What a front cover...

All of America's 5-largest metro areas have seen GDP growth decelerate over the last four years, especially in the major California metros of San Francisco & Los Angeles. Washington DC saw the slowest deceleration, with Chicago's growth falling to the lowest level overall.

Draghi report argues that *all* of the US excess productivity growth has been in digital tech (although mentions finance as a secondary source, which is why I include Manhattan). But is this a story about America and its risk-taking business culture, or a story about regional external economies? 4/

BEA just released county and metro area GDP for 2023, which I was eagerly awaiting, although I pretty much knew what it would say: a few local economies have *much* higher productivity than the rest of the country 1/

Rising tensions shift focus to greenfield FDI over acquisitions. New research shows how institutional quality shapes FDI choices. 👇