Census Business Formation Statistics (www.census.gov/econ/bfs/ind...) released today for February 2025. Applications in High Tech (NAICS 51 + 54) show robust projected employer business startups over next 8 quarters. February shows recovery from January dip but not as high as December 2024.

New business applications for likely employers are a novel leading economic indicator, from Jose Asturias, Emin Dinlersoz, John C. Haltiwanger, Rebecca J. Hutchinson, and Alyson Plumb https://www.nber.org/papers/w33224

Projected new employer businesses remain high in High Tech sectors: Information (NAICS 51) + Professional, Scientific and Technical (NAICS 54)

New Business Applications increased in November 2024 remaining at high levels relative to 2019. Applications in November 2024 for likely employers 46% higher than average month in 2019.

The recent increase in US wage inequality is driven by a small number of industries, according to researchers at the University of Maryland, US Census Bureau, and IZA. High-wage workers are increasingly sorting into high-wage industries, such as high-tech. #econsky www.aeaweb.org/research/cha...

We have updated our findings from the BPEA paper recently. See:

rdeckernet.github.io/website/DH_b...

Ryan Decker and I have studied the surge in new business applications finding that it has led to a surge in new employer businesses. See:
www.brookings.edu/articles/sur...

NAS Report on AI and the Future of Work Released today:
www.nationalacademies.org/our-work/aut...