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BEA Bureau of Economic Analysis : Bureau of Economic Analysis Strategic Plan FY 2020

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06/30/2020 | 05:39pm EDT

Bureau of Economic Analysis

2020 Strategic Plan

Letter from the Director

The Bureau of Economic Analysis (BEA) is the world's trusted source for accurate and objec-tive data about the U.S. economy. BEA's statistics have the power to move markets and shape political and business decisions. To uphold our reputation as a global leader in economic mea-surement and to meet the public's high expectations, BEA must confront one of the biggest challenges facing statistical agencies today. That is, how to keep our statistics relevant, timely, and accurate, given the constantly changing economy and the evolving needs of our customers.

It is essential that BEA finds creative ways to deliver the most relevant products that deepen the public's understanding of emerging economic issues. The COVID-19 pandemic brings the need for reliable economic information into even sharper focus. BEA's strategic plan-based on input from our customers, stakeholders, and employees-is built around four main goals:

1. Accuracy and reliability.To make informed decisions, government officials and other policymakers need accurate data that are not subject to large revisions, especially in the face of uncertain circumstances, like those brought about by the coronavirus crisis. BEA will employ pioneering approaches to improve the accu-racy of our statistics, including leveraging cutting-edge data science tools, modernizing data collection, and pooling resources with other U.S. statistical agencies and partners around the globe.

2. Relevance.There is no doubt that the dynamics of the modern economy are shifting quicker than ever before. BEA will strive to stay in sync with the realities of the world around us. We will provide more detailed and consistent information on regions and industries, expand our statistics beyond the traditional gross domestic product accounts by featuring measures of economic well-being, and publish new data products that highlight emerging and growing economic sectors, such as outdoor recreation and the digital economy.

3. Customer service.A hidden statistic is a useless statistic. BEA will leverage a variety of mechanisms to market our products to diverse customer bases, ensuring that the public understands our data offerings and knows how to use them. We will ramp up our efforts to connect with and educate both existing and potential data users, utilize the latest technologies to get our data into the hands of more users-faster, and gather input through many channels so that BEA's statistics are meeting users' needs.

4. Operational excellence.BEA's staff is its most important asset. BEA will cultivate a world-class, diverse, and engaged workforce. And we will give our employees the best environment possible for success: access to the latest technologies, secure information technology systems, and practical solutions that ensure our opera-tions will go on in the case of an emergency.

With this plan as our roadmap, BEA will make investments to continue accomplishing our mission to promote a better understanding of the U.S. economy in an objective and cost-effective manner.

Mary Bohman

Mary Bohman

Acting Director, Bureau of Economic Analysis

Contents

AboutBEA ................................................................................ 1

AboutThisPlan ........................................................................... 2

MissionGoalsandObjectives .............................................................. 5

1.AccuracyandReliability ................................................................. 6

1.1. Big Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

1.2.DataCollection ....................................................................... 9

1.3.InternationalGuidelines ............................................................. 10

1.4.HarmonizeBEAStatistics ............................................................ 12

2.Relevance .............................................................................. 15

2.1.FederalDataStrategy ................................................................ 16

2.2.RegionalandIndustryData .......................................................... 19

2.3.DigitalEconomy ..................................................................... 21

2.4.Globalization ........................................................................ 23

2.5. Economic Well-Being and Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

2.6.SatelliteAccounts .................................................................... 28

3.CustomerService ...................................................................... 31

3.1.Dissemination ....................................................................... 32

3.2.OutreachandFeedback .............................................................. 33

4.OperationalExcellence ................................................................ 35

4.1.Recruit,Retain,andEngageStaff ...................................................... 36

4.2. Information Technology Modernization and Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

4.3.EmergencyPlanning ................................................................. 41

iii

About BEA

Our Mission

The Bureau of Economic Analysis (BEA) promotes a better understanding of the U.S. economy by providing the most timely, relevant, and accurate economic accounts data in an objective and cost-effective manner.

Introduction

Our Vision

To be the world's most respected producer of economic accounts.

Reliability

BEA's Role as a Federal Statistical Agency

Accuracy and

BEA is the world's trusted, impartial source of comprehensive data about the U.S. economy. BEA's statistics, free and accessible to all, support economic growth and well-being by informing the decisions of businesses, entrepreneurs, households, and governments.

The roots of BEA's statistics can be traced to the major events of the first half of the 20thcentury. The lack of information to drive the recovery process for the Great Depression and to plot the course for the wartime economy in the early 1940s highlighted the need for comprehensive economic measures. As a result, today, BEA's national, regional, industry, and international statistics present valuable information on national economic growth, regional economic development, interindustry relationships, and the nation's position in the world economy. The cornerstone of BEA's statistics, gross domestic product (GDP), was recognized by the Department of Commerce as its greatest achievement of the 20thcentury and has been ranked as one of the three most influential measures affecting U.S. financial markets.

RelevanceCustomer Service

BEA's commitment to excellence and innovative thinking enables the Bureau to provide a detailed and timely picture of the $21 trillion U.S. economy, the world's largest economy. BEA continuously explores new ways to ensure that its economic measures capture the dynamic nature of the globally interconnected U.S. economy.

In the last few years, BEA has produced new data products that deepen the public's understanding of key parts of the economy. From statistics that break out the digital economy's contribution to U.S. GDP to datasets that highlight the economic impacts of health care and outdoor recreation, BEA data provide rich, new detail on different segments of the U.S. economy.

Operational Excellence

Both new and existing sets of BEA data figure prominently in critical decisions that affect monetary and trade policy, tax and budget projections, and businesses' plans to invest and hire.

1

BEA works collaboratively with other government agencies and private businesses to vet and collect data that are used to produce its economic measures. BEA also conducts its own surveys that feed its international investment and international trade in services statistics. In addition, BEA engages in research and analysis and develops and implements economic estimation methods.

BEA disseminates its economic statistics free to the public, using numerous communications plat-forms and harnessing new technologies. Both BEA and the Census Bureau, the source of much of the economic data used by BEA, are organizationally located within the Department of Commerce. Delivering more data and making these data more easily accessible to the public are key components of the Department's strategic plan.

Introduction

About This Plan

Reliability

Accuracy and

This strategic plan outlines a series of mission goals-built on the themes of accuracy and reliability, relevance, customer service, and operational excellence-and guides the Bureau's progress toward accomplishing its mission by connecting:

In, to connectwith the Bureau's operational plans

Relevance

Up, to link to the Department of Commerce's strategicgoals and objectives

Customer Service

Out, to address the needs of

BEA's customers

Out.BEA's strategic plan is solidified around anticipating and responding to the needs of changing customer bases in a fast-paced, technology-driven society. Customers increasingly expect quicker turnaround in producing statistics, increasing amounts of geographic and industry detail, and easier access to data through multiple channels. This plan includes wide-reaching objectives that are relevant to today's customers and positions the Bureau to readily respond to users' future desires and expectations.

Operational Excellence

Up.BEA's strategic plan connects directly to the Department of Commerce's goals and objectives. As a statistical agency, the majority of BEA's efforts link to the Department's strategic goal to "fulfill constitutional requirements and support economic activity;" however, the Bureau's objectives are designed to support the Department's other priorities as well.

2

Disclaimer

BEA - Bureau of Economic Analysis published this content on 30 June 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 June 2020 21:38:09 UTC

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