The deadline to respond to the 2022 Economic Census is quickly approaching on March 15, 2023. If you haven’t done so yet, it’s important to understand why participating in the census is crucial.
The economic census is the most comprehensive measure of the US economy. Once every five years, data is gathered on American businesses, workforce, and sales of products and services, amounting to trillions of dollars. This information serves as the foundation for the nation’s gross domestic product (GDP) and other economic indicators. It also provides valuable insight for businesses, trade associations, economic development organizations, and state, local, and tribal governments. By using the data collected, they can make informed decisions that affect the health of the country’s economy. For instance, the Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Fund calls for a $50 billion investment to stimulate long-term growth in the domestic semiconductor industry, and data from the economic census can provide significant statistics for local chip production manufacturing plants.
The economic census is also highly beneficial to small businesses. For example, a fishing supply store owner can utilize economic census data to pinpoint new store locations based on similar businesses in the area. Additionally, a grant writer can leverage the economic census to request funding to address specific needs as revealed in the data.