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

Joonkyu Choi, Nathan Goldschlag, John Haltiwanger and J. Daniel Kim
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Joonkyu Choi: https://www.federalreserve.gov/econres/joonkyu-choi.htm

No 2024-074, Finance and Economics Discussion Series from Board of Governors of the Federal Reserve System (U.S.)

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. With these new data, we uncover several key trends for 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 rates of entrepreneurship 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. We also find rich variation across states and sectors. To facilitate future research, we highlight how these data can be used to address various research questions.

Keywords: Organizational Growth; Entrepreneurship; High-Growth Firms; Business Dynamism; Publicly Available Dataset (search for similar items in EconPapers)
JEL-codes: L11 L25 L26 O30 O40 (search for similar items in EconPapers)
Pages: 38 p.
Date: 2024-09-20
New Economics Papers: this item is included in nep-bec, nep-ent, nep-ind, nep-ino, nep-sbm and nep-tid
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Working Paper: High-Growth Firms in the United States: Key Trends and New Data Opportunities (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfe:2024-74

DOI: 10.17016/FEDS.2024.074

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