Congressional funding for the 2012 Economic Census is at risk, with both the House and Senate proposals falling short of providing the necessary funds to carry out the survey. The Economic Census is conducted every five years and is an important tool which profiles the U.S. economy and provides valuable data to federal, state, and local governments. State and local governments use the data collected by the Economic Census for planning, analysis, and research purposes, including:
- Revenue forecasts;
- Workforce planning and development;
- Academic policy research.
The Economic Census collects information from 5 million businesses nationwide including information on number of employees, business locations, and revenues. This information is used by business, economists, and federal, state, and local governments for benchmarking and economic forecasting. Proposed Congressional cuts to the President's request for a $1.25 billion Census budget are as follows:
- House Appropriations: 25% cut to $855 million;
- Senate Appropriations: 18% cut to $943 million.
With the U.S. economy struggling to get back on track, it is vitally important to continue to collect data via the Economic Census. The data is useful both on a macro and micro level, and is vitally important for all levels of government to use in measuring our nation's economic activity.