“Dynamism in Retreat: Consequences for Regions, Markets, and Worker”, a February 2017 report from the Economic Innovation Group provides interesting evidence that the US economy has been loosing its innovative edge and that the slowdown in enterprise creation is exacerbating regional differences in the US economy. “From 2010 to 2014, five metro areas alone produced the same net increase in firms as the rest of the country combined: New York, NY; Miami, FL; Los Angeles, CA; Houston, TX; and Dallas, TX. They accomplished this while containing only 17 percent of the country’s jobs.”1 This is further evidence of the bicoastal and increasingly concentrated structure of the US economy. Vast swaths of the US are loosing ground compared to these more dynamic areas. The report closes with an analysis of the causes of these trends.
Here are a few graphics illustrating some of the findings:
Metro areas powering the national increase in firms over four recent expansions
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