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COLI PRESENTATION Wolfram Data Summit

COLI PRESENTATION Wolfram Data Summit. September 9, 2011. Introduction. ACCRA Cost of Living Index American Chamber of Commerce Researchers’ Association Published by Council for Community and Economic Research (formerly ACCRA) Published Continuously Since 1968  Three Quarters per Year

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COLI PRESENTATION Wolfram Data Summit

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  1. COLI PRESENTATION Wolfram Data Summit September 9, 2011

  2. Introduction ACCRA Cost of Living Index American Chamber of Commerce Researchers’ Association Published by Council for Community and Economic Research (formerly ACCRA) Published Continuously Since 1968  Three Quarters per Year Participants’ Input/Community Volunteers

  3. What is the ACCRA Cost of Living Index? Measure of relative price differences among urban areas Designed for professional and managerial households in the top income quintile Prices are collected at a specified time, in strict conformance with standard specifications

  4. Our Methodology C2ER Does Not Believe that End Users are Well-Served Unless Methodology is Understood Data Collection Practices Formulas Average Prices Used Technical Advisory Board

  5. Items by Categories

  6. A Specific Standard of Living Designed for a Specific Standard of Living For first 30 Years, it was a ‘Mid-Management’ SOL Designed Specifically for Professional/Managerial Households Top Income Quintile (20th Percentile) Due to Regional Salary Variation, No One Income is Specified One Salary Does Not Fit All Locations Salary Range is $70,000 to $100,000 Expected to be Higher in ‘Traditionally’ More Expensive Communities San Francisco, Boston, New York City, Washington DC, Los Angeles, etc.

  7. Who Participates? Open to All Places for 23 Years Influx of Small, Rural and Semi-Rural Communities Forced a Change Difficulties of Adhering to Standards and Specifications Participation Restricted to Federally Designated Metropolitan Statistical Areas – Census Bureau Participation is Open to Other Areas Meeting Certain Criteria Community Population of 35,000 or More County Population of 50,000 or More Some Small Communities ‘Grandfathered’ In Many Communities Cannot Participate Famous Examples

  8. Who Participates? Quarter 2, 2011 Participation

  9. How Do We Know the Data Are Accurate? Three-Stage Review Process First Stage Review Look for Computational Errors Atypical Prices Unexpected Quarter-to-Quarter Price Shifts Prices Not in Keeping with State, or Regional Averages Second Stage Review Each Report Reviewed Again for Problematic Prices Not Verified in First Stage Preliminary Report is Run at This Stage Third Stage Project Manager Reviews Prices and Calculations Out of Line Regionally or Historically No more than 2 Standard Deviation Points Difference Outside Influences May Affect Prices National Economy

  10. Sampling Size Samples Vary with Size of MSA Largest Communities at Least 10 Samples Micropolitan Areas at Least 3 Samples More Data Gathered, More Accurate the Report Wide Price Variations Can Reflect Not Enough Samples

  11. Weights Grocery Items Index (13.31%) Housing Index (29.27%) Monthly principal and interest payment for new home represents 23.50% of the Composite Index Utilities Index (10.22%) Transportation Index (9.86%) Health Care Index (4.23%) Miscellaneous Goods and Services Index (33.11%)

  12. How to Use Index The most common application of the Index is to compare the differences between two places MSA #1 and MSA #2 – For Example Subtract MSA #2’s Index from MSA #1’s Index, Divide the Result by MSA #2’s Index, and Multiply the Answer By 100% [((115.0-90.0)/90.0)*100%] =(25.0/90.0)*100% = 28% Fairly Small Differences Don’t Indicate Any Measurable Difference Sampling and Non-Sampling Errors Non-Probability Samples Means No Precise Confidence Interval

  13. What Can the Index Tell Us About Dollar Amounts? U.S. National Average

  14. What Can the Index Tell Us About Dollar Amounts? Area A

  15. What Can the Index Tell Us About Dollar Amounts? Area B

  16. Latest Rankings

  17. Relation to National Average Quarter 2, 2011 Results

  18. Cost of Living Index New Product Development Online Calculator Allows individual communities to benchmark their data to the national average Large scale licensees can compare all participating communities County-Level Index Due autumn of 2011 Retirees Index

  19. Contact Information Website – www.coli.org Email - dfrutiger@c2er.org ey@c2er.org Telephone – 703-522-4980 ext. 1021

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