FULLER USE OF THE ECONOMIC CENSUS OF ISLAND AREAS FOR U.S. VIRGIN ISLANDS
Our procedures for the U.S. Territories include the use of three calculated ratios from the latest Economic Census of Island Areas:
- Employee Compensation per Wage and Salary Employment
- Employee Compensation per Wage and Salary Income
- Output per Employee Compensation
The 2017 Economic Census for the U.S. Virgin Islands (VI) does not have as many detailed Industries as it has for Puerto Rico (PR); when bridging IMPLAN Industries to the 2017 Economic Census Industries, PR has 74 distinct Economic Census Industries that map to various IMPLAN Industries, while VI has just 60 distinct Economic Census Industries that map to various IMPLAN Industries. Prior to the 2022 Data Year, in the cases where an IMPLAN Industry mapped to one of the 15 Economic Census Industries for which there are no data for VI, we had been using ratios for the “All Industries” category. Beginning with the 2022 Data Year, rather than using the broadest of all categories, we now use the parent category of each missing detailed Industry, where possible, which will yield more precise estimates. For example, for the missing “Wood product manufacturing” Industry, we now use ratios from the parent “Manufacturing” category rather than from the overall “All Industries” category.
NOW ESTIMATING OPI FOR ADMINISTRATIVE GOVERNMENT SECTORS
Because Other Property Income (OPI) generates no additional rounds of spending, and because for the administrative government it represents the consumption of fixed capital (i.e., depreciation) only, we had not been estimating a value for OPI for the administrative governments for the U.S. Territories. However, in order to be more consistent with the U.S. data, which does have values for OPI for the administrative government sectors, we are now estimating an OPI value for the administrative government sectors for the U.S. Territories.
Written September 26, 2024