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Using the Economic Census to Support Entrepreneurs and Small Business Owners

Using the Economic Census to Support Entrepreneurs and Small Business Owners. NCLA 59 th Biennial Conference October 6, 2011 Mary G. Scanlon. Making Cities Stronger. Strategies. Mary G. Scanlon. Urban Institute’s Findings. Mary G. Scanlon. How to provide?. Shrinking budgets

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Using the Economic Census to Support Entrepreneurs and Small Business Owners

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  1. Using the Economic Census to Support Entrepreneurs and Small Business Owners NCLA 59th Biennial Conference October 6, 2011 Mary G. Scanlon

  2. Making Cities Stronger

  3. Strategies Mary G. Scanlon

  4. Urban Institute’s Findings Mary G. Scanlon

  5. How to provide? • Shrinking budgets • Free, reliable sources? Mary G. Scanlon

  6. To the Rescue • The Economic Census! Mary G. Scanlon

  7. Outline • Definition & description • Benefits and limitations • How to find data • Where is it? • How is it organized • What’s included? • Other data available through the Census • Case study (apply what we’ve learned) • Other free sources • Q&A Mary G. Scanlon

  8. Characteristics • Source: Bureau of the Census • Timing: Every 5 years, in years ending in ‘2’ and ‘7’ • Scope: Strives to be comprehensive • Required • Self-reported Mary G. Scanlon

  9. Benefits & Limitations • Benefits: • Free • Reliable • Comparable • Data available at varying levels of granularity • From national to zip code • Current – kinda, sorta Mary G. Scanlon

  10. Benefits & Limitations • Limitations: • Data dribbles out • Domestic businesses • Companies with employees • Privacy protection Mary G. Scanlon

  11. Data Release Schedule

  12. Where to Find the Data • U. S. Census Bureau • www.census.gov • Economic Census • http://www.census.gov/econ/census07/ • OR • Through American Factfinderat • http://factfinder2.census.gov/faces/nav/jsf/pages/index.xhtml Mary G. Scanlon

  13. How is the Data Organized • North American Industrial Classification System • NAICS • Introduced in 1997 • Replaced SIC codes (Standard Industrial Classification) Mary G. Scanlon

  14. NAICSNorth American Industrial Classification System • Classification system for industry groups • Numerical • Hierarchical: the longer the number, the more • detailed the category Mary G. Scanlon

  15. NAICS Mary G. Scanlon

  16. NAICS Sectors(Sample) 23 31 - 33 42 44 - 45 48 – 49 51 52 71 72 Construction Manufacturing Wholesale trade Retail trade Transportation & warehousing Information Finance and Insurance Arts, Entertainment and Recreation Accommodation and Food Service Mary G. Scanlon

  17. Terms • Companies vs. Establishments • Value of Shipments, Receipts, Contracts Mary G. Scanlon

  18. Case Study Mary G. Scanlon

  19. Business Plan • Documents the strategy and tactics for the business • Required by investors and bankers • Forecasts growth and profitability (among other finances) • Industry data provides support for company forecasts Mary G. Scanlon

  20. From Data to Information • Industry size and growth rate • Number of employees • Payroll & benefits • Operating expenses: utilities, telephone, others • Capital investment Mary G. Scanlon

  21. Step 1 • Find the NAICS code Mary G. Scanlon

  22. Step 1 Mary G. Scanlon

  23. Step 1 • Find the NAICS code • 311811 Retail Bakeries Mary G. Scanlon

  24. Step 2 • Find the data Mary G. Scanlon

  25. Find the Data Mary G. Scanlon

  26. Find the Data Mary G. Scanlon

  27. Find the Data Mary G. Scanlon

  28. Find Data Mary G. Scanlon

  29. Partial Data Download Mary G. Scanlon

  30. From Data to Information • What’s here: • Industry size • Industry growth rate • Number of employees • Payroll & benefits • Operating expenses: materials, fuel, electricity • Capital investment Mary G. Scanlon

  31. From Data to Information • Industry size and growth rate Mary G. Scanlon

  32. From Data to Information • Number of employees Mary G. Scanlon

  33. From Data to Information • Payroll & benefits Mary G. Scanlon

  34. From Data to Information • Operating expenses: materials, fuel, electricity Mary G. Scanlon

  35. From Data to Information • Capital investment Mary G. Scanlon

  36. Summary of Information • Industry size • Industry growth rate • Number of employees • Payroll & benefits • Operating expenses • Capital investment Mary G. Scanlon

  37. What Else? • Financial data • Economic Census • Market information • County Business Patterns • Consumer Expenditure Tables Mary G. Scanlon

  38. American FactFinder • New interface at the Bureau of the Census • American FactFinder 2 • Economic Census • County Business Patterns • Population • Housing • Many, many other data sources Mary G. Scanlon

  39. American FactFinder 2 Mary G. Scanlon

  40. American FactFinder 2 Mary G. Scanlon

  41. American FactFinder 2 Mary G. Scanlon

  42. American FactFinder 2 Mary G. Scanlon

  43. Local Competition • Retail bakeries in Winston Salem • 6 Employer establishments at 311811 • 12 Non-employer establishments at 3118 Mary G. Scanlon

  44. Consumer Expenditures • Bureau of Labor Statistics • www.bls.gov • http://www.bls.gov/cex/csxstnd.htm • Data is available from 1984 – 2010 • In Excel from 2005, only • Expenditures segmented along a wide array of demographic parameters Mary G. Scanlon

  45. 2010 Expenditure Tables Age of reference person — (TXT) (PDF) (XLS) Composition of consumer unit — (TXT) (PDF) (XLS) Education of reference person — (TXT) (PDF) (XLS) Higher income before taxes — (TXT) (PDF) (XLS) Hispanic or Latino origin of reference person — (TXT) (PDF) (XLS) Housing tenure and type of area — (TXT) (PDF) (XLS) Income before taxes — (TXT) (PDF) (XLS) Number of earners in consumer unit — (TXT) (PDF) (XLS) Occupation of reference person — (TXT) (PDF) (XLS) Population size of area of residence — (TXT) (PDF) (XLS) Quintiles of income before taxes — (TXT) (PDF) (XLS) Race of reference person — (TXT) (PDF) (XLS) Region of residence — (TXT) (PDF) (XLS) Size of consumer unit — (TXT) (PDF) (XLS) Selected age of reference person — ( TXT) (PDF) (XLS) Mary G. Scanlon

  46. Consumer Expenditures Mary G. Scanlon

  47. Consumer Expenditures • On average, families with children ages 6 and older spend $530 annually on bakery products that are consumed at home. Mary G. Scanlon

  48. Conclusion • Government agencies continue to provide free sources of reliable data that supports entrepreneurs and small business owners. Mary G. Scanlon

  49. Conclusion • Contact me: • Mary G. Scanlon • scanlomg@wfu.edu • 336.758.4303 Mary G. Scanlon

  50. Professional Resource • Business Librarians in North Carolina (BLINC) • Next meeting: • Thursday Feb 9th • May Memorial Library / Alamance Public Library Mary G. Scanlon

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