal Transfer Receipts • In 2012 U.S social security benefits are 6% of personal income. In 1970 they were 5%. • Across all counties in 2012 the ratio of social security benefits to personal income ranged from 1% to 23%. In 1970 it ranged from less than 1% to 13%.

  10. Current Personal Transfer Receipts • In 2012 U.S Medicare benefits are 4% of personal income. In 1970 they were 1%. • Across all counties in 2012 the ratio of social security benefits to personal income ranged from 1% to 16%. In 1970 it ranged from less than 1% to 4%.

  11. Employment by Industry

  12. BEA Regional Income & Product Account Estimates Used to Distribute $ 308.0 Billion in Federal Funds, FY2013 [Funded Programs Are Shown in Millions of Dollars] Sources: Catalog of Federal Domestic Assistance (5/22/2014), 2014 President’s Budget, Appalachian Regional Commission, Department of Agriculture, Department of Commerce, Department of Education, Department of Health and Human Services, Department of Homeland Security, Department of interior.

  13. Release Schedule • State Personal Income and Employment • Quarterly and Preliminary Annual income by sector--3 months after end of quarter • Annual income and employment by subsector--9 months after end of year • Local Area Personal Income and Employment • Annual only—11 months after end of year

  14. Questions • Contact Information: • Mauricio Ortiz • Regional Income Division • mauricio.ortiz@bea.gov • 202-606-9269