BEA’s Local Area Statistics Mauricio Ortiz National Association of Counties Economic & Workforce Development Steering Committee Washington, D.C July 12, 2014
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.
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
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%.
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%.
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%.
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%.
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.
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
Questions • Contact Information: • Mauricio Ortiz • Regional Income Division • email@example.com • 202-606-9269