Utilizing near real-time QuickBooks data from over 1.6 million small businesses and a targeted survey, this paper highlights the critical role credit card financing plays for small business activity. We examine a two year period beginning in January of 2021. A turbulent period during which,...

We propose a novel mechanism through which established firms contribute to the startup ecosystem: the allocation of R&D tax credits to startups via the M&A channel. We show that when established firms become eligible for R&D tax credits, they increase their R&D and M&A activity. In particular,...

Start-ups and other entrepreneurial ventures make a significant contribution to the US economy, particularly in the tech sector, where they comprise some of the largest and most influential companies. Yet for every high-profile, high-growth company like Apple, Facebook, Microsoft, and Google,...

Immigrants can expand labor supply and compete for jobs with native-born workers. But immigrants may also start new firms, expanding labor demand. This paper uses U.S. administrative data and other data sources to study the role of immigrants in entrepreneurship. We ask how often immigrants...

The Census Bureau’s Business Dynamics Statistics (BDS) provides data on business dynamics for U.S. firms and establishments with paid employees. This briefing highlights some key features of the most recent BDS update, which now has data through 2009 - the trough of the recent recession. The...

Newly released data from the U.S. Census Bureau, the Business Dynamics Statistics (BDS), allow unprecedented tracking of business dynamics for U.S. firms and establishments. This is the fourth in a series of briefings to highlight some key features of the data. What is the role of young...

The pace of business dynamism and entrepreneurship in the U.S. has declined over recent decades. We show that the character of that decline changed around 2000. Since 2000 the decline in dynamism and entrepreneurship has been accompanied by a decline in high-growth young firms. Prior research...

Job creation is one of the most important aspects of entrepreneurship, but we know relatively little about the hiring patterns and decisions of startups. Longitudinal data from the Integrated Longitudinal Business Database (iLBD), Kauffman Firm Survey (KFS), and the Growing America through...

This paper describes recent efforts at CES to create a new longitudinal research dataset: the Longitudinal Business Database (LBD). The LBD is a major improvement over existing longitudinal establishment datasets. Unlike the LRD, which covers only manufacturing, the LBD covers nearly all the...

In order to increase the reliability of economicresearch, the Center for Economic Studies at the U.S. Census Bureau has createdthe Longitudinal Business Database (LBD).The purpose of the LBD is toallow researchers to measure more accurately firm entry and exit, total jobflow, and variations in...