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Bureau of Economic Analysis: Difference between revisions
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| parent_department = [[United States Department of Commerce|Department of Commerce]] | | parent_department = [[United States Department of Commerce|Department of Commerce]] | ||
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The '''Bureau of Economic Analysis''' ('''BEA''') of the [[United States Department of Commerce]] is a U.S. government agency that provides official | The '''Bureau of Economic Analysis''' ('''BEA''') of the [[United States Department of Commerce]] is a U.S. government agency that provides official macroeconomic and industry statistics, most notably reports about the gross domestic product (GDP) of the [[United States]] and its jurisdictions. They also provide information about personal income, corporate profits, and government spending in their [[National Income and Product Accounts]] (NIPAs). | ||
The BEA is one of the principal agencies of the [[Federal Statistical System of the United States|U.S. Federal Statistical System]].<ref>{{cite web|url=https://www.bea.gov/news/glance |title=U.S. Economy at a Glance|publisher=Bureau of Economic Analysis | access-date=4 March 2021|archive-url=https://web.archive.org/web/20210121201117/https://www.bea.gov/news/glance|archive-date=21 January 2021}}</ref> Its stated mission is to "promote a better understanding of the U.S. economy by providing the most timely, relevant, and accurate economic data in an objective and cost-effective manner".<ref name="mission">{{cite web|url=https://www.bea.gov/about/who-we-are|title=BEA: Mission, Vision, and Values|publisher=Bureau of Economic Analysis|access-date=2008-06-29|archive-url=https://web.archive.org/web/20080513201101/http://www.bea.gov/about/mission.htm|archive-date=2008-05-13|url-status=dead}}</ref> | The BEA is one of the principal agencies of the [[Federal Statistical System of the United States|U.S. Federal Statistical System]].<ref>{{cite web|url=https://www.bea.gov/news/glance |title=U.S. Economy at a Glance|publisher=Bureau of Economic Analysis | access-date=4 March 2021|archive-url=https://web.archive.org/web/20210121201117/https://www.bea.gov/news/glance|archive-date=21 January 2021}}</ref> Its stated mission is to "promote a better understanding of the U.S. economy by providing the most timely, relevant, and accurate economic data in an objective and cost-effective manner".<ref name="mission">{{cite web|url=https://www.bea.gov/about/who-we-are|title=BEA: Mission, Vision, and Values|publisher=Bureau of Economic Analysis|access-date=2008-06-29|archive-url=https://web.archive.org/web/20080513201101/http://www.bea.gov/about/mission.htm|archive-date=2008-05-13|url-status=dead}}</ref> | ||
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== National accounts == | == National accounts == | ||
BEA's national economic statistics (National Economic Accounts) provide a comprehensive view of U.S. production, consumption, investment, exports and imports, and income and saving. These statistics are best known by summary measures such as gross domestic product (GDP), corporate profits, personal income and spending, and personal saving. | BEA's national economic statistics (National Economic Accounts) provide a comprehensive view of U.S. production, consumption, investment, exports and imports, and income and saving. These statistics are best known by summary measures such as gross domestic product (GDP), corporate profits, personal income and spending, and personal saving. | ||
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=== Uses of the regional program estimates === | === Uses of the regional program estimates === | ||
* The Federal government uses regional income and product estimates to distribute funds to states: | * The Federal government uses regional income and product estimates to distribute funds to states: | ||
** BEA Regional Income and Product Account Estimates Used to Distribute $406.8 Billion in Federal Funds | |||
** FY2016 Federal Funds Distribution Using BEA Regional Income and Product Account Statistics | |||
** Federal Uses of BEA Regional Statistics, FY2016 | |||
* Twenty-six states have set constitutional or statutory limits on state government revenues or spending that are tied to BEA state personal income or one of its components | * Twenty-six states have set constitutional or statutory limits on state government revenues or spending that are tied to BEA state personal income or one of its components | ||
* The National Oceanic and Atmospheric Administration (NOAA) produces statistics for coastal areas, utilizing BEA regional statistics. | * The National Oceanic and Atmospheric Administration (NOAA) produces statistics for coastal areas, utilizing BEA regional statistics. | ||
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==See also== | ==See also== | ||
*[[Title 15 of the Code of Federal Regulations]] | *[[Title 15 of the Code of Federal Regulations]] | ||
*[[Bureau of the Census]] | *[[Bureau of the Census]] | ||