Under the Workforce Innovation and Opportunity Act, workforce professionals will partner with economic development agencies to promote community prosperity. These sources of data provide useful economic statistics for decision-making.
Businesses also use economic data for their business planning and communities use economic data for strategic planning.
The following are sources of data on the economic conditions in states and local areas.
Bureau of Economic Analysis
The Department of Commerce's Bureau of Economic Analysis Reports (BEARFacts) are released to provide data on international, national and regional markets. Key data elements include, but are not limited to:
- Gross Domestic Product (GDP)
- Personal Income
- Consumer Spending
- Trade in Goods and Services
- Regional Input and Output Multipliers
- Personal Consumption
Census Bureau and other DOC Data
The Department of Commerce (DOC) provides other data sources in addition to BEA. DOC provides timely reports with economic analysis, publishes economic indicators, and oversees the U.S. Census Bureau (Census).
Economic indicators published by the DOC include:
- Gross Domestic Product Trends
- Personal Income Changes
- Economic Growth Rates
- Foreign Direct Investment in the U.S.
- International Trade in Export Sectors
DOC also provides population statistics through the Census, and environmental data through the National Oceanic and Atmospheric Administration (NOAA)
Economic Development Administration
The U.S. Department of Commerce's Economic Development Administration (EDA) partners with entities to develop and disseminate tools on new and emerging economic development concepts that practitioners and policymakers can utilize to make more informed development decisions.