Adding to the list of needs at the industry and regional levels is the fact that the national studies have not been updated in more than ten years. The expanded interest in measuring the economic value of the ocean has now extended beyond the measures inherent in the national income accounting framework. For these reasons, it is desirable now to build on previous studies to create updated economic accounts for the ocean and to significantly expand our understanding of these values. Our approach begins with the assumption that the coast and ocean values to be calculated are for the coastal zone and for the segment of the ocean lying within national boundaries. This incorporates the U.S. Coastal Zone definition of coastal counties, and the Exclusive Economic Zone adjacent to the 50 states.
Economic value is a multi-dimensional concept with several different measures.
To account for these different economic measures, this study will include a set of core accounts that are derived from federal census tracts, Bureau of Economic Analysis data, and sectoral data from industries. The extended accounts include data on regional economic interactions, natural resource values, and environmental amenities. These extensions will enhance the core accounts by providing additional information and complementary concepts, and will expand the coverage of costs and benefits of human activities. The core accounts and regional accounts capture market values, while the resource values and environmental amenities represent non-market use values. Those derived primarily from the National Income and Product Accounts and the source data sets for these accounts used to measure Gross Domestic Product.