It is that time of year again! IMPLAN Data Year 2018 is upon us. Beyond our annual improvements, you will find two significant updates to this year’s iteration of our annual data.
BEA Benchmark & Sectoring Scheme Updates
The Bureau of Economic Analysis (BEA) releases updated industry statistics and benchmark I-O accounts about every 5 years—the most recent of which was released in 2018. This freshly issued data informs updates to our methodology and ensures our data is reflective of the national economy. As the economy evolves, we adjust our sectoring scheme to fit the national industrial makeup. As a result, our 2018 data has expanded from 536 to 546 sectors. The increased number of sectors is a result of further disaggregation. You can read a detailed account of the sectoring changes and more here.
2017 Census of Agriculture Inclusion
IMPLAN’s 2018 data set also includes data from the National Agricultural Statistics Service of USDA 2017 Census of Agriculture. This provides production and operations information for farms across the U.S. and supplements data that is not reported by the USDA Economic Research Service (ERS). Due to the inclusion of their statistics, IMPLAN’s farm sector data is more finely-tuned than ever. You can learn about what you’ll find in the agricultural data here.
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