Bureau of Economic Analysis

Real gross domestic product (GDP) decreased at an annual rate of 2.9 percent in the first quarter of 2014 after increasing 2.6 percent in the fourth quarter of 2013. Both private services- and goods-producing industries contributed to the decrease, while the government sector increased slightly. Durable-goods manufacturing; wholesale trade; and agriculture, forestry, fishing, and hunting were the leading contributors to the decrease in GDP.…

Like fireworks and baseball, BEA’s annual revision of GDP is a summer tradition. Toward the end of every July, the U.S. Bureau of Economic Analysis incorporates previously unavailable sources of data for the past three years into its estimates of the U.S. economy’s performance.

Today we are pleased to roll out an important new Commerce Department report on government data. “Fostering Innovation, Creating Jobs, Driving Better Decisions The Value of Government Data,” arrives as our society increasingly focuses on how the intelligent use of data can make our businesses more competitive, our governments smarter, and our citizens better informed.

The Center for Data Innovation spoke with Mark Doms, Under Secretary of Economic Affairs at the U.S. Department of Commerce, in Washington, DC. Under Secretary Doms discussed the current efforts at the Commerce Department to increase the availability and timeliness of high-quality data, as well as promote data-driven innovation in the government and economy.

This interview has been lightly edited.

How much economic activity is generated by a state in a coastal area? How much do people living in coastal areas earn?

A visit to BEA’s Economic Information for Coastal Areas section on its website provides you with that information – and much more.

The U.S. monthly international trade deficit decreased in May 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $47.0 billion in April (revised) to $44.4 billion in May as exports increased and imports decreased. The previously published April deficit was $47.2 billion. The goods deficit decreased $2.4 billion from April to $63.3 billion in May; the services surplus increased $0.3…

The Bureau of Economic Analysis plans to release in 2015 a modified economic model to replace the original Regional Input-Output Modeling System (RIMS II).  Cost savings will be realized because the modified model will be updated less frequently.

Much like RIMS II, the modified model will produce regional “multipliers” that can be used in economic impact studies to estimate the total economic impact of a project on a region.

NOTE: See the navigation bar at the right side of the news release text for a link to an important note about revisions to goods and services and the comprehensive restructuring of the International Economic Accounts. Also see links to data tables, contact personnel and their telephone numbers, and supplementary materials.

-->

The U.S. net international investment position was -$5,539.3 billion (preliminary) at the end of the first quarter of 2014 as the value of U.S. liabilities exceeded the value of U.S. assets. At the end of the fourth quarter, the net position was -$5,383.0 billion (revised).

Did you know that each year BEA regional economic statistics, such as annual personal income and per capita personal income are used to allocate billions of dollars in federal funds to states and local governments?  In fiscal year 2013, about $308 billion in federal funds were distributed under programs using BEA statistics in funding formulas.