Forthcoming Quarterly State GDP Data
In its latest Survey of Current Business, the U.S. Bureau of Economic Analysis (BEA) describes — and presents selected data from — its forthcoming new series on quarterly state gross domestic product (GDP) estimates. Spurred by the limited availability of state GDP data — now available only on an annual basis, and no sooner than 6 months after the end of a calendar year — BEA in the summer of 2014 will issue its first experimental quarterly GDP. The official series will begin about a year later (in 2015), with releases planned for within 5 months following the end of each quarter.
BEA plans to include data for 21 broadly-defined industries (versus the 81 industries included in the annual state GDP). The article, available at A First Look at Experimental Quarterly Gross Domestic Product by State, explains BEA’s proposed methodology and provides charts for the percent change in GDP in two consecutive quarters in 2007 and 2009, as well as other selected state industry-specific GDP, in order to show how the availability of such data would have offered a much more timely gauge of economic change during the last recession.
For a plain language explanation of GDP and other economic data, see ETA’s roughly 10-minute podcast (and accompanying transcript) on Economic Data 101 for Employment and Training Programs.
Modified On : September 30, 2013
Type : Thread
Viewed : 692
In Relation : State and Local Data (Misc.)