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Working to Strengthen Economic Relationship, Secretary Pritzker Concludes Commercial Diplomacy Trip to Pakistan

U.S.-Pakistan Economic Partnership Week

U.S. Secretary of Commerce Penny Pritzker visited Islamabad, Pakistan this week as part of the Administration’s efforts to boost bilateral trade and investment with Pakistan and strengthen the partnership between our governments and people.

As part of her first official visit to the country, Secretary Pritzker joined Pakistani Prime Minister Nawaz Sharif to launch the first-ever U.S.-Pakistan Economic Partnership Week, a bilateral initiative intended to highlight the potential for growing the relationship between the United States and Pakistan. She thanked senior government officials for their dedication to improving the partnership and acknowledged that the economic relationship between the two countries has, over the years, buttressed the overall relationship and is still growing.

U.S.-Pakistan Economic Partnership Week included the third U.S.-Pakistan Business Opportunities Conference, an event intended to engage the private sector from both the United States and Pakistan, and strengthen business-to-business ties.

Secretary Pritzker opened the Business Opportunities Conference on Tuesday. Addressing an audience of more than 400 people, many attending from overseas, the Secretary applauded the work being done by the Pakistani and American private sector companies represented. She commended them for engaging with government agencies seeking to improve Pakistan’s business and investment climate and called on them to continue their efforts to expand trade and investment between Pakistan and the United States.

Investing in Manufacturing Communities Partnership: Leveraging Strengths for a Stronger Future

Charles Shoopman, Assistant Vice President, UT Institute for Public Service

Guest blog post by Charles Shoopman, Assistant Vice President, UT Institute for Public Service

On June 23, 2014 I received a letter officially designating the 69-county, four-state DRIVE! for the Future region as one of the nation’s first 12 Investing in Manufacturing Communities Partnership (IMCP) communities. Serving as the primary contact person for a public-private partnership effort involving more than 15 organizations, I could hardly wait to send copies of the letter to my colleagues.  After all, we had invested hour after hour in crafting consensus around a shared work agenda and at least grudging acceptance of a narrative describing that agenda in the context of a 35-page proposal (plus appendices!) that was due in Washington, D.C. by April 14, 2014.

Receiving notification of the designation was exciting, but was simply the beginning of a non-stop effort to actually deploy the ideas we had so painstakingly assembled during the January – April proposal development period. In short, receiving the designation didn’t complete anything; we simply were given an opportunity to go do what it was we wrote we wanted to do!

Granted, after investing the energy and effort to develop the partnerships, shared vision, defined work agenda, performance metrics, and a governance structure our partners could agree with, we much preferred to have the IMCP designation. However, our partnership noted that working together to build the proposal we had developed a fact-based plan that needed to be deployed within our region, whether or not we secured the designation as an IMCP community. So, at a minimum, the IMCP solicitation process had motivated us to assemble our team, affirm our shared interests and aims, and develop a written plan to actually accomplish a work agenda that will help citizens throughout our community improve their quality of life and build a more sustainable future.

Since receiving our designation we’ve been able to meet colleagues from across the nation who also are actively working to grow their economies and who are willing to share ideas and lessons learned. We’ve been introduced to federal leaders who’ve become our BFFs in helping us navigate the federal assistance infrastructure, introducing us to potential new allies and funding partners, and serving as our advocates within the federal government in sharing our needs, frustrations and successes. We have launched our efforts to build stronger working partnerships throughout our DRIVE! region that help us more effectively leverage our existing assets while positioning our firms, communities and workers for an even brighter future.  We are proud to be part of a national effort that is actively working each day to help the federal government find innovative ways to more effectively accomplish its work by partnering across agency boundaries, leveraging the strengths of local communities to Invest in Manufacturing Communities Partnerships that get results.

The deadline for round 2 applications is April 1. For more information on how to apply visit: http://www.gpo.gov/fdsys/pkg/FR-2015-01-29/pdf/2015-01763.pdf.

BEA’s Statistics on How Industries Perform Each Quarter Provide Insight into U.S.’ Economic Recovery

BEA’s Statistics on How Industries Perform Each Quarter Provide Insight into U.S.’ Economic Recovery

Thanks to a new set of BEA data, you can now find out how the economic recovery that began in the summer of 2009 is affecting America’s industries each quarter.

Last spring, BEA for the first time began producing on a regular basis quarterly statistics that provide information on the amount of economic activity generated by individual industries, making it easy to spot when and how fast these industries began to recover.

Before these new data were made available last April, the Bureau of Economic Analysis reported on industries’ economic performance only on an annual basis. The quarterly statistics serve as a barometer for potential turning points in the U.S. economy and give businesses and policymakers more timely detail on how different industries are contributing to the U.S. economy’s recovery.

BEA’s quarterly industry breakdown of economic activity shows that manufacturers of durable goods – like cars and washing machines – entered into a recovery in the third quarter of 2009 – the same quarter the overall economy did.  In addition, durable goods manufacturers surpassed their pre-recession high in terms of economic output in the fourth quarter of 2011. On the other hand, the construction industry has yet to get back to its pre-recession peak.  

The timing of recoveries for other industries differs. The information sector, which includes broadcasting and telecommunications, climbed back to its previous peak in the third quarter of 2010. Mining (which includes oil and gas extraction) surpassed its previous peak in the third quarter of 2012.

BEA’s most recent quarterly industry report, shows that the finance and insurance industries grew  21.2 percent in the third quarter of 2014, after increasing 6 percent in the second quarter. Mining rose 25.6 percent, after rising 11.5 percent.  And, real estate and rental and leasing increased 4.4 percent, after growing 0.9 percent.

These quarterly industry-by-industry statistics are just one way that BEA is innovating to better measure the 21st Century economy.  Last year, BEA also introduced real (inflation-adjusted) estimates of personal income for states and metropolitan areas.  This year, BEA will begin regular production of quarterly statistics on how state economies are faring as well as new annual statistics on how much consumers spend – and what they buy -- in each state. Providing businesses and individuals with new data tools like these is a priority of the Commerce Department’s “Open for Business Agenda.”

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