As the world is still facing the effects of the COVID-19 pandemic, once again IMPLAN has used the best publicly available data to create a dataset for the third quarter of 2020.
The dataset has the same data points and capabilities as regular annual IMPLAN data. The dataset is annualized and seasonally adjusted, meant to represent the 2020 economy as if the third quarter of 2020 was representative of the entirety of the year 2020. Because of this, you can compare 2019 levels to the Evolving Economy - COVID 2020-Q3 Data to see differences in your Region.
The COVID 2020-Q3 data uses the same sources and methodology as the Evolving Economy - COVID 2020 Q2 Release Notes.
2018 IMPLAN Data as Base Data Set
Like the COVID 2020-Q2 data set, the COVID 2020-Q3 uses the 2018 IMPLAN data as the base data to be projected. This provides consistency, such that changes between the two data sets are not related to changes in data sources or methodologies adopted between the 2018 and 2019 IMPLAN data sets.
The 2020 Q2 and 2020 Q3 datasets both utilize the 2018 Occupation Data.
Second Release of the BEA Data
Among our main data sources for the quarterly data set are the BEA’s quarterly data on the components of Value Added (Employee Compensation, gross operating surplus, and Taxes on Production and Imports net of subsidies), personal consumption expenditures (PCE), and private fixed investment in equipment. IMPLAN’s 2020-Q2 data set used the BEA’s first release of these data, whereas we waited for the second release (i.e., the first revision) of these data when producing the 2020-Q3 data set.
Written January 26, 2021