4.2 Provide Accurate Data to Support Economic Activity
Why is accurate Commerce data important?
The Department of Commerce is the top producer of public data; 30 million U.S. businesses and 325 million Americans rely on our information. The Department's data shapes fiscal policy that affects economic growth. Annually, more than $1 trillion in
federal funds are distributed to states and municipalities using data produced by the Department. The world economy is increasingly data driven. The Department of Commerce is assuring that U.S. businesses are one step ahead by providing the most complete, timely, and accurate data.
Strategic Objective 4.2 Progress Update
During 2019, the Department's statistical bureaus have developed new ways to spotlight key aspects of the dynamic U.S. economy. For example, information available on the size and scope of the digital economy was expanded in April 2019 in effort to better capture the impact of fast-changing technologies on the U.S. economy. Additionally, the Department released first-ever measures of the role of outdoor recreation in each state’s economy in September 2019.
Census and BEA Releases Timely Data for Public Use
The Census Bureau and Bureau of Economic Analysis (BEA) focus on releasing precise economic data in a timely manner. In accordance with this objective, the Bureaus released 192 economic indicators on time in 2018, surpassing its target of 190. All data sets were released on time plus two new releases. From data on international trade to domestic manufacturing, these efforts allow U.S. industry to quickly receive critical economic information to make key business decisions.
BEA Releases Accurate Data for Public Use
The Bureau of Economic Analysis (BEA) calculates Gross Domestic Product (GDP) which is a key indicator of the health of our economy. BEA was 94% reliable with its GDP index in 2019, surpassing its target of 85%. Accuracy findings are developed by comparing early estimates to updated information. When US businesses and the public have accurate economic indicators they can invest and manage their wealth confidently.
Census Bureau's "The Opportunity Project"
The Opportunity Project (TOP), a program run by the Census Open Innovation Labs at the U.S. Census Bureau, brings together government, communities, and the technology industry to create digital tools that address our nation’s greatest challenges with open data. Through 12-week sprints, TOP challenges technologists outside of government – companies, non-profits, and universities – to create digital tools with Census and other federal open data to expand American economic opportunity. Total cash prizes offered: $100,000.