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The BEA Advisory Committee met to hear from and provide feedback to BEA regarding three sets of initiatives: 1) Measuring the U.S. Space Economy, 2) Future Direction of the Regional Accounts, and 3) Valuing Stocks and Flows of Data Assets for the U.S. Business Sector. AEA members are invited to provide feedback as well. All material at https://www.bea.gov/beaacm.

1) Measuring the U.S. Space Economy
Slide deck: https://www.bea.gov/system/files/2022-05/ACM-Space-Economy-Highfill-May-2022.pdf
Point of contact: Tina Highfill  tina.highfill@bea.gov

2) Future Direction of the Regional Accounts
 
Improve Existing Statistics:
• Integrated release of quarterly statistics of GDP and Personal Income by state, September 2022 -- Greater industry detail (NAICS 3-digit detail)
• Improve timeliness of GDP statistics for U.S. territories, TBD -- Establish data access agreements with all of the U.S. territories
• Migration of all production procedures to Python programming language, 2024-2025

New Statistical Products:
• Quarterly PCE by state statistics
• Expenditure measures of GDP for state statistics
    o State private fixed investment (includes residential and nonresidential buildings, equipment, and software), (FY2023 budget)
    o Government consumption and gross investment by state
• Research and development (R&D) satellite account state statistics

Research Activities:
• State income distributions and income inequality statistics, FY2023 budget -- Working paper forthcoming
• Synthetic data, differential privacy, and privacy protection -- SOI data / proprietors’ income statistics –Urban Institute
• Geography of consumption -Consumption Zones
• State gross output/state Supply Use Tables

Data Science and Alternative Data Sources:
• Applications for QCEW microdata (firm-level data)
• Alternative data sources from payroll processors, credit card intermediaries, and budgeting service providers
    o Partnering with Opportunity Insights, the Census Bureau, and the Bureau of Labor Statistics
• Alternative methods such as machine learning, nowcasting, and hierarchical modeling

Slide deck: https://www.bea.gov/system/files/2022-05/BEA-ACM-future-direction-for-the-regional-accounts.pdf
Point of contact: Mauricio Ortiz  mauricio.ortiz@bea.gov

Discussant -- Heather Stephens  https://www.bea.gov/system/files/2022-05/BEA-ACM-May-13-2022-Heather-Stephens.pdf
Discussant -- Susan Wachter  https://www.bea.gov/system/files/2022-05/Wachter-BEA-Presentation_0.pdf

3) Valuing Stocks and Flows of Data Assets for the U.S. Business Sector
Slide deck: https://www.bea.gov/system/files/2022-05/BEA-ACM-Data-Assets-Presentation-05132022.pdf
Paper "Valuing the U.S. Data Economy Using Machine Learning and Online Job Postings" https://conference.nber.org/conf_papers/f159271.pdf  
Discussant -- Carol Robbins, NSF https://www.bea.gov/system/files/2022-05/robbins-bea-advisory-committee.pdf

Points of contact:
Jose Santiago Calderon  jose.santiago-calderon@bea.gov
Dylan Rassier  dylan.rassier@bea.gov

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