The Economic Census is Coming Next Month
Did you know that the census measures more than just the civilian population? The US Census also creates an economic census report every 5 years. Every five years, the U.S. Census Bureau collects statistics about businesses that are help provide a better understanding of the American economy. This serves as the foundation for the measurement of U.S. businesses and their economic impact. It is the most extensive collection of data related to business activity. Nearly 4 million businesses, large, medium and small, covering most industries and all geographic areas of the United States will receive surveys tailored to their primary business activity.
It is required by law that all businesses who receive an economic census survey, complete the survey. The survey itself will not take long and will provide valuable insight into our economy. Why is this report so important?
There are many benefits from the data produced from the Economic Census report like:
- Provides policymakers with the evidence based information used to make sound better policies
- Federal agencies rely on the data as the basis for key measures of economic activity, such as the Gross Domestic Product (GDP), National Income and Product Accounts (NIPAs), and the Producer Price Index (PPI)
- Trade and Business associations, along with Chambers of Commerce, rely on Economic Census data to measure key business facts they can use to gauge organizational structure and product trends
- Individual businesses use the data from the Economic Census to make decisions about operating sites, capital investments, and product development
If you receive a survey from U.S. Census, please be sure to complete it by June 12, 2018 or face penalties.