Friday, June 01, 2018

Economic Census End Date Approaching

Obtained From: US Census Bureau


With only a few weeks left for your business to submit their census survey to the United States Census Bureau (USCB), the deadline is fast approaching. This year the USCB will be conducting the surveys online for the first in its history, which it hopes will streamline the process and make it easier for them to consolidate and itemize the data.

Below is a brief list of just why the economic census is important and what they use the information for:


What is the Economic Census? 
Every five years, the U.S. Census Bureau conducts the Economic Census, the official measure of the Nation’s businesses and economy. Businesses, policymakers, governments and communities use Economic Census data for economic development, business decisions, and strategic planning.

The Economic Census serves as the statistical benchmark for current economic activity such as the Gross Domestic Product and the Producer Price Index. It provides information on business locations, the workforce, and trillions of dollars of sales by product and service type. Comprehensive information is generated for almost one thousand different industries and thousands of geographic areas.

The next Economic Census will gather 2017 year-end figures from approximately four million business locations. The data collection for the 2017 Economic Census will occur in 2018. Businesses included in the 2017 Economic Census, which includes U.S. territories, are required by law under Title 13, Section 224, to respond.

Starting with this Census, respondents will use an online, secure portal to respond, making filing easier while at the same time improving data quality and reducing costs. The business community’s participation is essential to obtain reliable, comprehensive results that accurately represent our rapidly changing economy.


Why does the government take the Economic Census?
United States Code Title 13, Section 131, mandates the Secretary to take, compile, and publish censuses of manufacturers, of mineral industries, and of other businesses every fifth year.

Good public policy depends on accurate information. The Economic Census provides official measures of output for industries and geographic areas, and serves as the cornerstone of the nation's economic statistics, providing key source data for the Gross Domestic Product (GDP) and other indicators of economic performance.

The Economic Census is also used to update the Census Bureau’s master list of businesses. Without the Economic Census, the Census Bureau would miss vital information about changes in the ownership and organizational structure of American businesses and industries.


Must businesses report electronically?
Yes! Businesses will report directly through an online survey. Businesses with more than one location have the option to download spreadsheets, upload the spreadsheet files, and submit data to the Census Bureau.


Why do we need an Economic Census when surveys provide more timely figures?
The Economic Census provides comprehensive details about the United States economy, from the National to the local level. Surveys, like Monthly Retail Sales, provide timely information, but only for particular industries or sectors. Since surveys are based on samples that include only a small fraction of all businesses, they cannot supply the geographic and industry details that are unique to the census.

Economic Census statistics about industries, their inputs and outputs, and how they relate to each other, are available nowhere else. Census totals also serve as benchmarks to keep our surveys accurate. 

The Economic Census is also used to update the Census Bureau’s master list of businesses. Without the Economic Census, the Census Bureau would miss vital information about changes in the ownership and organizational structure of American businesses and industries.


How can the Economic Census help businesses and local communities?
The Economic Census helps every American. Businesses use Census data to make decisions about where to locate, how much to produce, and to compare their performance to other businesses in their industry or community. Local communities use Economic Census results to attract new businesses, assess the economic health of their localities, understand the characteristics of their business base, and compare their community to other geographical areas.

Individuals can use census results to identify emerging job markets and growing industries. Click on the following link (Census Business Builder: Small Business Edition) to see how Census economic data can profile businesses and their customers for various localities.



The link attached to this article contains a much more extensive list that will answer any and all questions you may have regarding the survey. Clock's ticking!

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