Data season is here! At IMPLAN, we mark the holiday season with our annual data release. That means 2021 data has arrived in the IMPLAN application!
The New Normal
Last year’s 2020 data release was marked by the COVID pandemic. 2020 was a “weird” year for the economy, as detailed in our 2020 Data Release Notes. With the 2020 data, users could capture changes related to stimulus checks, PPP loans, and more in their analyses. 2019 data was more “normal,” but quickly growing outdated when compared to the post-pandemic world around us. For that reason, in order to model what the future might look like, it has been necessary to use 2020 data alongside 2019 data.
Now, however, we have a much better understanding of what our economy’s “new normal” looks like. Our 2021 data release shows how our economy has adjusted and settled since lockdowns have been lifted and day-to-day life has started to look a little more familiar.
2021 Data Highlights
The 2021 data release empowers more accurate and up-to-date economic modeling. The following are some meaningful changes to the economy revealed by the new data set.
Foreign Trade: 2020 saw foreign trade of goods and services decline sharply, with foreign exports from the United States falling by 16% and foreign imports into the United States falling by 11%. In 2021, foreign exports and imports both increased, with foreign exports just 0.04% shy of 2019 levels and foreign imports surpassing 2019 levels by 8%.
Employee Compensation: Average employee compensation per wage and salary employee increased by 13% between 2019 and 2021. Note that employee compensation is fully-loaded wages, including Social Insurance taxes and other benefits, and that this figure includes farm and government sectors.
Household Spending: Household spending on goods and services per household fell by nearly 4% between 2019 and 2020 but more than recovered in 2021 with total household spending per household in 2021 7.5% above the 2019 level.
Employment: Both wage and salary employment and proprietor employment levels in 2021 remained 3% and 6%, respectively, below 2019 levels.
To dive deeper in to the new data, check out the 2021 Data Release Notes!
Accessing 2021 Data
If you’re already an IMPLAN subscriber, you have automatic access to the new data in IMPLAN Cloud. You can find it by signing onto app.implan.com and choosing 2021 from the Data Year selection box.
Not subscribed yet? Call us at (800) 704-9426 or schedule a demo by filling out the form below to learn more about all of the advantages of using IMPLAN for your next economic analysis.