09/09/2024 | News release | Distributed by Public on 09/09/2024 07:32
National and industry statistics for the previous five years will be updated Sept. 26 as part of BEA's regular annual updates to gross domestic product and related estimates. Updates to state and local statistics will begin Sept. 27.
Annual updates enable the U.S. Bureau of Economic Analysis to refine our estimates by incorporating more complete source data as they become available. That includes survey and tax data that are released annually, as well as more detailed data from the federal budget, federal agencies, and BEA's own international transactions surveys. BEA also introduces improvements to its methodologies during annual updates. Adjustments typically go back at least five years.
With these annual updates, BEA can meet the demand for timely early estimates while continuing to sharpen the picture of the economy over time. A more extensive comprehensive update takes place approximately every five years, most recently in 2023. Last year's comprehensive update completed BEA's years long plan to synchronize the timing of updates of national, industry, and state GDP statistics.
National and industry statistics
The Sept. 26 update will cover annual and quarterly statistics from 2019 through the first quarter of 2024. It impacts gross domestic product, GDP by industry, gross domestic income, and related statistics, such as consumer spending, personal income, and business investment.
State and local statistics
The Sept. 27 update will cover annual and quarterly GDP and personal income statistics for all 50 states and the District of Columbia, from 2019 through the first quarter of 2024.
Updates of other annual statistics for 2019-2022, plus new 2023 data, will follow:
For more detail, see the information on the 2024 annual updates on bea.gov.