Why can’t I find a specific industry for my state or province?
Industries with a very low density of businesses are left out of government-conducted industry surveys. Since we use these government surveys as the baseline data inputs, we can’t include certain industries.
If you can’t find a specific industry for your state or province, we suggest using a discreet company analysis to gain a better understanding of an industry in a given location. We recommend doing this rather than an industry analysis because industry analysis trends may be indicative of company decisions, rather than industry performance. We also suggest using comparable locations by geographic location, demographics or other industry characteristics as a benchmark for missing industries.
Why do some counties not have data?
Some counties don’t have data if they have very few reported businesses in an industry or no businesses at all. We use government surveys as a baseline for county data, and government surveys typically don’t report on data in these counties to protect the confidentiality of the few businesses that operate in them.
We suggest using comparable counties, either by geographic closeness, demographics and/or other local characteristics as a benchmark for missing county data.
In addition, some counties don’t have data because government surveys don’t provide data on certain sectors such as agriculture (including forestry, fishing and hunting), mining, utilities and construction.
Where does the state- and county-level industry data come from?
We source state- and county-level industry data from a variety of US Commerce Department surveys. The Economic Census acts as the base reference point. We then supplement with County Business Patterns and Statistics of US Businesses. We combine this data with our proprietary industry data to produce a hierarchically reconciled set of statistics.
Where does the provincial industry data come from?
We source provincial industry data primarily from Statistics Canada, Canada’s national statistics agency. This data is derived from specific reporting tables generated from Statistic Canada’s survey. We combine this data with our proprietary industry data to produce a hierarchically reconciled set of statistics.
How many State industries are covered by IBISWorld?
We cover 500+ industries for each US state.
The specific industries covered depend on the economic makeup of the locality and whether an industry is heavily represented in that state. We tend to see the most variance in location-dependent sectors, such as agriculture or utilities. For example, you can find service-based industries, such as dry cleaners or gas stations, in nearly every state, whereas oil and gas services or mining operations are only represented in the states where those industries have a heavy presence.
How many Provincial industries are covered by IBISWorld?
There are over 150+ reports for each Canadian province. We also cover all three territories with over 100 reports per territory.
The specific industries covered depend on the economic makeup of the locality and whether an industry is heavily represented in that province.
How frequently are State and Provincial Industry Reports updated?
We update the state and provincial industry data for all industries at the same time quarterly.
You may see discrepancies between state/provincial and national industry data because we update industries’ national data 1-4 times per year independently, depending on the industry’s volatility. The different update schedules mean the State/Province data updates can lag behind the national data. Any discrepancies will be accounted for during the next state and provincial data update.
We encourage users to focus on the general trend and breakdown of state and provincial data, which is not affected by the occasional nuances in data caused by our current update schedules.
What is the methodology behind “Factors Impacting a State’s Economy” within the State Economic Profile?
Our analysts use various sources to provide value-added analysis on 4 core economic factors and 2 state-dependent factors. The standard factors include housing affordability, domestic migration, business climate tax index and fiscal stability. The state-dependent factors also vary, but common examples include sector reliance, new business formation, new job growth, educational attainment, labor productivity and disaster susceptibility.
Analysts choose positive and negative indicators based on a given factor’s performance. The scoring bucket is determined by the metric’s level relative to that metric across all states or provinces. The exact method is dependent on the type of factor and the distribution of the data.
What data sources are used for the Economic Profiles?
We compile the Economic Profiles using a variety of sources, with core sources including the US Bureau of Economic Analysis (BEA), American Community Survey, Population Census and Statistics Canada.
For additional questions regarding US State and Canada Provincial Reports, please contact your Client Relationship Manager. If you don’t have an IBISWorld account, please contact us to learn more about our membership options.