BEA Cybersecurity
Investment ID: 006-000526000
Overview
Program Title
BEA Cybersecurity
Description
BEA CIO's IT Security resources.
Type of Program
Standard IT Investments
Multi-Agency Category
Not Applicable
Associated Websites
https://www.bea.gov, https://www.bea.gov/developers
Investment Detail
The Bureau of Economic Analysis produces comprehensive measures of the U.S. economy by maintaining national, international, regional, and industry accounts. From this data BEA produces more than 60 economic statistical estimates each year, including some of the most closely watched economic statistics that influence the decisions made by government officials, businesses, and individuals. BEA's economic statistics, which provide a comprehensive, up-to-date picture of the U.S. economy, are key ingredients in critical decisions affecting monetary policy, tax and budget projections, and business investment plans. The cornerstone of BEA's statistics is the national income and product accounts (NIPAs), which feature the estimates of gross domestic product (GDP) and related measures.
Relatively small investments in improvements to BEA accounts can potentially have very large effects. If the more accurate data flowing from these investments were to raise today's GDP growth by as little as 1/100 of 1 percentage point, it would raise GDP by $1.5 billion each year. The budgetary effects of a 1% lower projection of real GDP growth could increase the deficit by $3.5 trillion over 10 years. Over $300B of Federal Funds are allocated to states based on BEA data and over 20 states have statutory limits on revenues and spending tied to BEA's state personal income statistics or some of its components.
The DME portion of this investment funds BEA s highly successful statistical production modernization program, which enables economists to spend less hours underutilized in table checking and data transfers between systems; and can now be used for analysis. These efficiencies contribute to Bureau plans to make available additional internal resources to support critical measurement advances in important areas such as innovation, health care, research and development, household and discretionary income, and the distribution of income within the economy. Enhancements to available data in all these areas are critical to decision makers.
Relatively small investments in improvements to BEA accounts can potentially have very large effects. If the more accurate data flowing from these investments were to raise today's GDP growth by as little as 1/100 of 1 percentage point, it would raise GDP by $1.5 billion each year. The budgetary effects of a 1% lower projection of real GDP growth could increase the deficit by $3.5 trillion over 10 years. Over $300B of Federal Funds are allocated to states based on BEA data and over 20 states have statutory limits on revenues and spending tied to BEA's state personal income statistics or some of its components.
The DME portion of this investment funds BEA s highly successful statistical production modernization program, which enables economists to spend less hours underutilized in table checking and data transfers between systems; and can now be used for analysis. These efficiencies contribute to Bureau plans to make available additional internal resources to support critical measurement advances in important areas such as innovation, health care, research and development, household and discretionary income, and the distribution of income within the economy. Enhancements to available data in all these areas are critical to decision makers.