CVSuite updates data throughout the year as new data becomes available from our data providers. We retroactively update all data years on the site with more accurate data so that year-over-year trends are comparable. It is important to distinguish the difference between a data version and a data year. Each update corresponds to a data version that allows us to track changes to the data between updates. Our data updates are assigned a data version number (i.e. 2018.3) that corresponds with Emsi’s data versions. A “data year” in the CVSuite refers to the actual year that the data represent. For example, 2012 occupation figures reflect jobs in 2012. During an update, we will make changes the current data year and all data years prior in order provide you with the most accurate information. Economic data is not static and there are often changes to the data many years after the represented year as new information is reported to the federal government.
Biannual Updates of CVSuite Data
The Creative Vitality Suite schedules two data updates per year during the Spring and Fall. Each data source within the CVSuite is delivered to us at different frequencies throughout the year, some are on quarterly schedules and others are annual. After we have compiled and cleaned the data, we release the data in an official update twice a year. The Fall data release is when we add a new calendar year to the CVSuite tool. Each data update has a data version associated with it that corresponds with and Emsi data version. Some clients who have access to Emsi data through other means such as an economic development office can use CVSuite’s data version to align CVSuite with Emsi’s online tools.
Quarterly Updates of EMSI Data
Our data partner, Emsi, update their data sets quarterly. Emsi makes updates when the data sets they use are updated with new, previously unavailable information. This means that, periodically, the data in the CVSuite will change–sometimes going up, sometimes going down. But this also means that that the CVSuite always contains the most current and accurate labor market data available.
Annual Updates from the IRS
The Internal Revenue Service publishes nonprofit financial data annually. CVSuite releases this data during the Fall data update coinciding with a new data year.