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The Economic Census and NAICS in 30 minutes or less:

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eherron
31 diapositives · 348 Views · Jan 03, 2020

Explore the significance of the Economic Census & NAICS in just 30 minutes! Learn industry classification, find NAICS codes easily, and understand how this data shapes economic decisions in both public and private sectors. Discover the wealth of information the Census holds about the economy, sectors contributing to GDP, and how businesses leverage this data for growth and strategy. Uncover the keys to market analysis, strategic planning, and investment evaluation using this vital resource.

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  1. The Economic Census and NAICSin 30 minutes or less: John Medina, EPCD

  2. The Economic Census and NAICS in 30 minutes or less: • How People Use the Economic Census • Industry Classification: What is NAICS? • Find a NAICS code in 4 easy steps

  3. The Economic Census and NAICSin 30 minutes or less: • How People Use the Economic Census • Industry Classification: What is NAICS? • Find a NAICS code in 4 easy steps

  4. Many of the Federal government statistics about business come from the Census Bureau

  5. What is the Economic Census ? • Detailed information on the structure of the economy • What industries exist • Where they are located • What inputs they consume • What outputs they produce • What markets they serve • Every 5 years • Foundation of most economic statistics

  6. Censuses Cover 98% of the Economy Sector contribution to GDP: Economic Census – 85% Agriculture and Government – 13%

  7. --Ben Bernanke, Chairman, Federal Reserve Board of Governors “The Economic Census is indispensable to understanding America’s economy…”

  8. What are the data used for? • Public Sector • Key measures of the economy • Support economic policy • Private Sector • Study industries • Study business markets • Evaluate investment opportunities

  9. Public SectorUses of theEconomic Census • Benchmark other statistics and surveys • Track economic change • Attract new businesses • Assist business • development

  10. Census data -not just for government use… “Sound and timely economic data are the fuel that powers business decision making…” --Thomas J. Donohue, President, United States Chamber of Commerce

  11. Private SectorUses of the Economic Census 1. Study your industry Market share Product trends Strategic planning What’s my share? How does my firm compare?

  12. Private SectorUses of the Economic Census 1. Study your industry Market share Product trends Strategic planning 2. Study business markets Site locations Sales territories Forecasting sales Where are my customers? suppliers? competitors?

  13. Private SectorUses of the Economic Census 1. Study your industry Market share Product trends Strategic planning 2. Study business markets Site locations Sales territories Forecasting sales 3. Evaluate investments Estimate market size Data for loan applications

  14. Surveys vs Census • Economic Surveys • Annual, quarterly, monthly • Limited detail • Mostly national • Economic Census • Every 5 years(years ending in 2 & 7) • Industry/product detail • Detailed Geography

  15. www.census.gov Demographic Economic

  16. Economic Briefing Room Principal Economic Indicators… Data more frequent than annual

  17. The Economic Census and NAICSin 30 minutes or less: • How People Use the Economic Census • Industry Classification: What is NAICS? • Find a NAICS code in 4 easy steps

  18. Industry Classification: What is NAICS?

  19. NAICS superseded SIC in 1997 NAICS North American Industry Classification System

  20. New Numbering System NAICS codes are hierarchic Level Code Description 51 Information Sector 515 Broadcasting (except Internet) Subsector 5151 Radio and Television Broadcasting Industry Group 51511 Radio Broadcasting Industry 515112 Radio Stations U.S. Industry

  21. An establishmentis a store, warehouse, factory, etc. at a single physical location We assign industry codes to establishments

  22. What is a company? One or moreestablishments under common ownership or control

  23. More information about NAICS? In print and at www.census.gov • Definition for each industry • Alphabetic index • Correspondence tables • 1997 Edition • NAICS 97 toSIC • SICto NAICS 97 • 2002 Edition • NAICS 02to NAICS 97 • NAICS 97 toNAICS 02

  24. The Economic Census and NAICS in 30 minutes or less: • How People Use the Economic Census • Industry Classification: What is NAICS? • Find a NAICS code in 4 easy steps

  25. 1.Start here www.census.gov

  26. www.census.gov/naics 2. Enterkeyword

  27. 3.Select an industry from the search results

  28. 4.Confirm selection with industry definition

  29. 2002 Economic Census • 1-301-763-2547 • 1-877-790-1876 • econ@census.gov