Update use of benchmark I-O table vs annual table
I’ve looked on the website and the various discussions of how the data are updated annually, but am unable to determine how (and if) IMPLAN uses BEA’s annual I-O table updates, versus the BEA benchmark I-O table that is released every 5 years. My understanding is that the BEA annual updates are for fewer sectors than the more detailed benchmark table, but that otherwise the BEA process is similar. Knowing that IMPLAN uses a variety of other source data for which there are annual updates, and that IMPLAN releases updated datafiles every year, are the I-O tables that IMPLAN relies on themselves updated annually using the BEA’s annual tables?
Hello Pavel, We do not use the BEA annual updates to their IO tables, which indeed are at a higher level of aggregation. The 5-year benchmark data form the basis for our inter-industry transactions each year, but they are adjusted to be consistent with annually updated output-by-industry and value added-by-industry data. IO commodity byproduct and commodity use coefficients depend on certain levels of output and value added, so if intermediate input levels (they are a function of output and value added) change, the IO table needs to be updated. The annual output data come from a variety of sources including BEA industry gross output tables, NOAA fisheries data, the Energy Information Agency (EIA), the Census Bureau’s Annual Survey of Manufacturers (ASM), USDA Economic Research Services and National Agricultural Statistical Survey, among others. We use wage and employment data from a variety of sources to project these output estimates when the output data is lagged (for example, when we published 2014 IMPLAN data, the most recent ASM data was for 2013). Also, regional absorption coefficients change on a yearly basis due to annually updated trade flow estimates (this does not affect the national IO data, though). Regards, IMPLAN Staff
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