BEA to Release First Official GDP Estimates

The size of every county’s economy with industry detail will be officially released for the first time by the U.S. Bureau of Economic Analysis on Dec. 12.

BEA will estimate annual gross domestic product, or GDP, for the years 2001 through 2018 for more than 3,000 counties. The data will include contributions to GDP by 34 industries, such as manufacturing, retail trade, and health and social assistance.

Measuring GDP at the county level is a milestone in BEA’s efforts to better capture how economic activity is distributed across the nation. This new information, in high demand by data users, will complement the county personal income statistics BEA has produced since 1975.

GDP for counties and metropolitan statistical areas will be published together at 8:30 a.m. on Dec. 12 in a new joint release called Local Area Gross Domestic Product, 2018. It replaces the Gross Domestic Product by Metropolitan Area release of previous years.

BEA will continue to publish annual county and metro GDP statistics each December. In addition to industry contributions to GDP, the data will include current-dollar GDP; inflation-adjusted or real GDP; percent change from the preceding year; and quantity indexes.

The county statistics can be used for comparisons to other counties, metropolitan areas, state economies, or the nation overall.

They can answer questions such as:

  • What is the size of a county’s economy?
  • Is its economy growing or declining?
  • In which industries does the county specialize?
  • What industries are driving its growth?
  • What has been the county’s economic growth trend over time?

Business owners, county officials, and policymakers at all levels of government can use these statistics to make better-informed decisions about investments, economic development, or economic policies.

High-quality, consistently defined time series data for counties across the United States will aid research into topics such as the distribution of national economic output, local economic dynamics, and the effectiveness of economic development strategies.

Like county personal income data, the new GDP statistics will cover 3,113 areas, including county equivalents such as Louisiana’s parishes and Alaska’s boroughs, the District of Columbia, and the independent cities in Maryland, Missouri, Nevada, and Virginia. Kalawao County, Hawaii, and the smaller independent cities of Virginia are combined with adjacent counties.

GDP statistics are based on the place of production, such as the county where an office or factory is located, regardless of where the workers live. This differs from BEA’s personal income statistics, which measure the incomes of all people residing in a county, no matter where they work.

For example, a person who works in Los Angeles and commutes home to Riverside County, Calif., contributes to Los Angeles County’s GDP but Riverside County’s personal income data.

BEA released prototype county GDP data last December and sought evaluation and feedback from data users. The responses and further research led BEA to refine its methodology and add significant industry detail to the coming official release.

Upcoming Domestic and International Trade Events

Event: WEFTEC 2019 
Date: September 21-25, 2019 
Location: Chicago, IL 
Description: WEFTEC is the largest conference of its kind in North America and offers water quality professionals from around the world with the best water quality education and training available today. The U.S. Commercial Service will be offering B2B matchmaking and Showtime market counseling services. 

Event: Expo Agua Peru
Date: October 16-18, 2019
Location: Lima, Peru
Description: This is the main water expo of Peru, where the latest technological innovations and integral solutions for the sustainable and productive management of water are presented. The event brings together leading companies in their fields, international experts, decision makers and a broad segment of end-users coming from the water sector and related sectors (agriculture, mining and industry); who share their experiences and solutions to the problems and challenges that face Peru and the Andean region regarding the integral water management. The U.S. Commercial Service will have a booth space and offer matchmaking and promotional opportunities for interested U.S. firms.  

Event: IFAT India
Date: October 16-18, 2019
Location: Bombay Exhibition Center, India
Description: IFAT India is the country’s leading trade fair for water, sewage, solid waste, and recycling. The trade fair provides a platform for exhibitors to showcase their latest innovations and solutions, debate current issues and form business relationships on a global scale. 

Event: WETEX
Date: October 22-24, 2019
Location: Dubai, UAE

Event: InterAqua
Date: January 29-31, 2020
Location: Tokyo, Japan

Event: Envirotech Executive Service (EES) Mission – Water Delegation to India
Location: New Delhi, Ahmedabad & Chennai with optional spin-off Gold Key Service in Mumbai or Hyderabad
Date: February 9-15, 2020 (spin-off on February 17, 2020)
Description: Water/wastewater is one of the most promising sub-sectors of the environment technologies industry in India for U.S. exporters.  The EES Mission to India will introduce potential delegates to the Indian water/wastewater markets in these three cities; help participants learn about relevant policies, procedures and opportunities in India’s water industry; and take part in business to business matchmaking appointments with private sector organizations and government agencies.  In addition, the delegates will have an opportunity to visit/participate in the Water Expo 2020, a local trade show that takes place from February 13-15, 2020 in Chennai. 

Event: Water Today’s Water Expo 
Location: Chennai, India
Date: February 13-15, 2020

Event: IFAT
Date: May 5-9, 2020 
Location: Munich, Germany 
Description: IFAT is the World’s Leading Trade Fair for Water, Sewage, Waste and Raw Materials Management. This truly international show offered over 3,300 exhibitors the opportunity to present their latest innovations in waste management and recycling to more than 142,000 visitors from 162 countries!

Event: Singapore International Water Week
Date: July 5-9, 2020
Location: Singapore
Description: There will be a U.S. pavilion and support for participating U.S. exhibitors from the U.S. Commercial Service in Singapore.  

Event: USA Fair Access Nigeria
Date: March 31-April 2, 2020
Location: Lagos, Nigeria
Description: The USA Fair 2020 in Lagos, Nigeria will present American manufacturers, suppliers and service providers with product showcase opportunities in the largest and most dynamic market on the African continent! Save the date now and register by November 30, 2019 to get the early bird rate. 

U.S. Economy Adds Another 224,000 New Jobs in June As Wage Increases Remain Strong

The White House issued a press release said, The United States economy continues to flourish, according to the June Employment Situation Report released today by the Bureau of Labor Statistics (BLS). Total nonfarm payroll employment in June rose by 224,000 jobs, far exceeding market expectations (162,000). With July marking the longest economic expansion on record, it is a testament to the strength of the Administration’s economic policies that the economy continues to generate monthly job gains of this magnitude.

Including revisions for the months of April and May, the average pace of job growth has been a vigorous 192,000 jobs per month over the past year. In total, the economy has added more than 6 million jobs since President Donald J. Trump was elected. The June jobs report also reflects a rebound in job growth, suggesting that May’s revised outcome (+72K) was not a trend (see figure).

The education and health services industry, which added 61,000 jobs, experienced the largest job growth in June. Manufacturing jobs increased as well, gaining 17,000 jobs last month. Since the President’s election, the manufacturing industry has added more than 500,000 jobs.

The June report indicates that robust jobs growth is coupled with consistently strong wage growth. Nominal average hourly earnings rose by 3.1 percent over the past 12 months, marking the 11th straight month that that year-over-year wage gains were at or above 3 percent. Prior to 2018, nominal average hourly wage gains had not reached 3 percent since April 2009.

There is evidence that real wages are also growing when taking inflation into account. Based on the most recent Personal Consumption Expenditures (PCE) price index data from May, inflation in the past year was 1.5 percent, and based on the most recent Consumer Price Index (CPI-U) price data from May, inflation in the past year was 1.8 percent. (June inflation data is not yet available for either series.)

A separate household survey released by BLS shows that the unemployment rate ticked up to 3.7 percent in June—a change that is not significant—making June the 16th consecutive month at or below 4 percent. The Asian-American unemployment rate dropped to 2.1 percent, its lowest rate since at least 2003 when the current series began. The African-American unemployment rate ticked down by 0.2 percentage point to 6.0 percent, just above the May 2018 series low of 5.9 percent. (Consistent measurement began in 1972.)

There was also good news on the labor force participation rate—which includes people who are working and those looking for work—edged up by 0.1 percentage point to 62.9 percent and is 0.2 percentage point above the rate when the President was elected in November 2016. The labor force participation rate for prime-age adults (ages 25-54) which largely avoids the demographic effects of the aging population increased by 0.1 percentage point to at 82.2 percent—0.8 percentage points above its rate in November 2016 when the President was elected.

A prosperous economy stimulated by pro-worker policies is pulling workers off the sidelines. Despite the continued low unemployment rates over the past year, some workers may still be on the sidelines, a situation economists refer to as “labor slack.” Because labor market slack still exists, employment can continue to rise and the economy can continue to grow as workers reenter the labor force. In the second quarter of 2019, 73.7 percent of workers entering employment came from out of the labor force rather than from unemployment.

The June employment data portray an American economy that is humming along briskly, with a continued low unemployment rate, historic trends in job growth, and rising wages.

Opening Remarks by U.S. Commerce Secretary Wilbur L. Ross at the 2019 SelectUSA Investment Summit

Thank you, Karen, for that kind introduction, and a good morning to all of you. Welcome to the Sixth Annual SelectUSA Investment Summit.

Thank you, everyone, for making the trip to Washington, D.C., to learn about the great investment opportunities throughout the United States.

We appreciate the time you are taking from your busy schedules to investigate opportunities to grow your enterprises here in the most innovative country in the world.

The response to this year’s Summit was so strong that we had to add overflow rooms due to capacity limitations. Even with that, we had to turn down some late responders.

Thank you to the state economic development delegations who are here and to the country delegations in attendance.

We very much appreciate the support of all our embassies in recruiting attendees, and the 120 members of the U.S. diplomatic corps who have traveled with your country delegations to Washington for this event.

And a special thank you to the nearly 1,400 foreign delegates from 78 markets, who are here today. We hope that you have a productive next two days.

We are also thrilled that four Cabinet Secretaries, and Larry Kudlow, Director of the White House National Economic Council, will be addressing the conference; as will Ivanka Trump, who will be with us tomorrow.

It’s a clear demonstration of the commitment of the entire U.S. government to embracing and encouraging your investments in the United States.

We also have eight Governors attending:

The Governor of Indiana, Eric Holcomb;
Governor Matt Bevin, from Kentucky;
Governor of Maryland, Larry Hogan;
Mississippi Governor, Phil Bryant;
The Governor of Oklahoma, Kevin Stitt;
Mike DeWine, the Governor of Ohio;
Puerto Rico Governor, Ricardo Rossello;
and the Governor of Michigan, Gretchen Whitmer.

All of them are interested in hosting you in their states.

This is my third Investment Summit. I look forward to it every year. It is an exciting three days.
Please use this event as a springboard to visit the states to learn just how committed they are to working with you to develop new business opportunities.

Nowhere else but in the United States will you find such an advantageous mixture of innovation, entrepreneurship, diversity, a dedication to hard work, and an incredibly high quality of life.

Our unique, dynamic population of 328 million provides companies with direct links to every global market.

Opening operations in the United States provides your company with access to the wealthiest and most discerning consumers in the world. Being close to American customers drives the digitization of your operations and your products, making them more appealing everywhere in the world you sell them.

The SelectUSA Investment Summit is the largest annual economic development conference in the United States. The companies and economic development officials in attendance make connections and help create the successes that come from the event.

Past attendees have announced almost $104 billion in new investment projects within five years of attending the Investment Summit.

Those projects support more than 167,000 American jobs.

That tells me a few things:

First, that the executives who attend this event are ready to grow and renew their companies.
Second, that companies know that investing in the United States will help assure their long-term competitive viability, not only in the United States, but also in their home countries.

Foreign firms who have invested in the United States know that if they are successful here, they will be successful anywhere else in the world.

And, third, the Summit provides our economic development leaders from the states and territories with a unique opportunity to work with your company and, perchance, to close a deal.

Year after year, this Summit brings the right people together in one place to meet and develop life-changing partnerships, and life-long friendships.

It is important for you to know that America is, and always will be, open for business.

We are a society that welcomes new companies from abroad, in ways that most foreigners find surprising, and refreshing.

We are a society that embraces free-market capitalism as an economic model that fosters optimism, and opportunity for all. More than 7 million Americans are gainfully working for foreign-owned firms in the United States.

Any company that has opened a facility in the United States knows just how hard Americans work.
They are dedicated to learning and using the latest technologies to grow existing businesses, and to help start new ones.

The United States welcomes foreign companies of all sizes, and in a wide range of industries.
French sporting goods retailer “Decathlon” attended last year’s Investment Summit and recently opened its first outlet in Emeryville, California.

The company said the SelectUSA Investment Summit provided it with the legal, regulatory, and economic understanding it needed to succeed.

While at the Summit, the French company also connected with officials from the California economic development community. These officials continue to support the company and its indigenous growth.

In just a year, Decathalon added 97 workers in California, and has access to the incredibly powerful consumer base on the West Coast.

On the larger side of the size spectrum, South Korean energy storage company SK Innovation attended SelectUSA Investment Summits in 2013 and 2018.

Just three months ago, I had the honor of attending the groundbreaking of SK’s $1.7 billion electric-battery facility in Commerce, Georgia.

I was joined by SK Innovation CEO and President Jun Kim; Executive Vice Chairman, Jae-won Chey; Georgia Governor Brian Kemp; and leaders from across Georgia to celebrate the company’s investment in Georgia.

Taiwan’s Lung-Soon Ocean Group is creating 50 jobs in Astoria, Oregon, in a $10 million pet food processing plant that will open next year.

Canada’s New Flyer opened a new $30 million, 300,000-square-foot bus manufacturing facility in Shepherdsville, Kentucky, and will hire 350 workers.

The company from Pakistan, Midwest Fertilizer, is opening a $2.4 billion fertilizer plant in Indianapolis next year.

Finally, South Korea-based LOTTE Chemical USA entered a joint venture with Texas-based Westlake Chemical Corporation for a $3.1 billion ethane cracker complex in Lake Charles, Louisiana.

The facility will employ 250 people directly, and support 2,000 indirect jobs in the area.
The United States welcomes all of these companies with open arms, just as it has welcomed thousands of other foreign-owned companies that have committed more than $4 trillion in FDI in the United States.

The United States is the world’s biggest destination for FDI.

And there are good reasons why.

We have reduced the corporate tax rate; provided 100 percent of capex; and created Opportunity Zones — all to substantially improve the competitiveness of U.S.-based producers.

We are eliminating senseless regulations that hinder your investment in new plants and equipment.

We are defending American producers from foreign nations that dump government-subsidized products into the U.S. and global markets, or that have refused to play by the global rules of trade.
We will protect your most strategic asset: your intellectual property. We will staunchly defend your business from nations that are selling fakes and counterfeits.

And we are training a new generation of skilled workers.

Ivanka Trump will describe our new worker and training programs later in the summit.

These pro-business and workforce policies are paying off.

America continues to astound the world with its economic growth rates.

At 3.6 percent, our unemployment rate is lower than it has been in decades, and incomes are finally on the rise.

The United States remains a land of opportunity.

For the seventh straight year, global CEOs ranked the U.S. at the top of A.T. Kearney’s FDI Confidence Index.

This is due in large part to our openness to new ideas, and to investment from companies like yours.

Taking advantage of everything available to you at this Investment Summit will positively change both the course of your business, and your own personal life trajectory.

The networking and match-making sessions will give you the chance to reach new partners, and to meet people who are here for only one reason: To help you succeed.

Our plenary discussions and breakouts provide you with the viewpoints of government officials and the world’s top business leaders who have successfully navigated the path to growth in the United States.

I wish you all the best of success this week in making contacts and working together.Please, take time to visit all of the booths in the exhibition hall. Each has something unique to offer.

The representatives here from the states and territories are looking forward to working with you.
Thank you and welcome again to this exciting event.

Ivanka Trump and Larry Kudlow to Provide Keynote Remarks at 2019 SelectUSA Investment Summit

WASHINGTON – Advisor to the President Ivanka Trump and National Economic Council Director Larry Kudlow will deliver keynote remarks at the SelectUSA Investment Summit on June 11-12, the U.S. Department of Commerce announced today. The Investment Summit, hosted by Secretary of Commerce Wilbur Ross, is the premier Federal event showcasing business investment opportunities available throughout the United States to global leaders.

Kudlow will deliver lunch remarks on June 11. Trump will speak on a workforce development panel on June 12.

“This Administration’s policies are further solidifying the United States as the premier location to do business,” Kudlow said. “The SelectUSA Investment Summit is an excellent platform to tell a global audience that investing in the United States is a critical step to doing business in the modern global economy, and I am excited to be a part of it.”

“While President’s pro-growth policies have attracted the attention of business leaders and entrepreneurs around the world, it’s our incomparable workforce that often seals the deal for new investment projects. I’m proud to join Secretary Ross at this year’s SelectUSA Investment Summit to discuss the unparalleled opportunity to invest in our roaring economy and how we are working to ensure our workforce is equipped with the skills and talents for the jobs of today and tomorrow,” Trump said.

“The SelectUSA Investment Summit is where global business potential meets business opportunity here in the United States,” Secretary Ross said. “We are proud that these White House leaders will be joining this year’s SelectUSA Investment Summit and sharing the message that this is the best place in the world to do business.”

Secretary Ross and Ivanka Trump are co-chairs of the National Council for the American Worker and the American Workforce Policy Advisory Board which seeks to bring more Americans off the sidelines and into the workforce by improving jobs data transparency, skills-based hiring and training, advancing opportunities for lifelong learning, and promoting multiple pathways to family-sustaining careers.

Ross and Trump will also join Investment Summit business attendees as they sign the Pledge to America’s Workers. The Pledge is a commitment to expand programs that educate, train, and reskill American workers from high school to near retirement. Since President Trump signed the Executive Order, more than 200 companies and organizations have signed the Pledge, contributing to over 8.9 million new education and training opportunities for American students and workers over the next five years.

The annual Investment Summit will be held June 10-12 at the Washington Hilton in Washington, D.C. Participants from the previous five Summits have announced more than $103.6 billion in greenfield investment projects in the United States within five years of attending. These projects directly support more than 167,000 U.S. jobs.

Registration is open and already includes more than 2,800 attendees from over 70 international markets and 49 U.S. states and territories. Featured speakers include Secretary of the Treasury Steven Mnuchin, Secretary of Agriculture Sonny Perdue, Secretary of Housing and Urban Development Ben Carson, Secretary of Energy Rick Perry, governors from eight states, and senior executives from companies including Hitachi, Siemens, and Softbank.

The United States is home to more foreign direct investment (FDI) than any other country in the world, with a total stock of more than $4 trillion of investment according to the latest data. FDI supports nearly 14 million American jobs, and is responsible for $370 billion in U.S. goods exports.

2019 Global Entrepreneurship Summits

The Global Entrepreneurship Summit (GES) is the preeminent annual gathering that convenes entrepreneurs, investors, and their supporters globally. An estimated 20,000 emerging leaders have participated in Global Entrepreneurship Summits since 2010. At previous GES summits, governments and the private sector have committed to provide over $1 billion in new capital to entrepreneurs worldwide.

On November 15, 2018, the U.S. and the Netherlands officially launched the upcoming 2019 Global Entrepreneurship Summit, which is scheduled to be held in The Hague, Netherlands on June 4-5, 2019. As previously announced by President Donald J. Trump and Prime Minister Mark Rutte in July, the ninth annual GES will underscore the commitment by both countries to entrepreneurship and innovation. The launch kick-starts the “Road to GES” events, taking place in both the Netherlands and the United States.

The 2019 Global Entrepreneurship Summit will invite the world’s most inspiring entrepreneurs innovating in Agri/Food, Connectivity, Energy, Health, and Water five key investment areas.

Upcoming: USA pavilion at 2019 China  International Fair for Trade in Services

American International Chamber of Commerce (AICC) will host a USA pavilion at 2019 China  International Fair for Trade in Services (CIFTIS) to promote exports and promote American brands, products and services. AICC welcomes U.S. enterprises to participate into the USA pavilion in 2019 CIFTIS.

2019 China  International Fair for Trade in Services (CIFTIS) co-hosted by the Ministry of Commerce and the People’s Government of Beijing Municipality, has been successfully held for five years, becoming a leading exhibition of trade and services in China and the largest comprehensive fair for trade in services in the world. 2019 CIFTIS  will be held in Beijing from May 28 to June 1 in the theme of “Opening-up, Innovation, Intelligence and Integration”.

This year’s CIFTIS has 5 major features:

Highlight expansion of opening-up in service industry and trade in services, and contribute to building a new pattern of comprehensive opening-up. Implement China’s strategy of expanding opening-up, display the 68 achievements made during the first two batches of Beijing’s expansion of opening-up in service industry and China’s opening-up measures such as free trade pilot zone, promote Beijing’s new round of pilot policies for expansion of opening-up in service industry, standards of trade in services, rule-making and system construction, advance further opening-up and cooperation in global trade in services and contribute to building a community of shared future for mankind.

Stress internationalization and deepen the “Belt and Road” international cooperation on trade in services. Invite countries along the “Belt and Road”, top 30 countries and regions of trade in services, 14 countries that signed trade in services agreements with China, international trade associations and well-known enterprises in service industry and trade in services to participate in the fair.

Stress innovation-driven, intelligent development, integration and improvement, and lead the innovation and development of service industry and trade in services. Actively implement the innovation-driven development strategy, exhibit new models, businesses, and services that new technologies such as artificial intelligence and 5G are applied in service field; Promote innovation achievements in intelligent manufacturing, healthcare, and life, the digitization and intelligence of service industry and trade in services; Facilitate the integrated development between service industries including modern service industry and advanced manufacturing, culture and tourism, and that between trade in services and service consumption.

Emphasize negotiation trade, and enable participating enterprises to achieve practical cooperation. This year’s CIFTIS, with serving customers as the fundamental goal and facilitating negotiation trade as the core, collects demands for project trade and carries out trade matching in advance; Push ahead negotiation and cooperation with more than 100 promotion and negotiation activities.

Make a new exhibition layout, magnify CIFTIS’ role as a platform. This year’s CIFTIS uses the form of “one main venue assisted by multiple others” for the first time, which is to set up the main venue at China National Convention Center and the neighboring Beijing International Convention Center & the Olympic Celebration Square, other venues at Wangfujing Business Street, Financial Street, Central Business District, Sub-center, Huilonguan and Tiantongyuan areas, etc.As a state-level, international and comprehensive trading platform for trade in services, CIFTIS is important in serving national politics, economy, diplomacy, reform and opening up, development, and achieving the expansion of opening-up in China’s service industry and the high-quality development of trade in services.

The AICC team welcome your participation!

Contact:

Mr. Jason Quin
American International Chamber of Commerce
355 S. Grand Ave., Suite 2450
Los Angeles, CA 90071
Email: jasonquin@aiccus.org

Ms. Wendy Liu
AICC Beijing Office
9 Jianwai Street, DRC 7-3-43
Chaoyang, Beijing, 100600
Email: beijing@aiccus.org

Apply Now!

Link:

CIFTIS website