Don’t Ignore the Economic Census Next Month
Now here’s a fun topic: the Economic Census! Okay, maybe not real fun, but it is an obligation and the time to act is coming up soon.
Instructions to electronically complete the 2017 Economic Census will be delivered to businesses in May and a response (required by law) is due on June 12, 2018. It’s a good idea not to ignore this.
The Economic Census only comes out every five years and is the government’s official way of measuring the country’s businesses and economy. According to the United States Census Bureau, the data that is “compiled helps with official statistics that are available for companies to use for planning and decision making.”
Economic activities have been measured since the first census of manufacturers in 1810. In 1902, an official Census Bureau was established to collect, record and release business activities every five years. (How about that – you’re getting a useful tip so you don’t get fined and a history lesson!)
This is the first year, the Economic Census response will be paperless. The survey will be delivered to the estimated 4 million businesses (small, medium and large) across the country. Information collected includes: company’s physical location; primary business activity; sales, receipts, or revenue; employment and payroll; and industry-specific questions.
Click here to preview a list of questions and to help you better prepare for the Economic Census. We will start seeing results in September 2019 with the “First Look Report”.
So, (try to) have fun!