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[MUSIC]
Today, we have over 1,700 stores in 49 states
and we employ over 300,000 people.
Economic Census is really important to Target.
We use it in two ways.
One, to measure our market share in metropolitan areas in states
across the country, and secondly,
we use it to watch how consumers are spending.
We rely heavily on the economic information such as jobs
and the workforce statistics to be able
to plan our business cycles
and help us understand what the consumers are going
through to be able to plan our sales projections
for the following year.
No one else but the Census Bureau has the resources
and ability to collect the information
at this level of accuracy.
The way my company uses Census data, given that,
why I am a minority certified company,
is that we are very cognizant and aware of what has happened
with the latest Census numbers with the emergence
of the Latino community becomes very important to understand
that the landscape both from a social economic perspective
as well as a business landscape perspective is changing
and is changing rapidly.
And I think it is incumbent upon business owners like myself
as well as my fellow business owners around the country
to recognize that Census data can really serve as a strong,
strategic planning tool to forge the future of your business.
When I'm updating my business plan, most of the information
that we gather is from the Census Bureau's website.
We also, of course, use associations
like the Day Spa Association, our Chamber,
the local news sites, things like that,
but mainly it all comes from the Census Bureau.
The Economic Census gives me the data that allows me
to remain competitive in my industry.
One of the reasons my business has been
so successful is simply just from planning and forecasting.
And the Census Bureau allows me the information to do just that.
When we look at Economic Census data, I'm generally looking
at industries that are specific to my industry,
industries that are similar.
So I would look at gross revenue of other industries,
other child care centers in the area
of where my center is located.
I compare my business to other businesses in the industry
as a measure of competitiveness and quality when I'm looking
at things like the size of my business compared
to others in the industry.
I also look at the number
of employees they have as compared to mine.
Homebuilding is a very competitive industry.
There are a lot of home-builders out there that are competing
with each other every day.
So a better understanding of what their competition looks
like gives that entrepreneur a much better step-up
in understanding how to conduct their business,
what to do to change - to do better
and what other people are doing
so they have some examples to go by.
From the Economic Censuses we rely upon the sizes
of the industry, the sizes of the individual companies,
where they're located so we get a better idea
of the geographic distribution of home building
and how do your individual companies compare
to the larger companies in the country
and in your particular specialty.
We need to have benchmark data to measure against
and Economic Census is taken once every five years,
but the five year data measurement is the most accurate
reflection of the current housing market standing,
in the country.
So it's critical to have the Economic Census measurements
to help us understand what's happening to the level
of competition in the marketplace.
What will be the level of service that can be provided
to the local community in terms of the business?
Who can serve the population who want
to buy a home, want to sell a home?
So it's critical to understand these types of data movements.
The availability of the five year Economic Census,
now with a host of that information available online,
it does allow an individual restaurant operator
to determine, for example, if they want
to expand their operation.
What are the market conditions?
What are the demographic parameters in that area?
And in terms of determining a competitive set and bringing it
down to the zip-code level, there really is a whole host
of information that the typical restaurant operator can use
and leverage to ensure that when they make that business decision
to expand that they are actually doing it based upon the best
available market information.
It really is a unique source
that does not exist anywhere else.
The Census data, indeed, is as descriptive
of the real situation as we have out there and so
when a community really wants to understand "Well,
how many households do we have making less
than $25,000 a year?"
This is a question that has lots of different implications.
There's really only one place to go to get
that kind of information.
I use data services that are based on --
that either draw directly from government data
or draw their own conclusions from the government data.
No way you could do any economic analysis
without government data -- it's key.
The economic data that we have, without it,
we're completely in the dark.
And markets can't function in the dark.
We've already seen the role that uncertainty has played
in suppressing growth.
So, the more clarity we have, the more information we have
about the economy and all the levels of which it's evolving,
how it's changing, what's happening, benchmark revisions,
changes to the structure of the economy.
This is critical in everything from forecasting the economy,
on a very broad level, but, more importantly,
in understanding the economy from a strategic level
for any business out there.
I think when someone comes to us, they always come to us
with a research question.
And, we're economists by trade,
we have our little economist toolbox.
And one of the tools that we have
in our toolbox is obviously census data.
We combine census data with data from the Bureau
of Labor Statistics or data from the Bureau of Economic Analysis
and really try to bring all those sources together
to give community's profiles or businesses or industries -
profiles and so they can more readily identify the
opportunities -- where our comparative advantages might be,
and where we should invest in the future.
It's several things.
We look at markets.
We look at trends and we're doing forecasts.
So, the breadth of the Census data whether it'd be retail
sales or the Economic Census or a Census of Housing,
a Census of Manufacturing; all of that is
in my-- is in my swing zone.
Why a business decides to work in one area and locate
in one area where the workers are educated in a certain way,
where they can get access to certain things.
They don't have that information without much
of the Census information that supports it, that supports a lot
of other economic research that cities and municipalities
and states use in order attracting and making decisions
about how to make business more friendly in that state.
We may have a company from Sweden that wants
to enter the U.S. economy.
We're trying to tell them, "If you're going to enter the U.S.,
if you're going to make an investment in the U.S.,
we want you to make the investment in Houston."
So, one of the things my organization does is we'll make
the case for Houston; we'll try
to show them the strength of the economy.
Try to show them the demographics.
We'll try to show them the amount of construction going on.
And we get that sort of stuff
from the Census Bureau's website.
We're only as good as our tools
and the economist's tools are our statistics.
And if we don't have quality statistics,
if we have unreliable statistics,
we can't do our jobs, we can't inform business,
we can't inform policy.
It's really our job to translate those statistics
into actionable items for decisions.
Every five year Economic Census is critically important to us,
as we look to see where we've been, and where we are going,
as we keep in touch with our strategic plan's goals,
and look at how we are delivering individually.
The data will tell us how we are changing as a community
and will give our municipalities, both large
and small, timely information that is essential
for decision-making purposes.
It also gives our businesses a chance
to see what industries are most popular,
which are most showing economic growth.
It gives the government a chance also
to look towards economic development.
It helps us plan.
It helps us recruit.
It helps us market.
And it helps our communities take a stock or assessment
of where they actually are.
As the businesses fill out the survey,
I think they can feel extremely comfortable
as they give us their information with respect
to revenues and their payroll and information.
That they can feel extremely comfortable
that by law it will be held in confidence.
This information is protected.
It's not subject to individual release by companies.
It's really important to folks around the world
because it's a global economy now.
As they make business selections, whether it's to move
or grow or to add to an existing platform in a state,
not just North Carolina, in any state in America.
You've got to have some data to make your decisions
and you want unbiased data.
It's important for policy makers to be able to plan.
It's important for economic development
and recruitment efforts on behalf of our state.
It tells us where some strengths and where some weaknesses are.
You know, the information we get from the Census allows us
to really understand exactly what revenues we will have.
The success of any government is driven by private businesses.
And those businesses based
on their economic activity pay taxes and fees.
And knowing exactly the strength of our businesses will allow me
to determine what type of schools we'll have,
what type of health care system we can provide,
just overall governmental services.
This is important.
Please fill out the forms.
Please send the information back in.
I encourage each and every business to comply with the law
and fill out the forms they receive this October
because it helps their businesses in terms
of how they can grow, but also helps us
in our economic development efforts.
It's good for business.
It's good for small towns.
But the good news is, it's good for America.
[MUSIC]