Industries located in regions with strong clusters (i.e. a large presence of other related industries) experience higher growth in new business formation and start-up employment.
For decades, U.S. companies have been outsourcing manufacturing in the belief that it held no competitive advantage. That has been a disaster.
The performance of regional economies varies markedly in terms of wage, wage growth, employment growth, and patenting rate.
The real work of raising productivity and innovative capacity usually occurs not in our nation's capital, but in the cities and regions where firms are based and competition actually takes place.