Economic Census provides valuable data for business

Pasadena Star News

By: Cynthia Kurtz

Posted  2/06/2013

This is a friendly reminder for all businesses who received the Economic Census form in November or December - there is just a few days left to fill it out and send it back to the U.S. Census Bureau before the February 12, 2013 deadline.

This isn’t the census that counts people. This census form is sent to nearly four million U.S. businesses asking for operational and performance information. Filling out forms is never fun but in this case, it is very important. 

The Economic Census collects the most complete data available about the nation’s private non-farm businesses. The Economic Census provides the basis for measuring the Gross Domestic Product (GDP) as well as statistical information on output for industry sectors and details on local economies such as industry type, employment, payroll and revenues. 

Government agencies, Chambers of Commerce, and business organizations like the San Gabriel Valley Economic Partnership use the census data for developing public policy, assessing emerging business sectors, and planning business development activities.

The Economic Census provides a wealth of information for business owners to use in gauging their competition, comparing employee output, researching local business markets, and improving business performance.

The U.S. Census Bureau began gathering information about businesses in 1810 as part of the Population and Housing Census. It wasn’t until 1905 that a separate census for collecting only economic data was introduced. Now the information is collected every five years at the end of years ending in “2” and “7”.

 

While much of the information gathered is kept in the same categories in order to measure historical trends, it is also necessary to make changes to reflect changes in the marketplace.  For example, this year the census will introduce new categories to identify separately businesses in renewable energy such as solar, wind, biomass and geothermal power generation from other electric generating companies. 

Similarly, business types that were formerly recorded separately may be merged. In the 2012 census, retail sales of TVs, cameras and computers will be combined into the single category of “electronic stores.”

In order to streamline the process and make responding easier, the 2012 census offers businesses the option of reporting on-line for the first time.

All the information received is strictly confidential and used only for statistical analysis and reporting. Individual businesses are never identified.

The statistical information will begin to be released in December 2013 when the “Advance Report” will become available with preliminary totals by industry sector. More detailed information will become available over the next few years. 

Since this is the first census since the economic meltdown of 2008, the information will be even more important for supporting the recovery. So fill out those forms and hit “send.”  We are counting on the selected businesses to make the census data for 2012 as complete as possible.