Priorities for Industry Accounts at BEA

The U.S. economy is undergoing significant structural change that economists and policymakers would like to study from an industry perspective. BEA’s industry accounts--the input-output (I-O) accounts, the gross product originating (GPO) accounts, and the gross state product (GSP) estimates--provide much of the relevant data, but further enhancements are possible. BEA has ideas for improving these accounts, but resource constraints require that priorities be established and choices made. The impending conversion of BEA’s industry estimates to the new North American Industry Classification System (NAICS) offers both opportunities and challenges. This paper discusses the key issues, presents options for improving the industry accounts, and makes recommendations for future action.