U.S. Census Bureau Unveils Economic Data From New Annual Integrated Economic Survey
AIES Provides First Comprehensive Look at 2023 Business Activity, Replacing Seven Prior Surveys
The U.S. Census Bureau today released the first preliminary estimates from its groundbreaking Annual Integrated Economic Survey (AIES), offering the most comprehensive national and subnational data on business revenues, expenses, and assets available on an annual basis.
This new survey marks a significant advancement in economic data collection, designed to replace and integrate seven distinct annual business surveys into a single, streamlined process.
The AIES data, based on 2023 figures, provides crucial insights for tracking economic trends, evaluating industry performance, guiding policy development, and informing economic planning, resource allocation, and market research. Today’s initial release presents estimates at the national, regional, and divisional levels for select two- and three-digit North American Industry Classification System (NAICS) industries.
While today’s release offers a preliminary snapshot, the Census Bureau anticipates releasing final estimates in the fall.
These comprehensive final figures will include expanded industry detail, additional statistics, and more granular geographic data for specific sectors.
Regional Highlights from the 2023 Preliminary Estimates:
Northeast: The Health Care and Social Assistance sector (NAICS 62) was a major employer, with 5.0 million workers and a total annual payroll of $302.4 billion. The Finance and Insurance sector (NAICS 52) demonstrated robust activity, generating an impressive $1.8 trillion in revenue.
Midwest: The Manufacturing sector (NAICS 31-33) remained a cornerstone of the Midwest economy, employing 4.0 million individuals. The Retail Trade sector (NAICS 44-45) saw substantial revenue of $1.4 trillion, while the Education Services sector (NAICS 61) reported an annual payroll of $4.9 billion.
South: The Professional, Scientific, and Technical Services sector (NAICS 54) in the South generated nearly $1 trillion in revenue, reaching $998.4 billion. The Retail Trade sector (NAICS 44-45) was a significant employer, with 6.8 million people on its payroll, totaling $235.8 billion annually.
West: The Information sector (NAICS 51) in the West employed 1.4 million individuals. The Accommodation and Food Services sector (NAICS 72) contributed significantly to the region’s economy with $367.1 billion in revenue and an annual payroll of $110.7 billion.
The release of these preliminary AIES estimates marks a significant step forward in providing timely and comprehensive economic data, offering a clearer picture of the nation’s diverse business landscape.
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