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High-Growth Firms in the United States: Key Trends and New Data Opportunities

Author

Listed:
  • J. Daniel Kim
  • Joonkyu Choi
  • Nathan Goldschlag
  • John Haltiwanger

Abstract

Using administrative data from the U.S. Census Bureau, we introduce a new public-use database that tracks activities across firm growth distributions over time and by firm and establishment characteristics. With these new data, we uncover several key trends on high-growth firms—critical engines of innovation and economic growth. First, the share of firms that are high-growth has steadily decreased over the past four decades, driven not only by falling firm entry rates but also languishing growth among existing firms. Second, this decline is particularly pronounced among young and small firms, while the share of high-growth firms has been relatively stable among large and old firms. Third, the decline in high-growth firms is found in all sectors, but the information sector has shown a modest rebound beginning in 2010. Fourth, there is significant variation in high-growth firm activity across states, with California, Texas, and Florida having high shares of high-growth firms. We highlight several areas for future research enabled by these new data.

Suggested Citation

  • J. Daniel Kim & Joonkyu Choi & Nathan Goldschlag & John Haltiwanger, 2024. "High-Growth Firms in the United States: Key Trends and New Data Opportunities," Working Papers 24-11, Center for Economic Studies, U.S. Census Bureau.
    • Handle: RePEc:cen:wpaper:24-11
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    File URL: https://www2.census.gov/library/working-papers/2024/adrm/ces/CES-WP-24-11.pdf
    File Function: First version, 2024
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    More about this item

    Keywords

    Firm Growth; Business Dynamism; Entrepreneurship; Business Dynamics Statistics;
    All these keywords.

    JEL classification:

    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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