A formal procedure for generating regional product accounts for U.S. regions

Abstract This paper first presents a discussion of the role that regional product accounts can play in assessing regional economic performance, and provides empirical examples of regional product tables as well as a two-industry regional accounting framework for the Columbus, Ohio, Metropolitan Statistical Area. A formal procedure for generating prototype regional accounts from the U.S. national commodity-industry accounts is then presented. The method is designed to be replicable, using only standard secondary data available for most states and metropolitan areas. The philosophy underlying the method is one of maximizing the information content of the final table by using data at their most disaggregated levels. Finally, we stress the importance of modifying the prototype model using superior, primary data as resources allow.