Bureau of Economic Analysis


The Bureau of Economic Analysis 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 of the United States and its various units—states, cities/towns/townships/villages/counties and metropolitan areas. They also provide information about personal income, corporate profits, and government spending in their National Income and Product Accounts.
Established in 1972 under the administration of 37th President Richard M. Nixon after a government agencies reorganization and reshuffling from older previous bureaus, the BEA is one of the principal agencies of the U.S. Federal Statistical System. 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".
BEA has about 500 employees and an annual budget of approximately $97 million.

National accounts

BEA's national economic statistics 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, corporate profits, personal income and spending, and personal saving.
The National Income and Product Accounts provide information about personal income, corporate profits, government spending, fixed assets, and changes in the net worth of the U.S. Economy.
The accounts also include other approaches and methods of measuring income and spending, such as the gross domestic income and gross national income.

Industry accounts

The industry economic accounts, presented both in an input-output framework and as annual output by each industry, provide a detailed view of the interrelationships between U.S. producers and users and the contribution to production across industries. These accounts are used extensively by policymakers and businesses to understand industry interactions, productivity trends, and the changing structure of the U.S. economy.
There are quarterly and annual reports for "GDP by Industry Accounts", designed for analysis of a specific industry's contribution to overall economic growth and inflation.

Regional Economic Accounts

The regional economic accounts provide information about the geographic distribution of U.S. economic activity and growth. The estimates of gross domestic product by state and state and local area personal income, and the accompanying detail, provide a consistent framework for analyzing and comparing individual state and local area economies.

Uses of the regional program estimates

The regional program maintains a partnership with a group of users named the BEA User Group. The members of this group include State agencies, universities, and Census Primary State Data Centers. The BEA User Group disseminates regional data and gives feedback on our estimates and the presentation of the estimates. Distribution in this way encourages State universities and State agencies to use data that are comparable for all States and counties and consistent with national totals, thus enhancing the uniformity of analytic approaches taken in economic development programs and improving the recipients' ability to assess local area economic developments and to service their local clientele.

International

The international transactions accounts provide information on trade in goods and services, investment income, and government and private financial flows. In addition, the accounts measure the value of U.S. international assets and liabilities and direct investment by multinational enterprises. BEA’s data on direct investment— the most detailed data set on the activities of multinational enterprises available—are used to assess the role these business enterprises play in the global economy.