As of 1/31/2023, the 2022 Economic Census has begun.
For those who don’t know what the economic census is, let’s explain. The census is the collection of business data to understand American business and the economy. This happens every 5 years, specifically in years ending in 2 and 7. Even though the data is collected in 2023 for the 2022 year, the first look of reporting won’t begin until 2024. It takes a long time for the Census Bureau to go through all the data they collect.
The United States Census Bureau collects detailed statistics about businesses. It’s essential to know how and where the economy is thriving, as well as suffering. Our Government expects timely information from the Census Bureau on the health of the Nations’ economy.
North American Industry Classification System or NAICS codes are how the data is collected and cataloged. There are several factors that are collected. These include the number of businesses, employees, payroll amount, sales, and revenue. Collected data is not limited to this list.
The categories that the data is collected and produced are as follows:
- First Look or General Statistics for 2 to 3 digit NAICS codes
- Geographic Area Statistics for 2 to 8 digit NAICS codes
- Product Statistics
- Establishment and Firm Size Statistics
- Miscellaneous Statistics
- Comparative and Bridge Statistics
- Island Area Statistics
Is the 2022 Economic Census required by law?
Reporting your economic data to the Census Bureau is required by law and has specific penalties for businesses who do not report to the Bureau. The request for information is legal under Title 13, United States Code (U.S.C.), (sections 131, 224, 225). The 2022 Economic Census is a questionnaire that is sent to every business in the United States and expected to be returned to the Census Bureau directly after its received.
Your business information will remain confidential. By law the data collected from businesses is to remain within the confidentiality of the Census Bureau. Information will not be shared or sold to any purchaser of said information. You are expected and encouraged to fill out your questionnaire completely and honestly, not leaving any piece of information out. The 2022 Economic Census is the basis for many of the Government’s departmental decisions. It is how the Government can prepare to stimulate the economy by granting sole source contracts to socio-economically certified businesses.
There is a possibility your business will not need to report your data. The Bureau only sends questionnaires to approximately half the businesses in the United States. There are over 8 million businesses represented in the 2022 Economic Census. To reduce the impact on the Bureau, administrative records are used as opposed to the business directly reporting their own data.
What is the importance of the 2022 Economic Census?
The census will be the foundation for many key measures of our national performance. It measures industry statistics, not only on a national level, but also State and local levels. Data collected is used in decision-making for Government Contracting Programs. Researchers use the data as well for economic development and strategic planning. Various state and Federal agencies utilize the data to make informed business decisions.
The data released in the 2022 Economic Census will include Sales, Values of Shipments or Revenue; Total Number of Establishments; Total Number of Employees; Primary Business or Activity and Payroll. It’s collected from over 950 industries across 19 industrial sectors defined by NAICS. It is also reported from over 21k geographic areas of the United States including the islands.
What impact will it have on small businesses?
The 2022 Economic Census can have a big impact on Government Contracting Programs. For WOSB certification, VOSB/SDVOSB certification, 8(a)/Minority certification and HUBZone certification, there could be eligibility requirement changes based on economic development decisions made. The good thing is this census will not affect businesses until the data is released to the public and the Government begins to make changes. No one that currently holds a certification will be subject to any immediate changes. The application process remains the same by SBA standards.
How can Select GCR help your business?
Select GCR takes pride in staying on top of all the latest developments in Government contracting. Our processing team has helped thousands of businesses gain their socio-economic certification. Their approval rating is over 98% acceptance on the first submission. Keeping up with the Government is a full-time job. Don’t waste your time trying to figure out the certification process. Let us help get you through the process quickly and efficiently.
Our Government Procurement Advisors are experts in marketing to Government contacts and obtaining contract awards for their clients. Collectively, we have helped gain over 700 million in Government contracts. Your business could be a part of that by hiring Select GCR to properly market your business using our proven effective marketing strategies. Get your business positioned as a viable option and get out in front of the people who are looking for you but don’t know you exist. We can help you get you noticed and sought after for request for proposals. You’ll become a household name and the go-to business for Government contracting agents.