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In this paper, we study the impact of the New Market Tax Credit (NMTC) program in the United States on overall jobs and jobs held by minority and rural populations within the 2010–2019 period using a dynamic event‐study analysis. We also investigate if the jobs that can be attributed to the program stayed in program recipient neighborhoods or whether those jobs were occupied by non‐residents. The results show that there is clear evidence that the program increased overall workplace jobs and workplace jobs held by White and minority populations in the program recipient tracts. We also see that a larger share of workplace jobs due to the program went to minorities compared to the job shares held by various racial and ethnic groups at the beginning of the investment period. The results further show that even though the NMTC program increased the number of jobs available in a program recipient tract, the individuals who live outside that tract are holding many of the jobs created. The results also suggest that the program had a negative impact on jobs held by residents in nonmetropolitan tracts. [ABSTRACT FROM AUTHOR]

There has been a recent surge in papers estimating local multiplier effects. However, existing studies rely on arbitrary periods of observation, limit samples to more populous regions, and commonly use relatively aggregated industrial categories. When we address these and other methodological issues, we find that, in the United States, each new traded sector job adds half a nontraded job to a local economy, and that the addition of each high‐tech job adds less than one job to the local nontraded sector. Furthermore, we find that the multiplier effect of the manufacturing sector is no higher than the multiplier effect of the average traded sector. We provide robust evidence that higher‐paying traded sectors yield more nontraded jobs than lower paying sectors, and that multiplier effects are higher in larger cities. Furthermore, we generate IV estimates that remedy weak instrument problems in the existing multipliers literature. These findings offer needed clarity on the likely employment impacts of incentive policies aimed at attracting industries in the traded sector of the economy. [ABSTRACT FROM AUTHOR]

Using individual‐level, geocode data from the National Longitudinal Survey of Youth's 1997 cohort, I ask whether business dynamism in local labor markets, defined as the rates of job creation and establishment entry, affects the location decisions of labor force participants, and I examine how effects differ for highly and less educated labor force participants. I find that a one standard deviation increase in business dynamism is associated with a 2%–4% increase in the probability a college graduate chooses a metropolitan statistical area and an 8%–15% decrease for high school graduates with no college experience. These results support recent findings documenting a decrease in responsiveness to local labor market conditions and suggest that incentivizing job creation in local labor markets may not be enough to offset the trend of declining internal migration in the United States. [ABSTRACT FROM AUTHOR]

This study constructs a set of regional economic uncertainty (EU) indices for the United States based on Internet search volumes. These indices shed light on EU at the regional and local levels along with national EU. Although aggregate state‐level EU is highly synchronized, idiosyncratic state EU nonetheless exhibits large variations. Similar to aggregate state‐level EU, idiosyncratic state EU is generally countercyclical. There is also a spillover effect among EU in US regions. Lastly, we show that idiosyncratic state EU foreshadows declines in local employment and output. [ABSTRACT FROM AUTHOR]

We study the heterogeneous impacts of COVID‐19 on restaurants in the postlockdown United States, from lens of social interactions. We use the data structure of chain restaurants to disentangle restaurant attributes such as food and service types (which vary across chains) and local market conditions such as infection risks (which vary with each establishment's geographical location). We find that visits to chains with higher social indices experienced larger drops as local new cases increased in 2020, but also faster recovery later when vaccination programs expanded. Moreover, demand for restaurants in city centers recovered faster than demand for those in suburbs. [ABSTRACT FROM AUTHOR]

Drug‐related overdoses, and opioid overdoses in particular, have increased substantially over the past two decades, creating a public health crisis. This crisis has hit both urban and rural areas. However, it hit at a time in which rural areas were already struggling to retain population and adjust to new economic realities presented by a transition to service economies and increasing urbanization. Thus, to explore how the opioid crisis may have affected migration and contributed to population loss, we consider county‐level population changes due to all overdose deaths, controlling for other relevant factors, recognizing that opioid overdose is the primary mechanism for overdose death in the United States. We find that higher levels of these deaths in a county are associated with population declines, especially for those aged 25–34, which is problematic since this is the working‐age population critical to the long‐term economic success in a region. Our findings suggest that policymakers should address the drug crisis, not only to help the affected population, but also as an economic development tool to stop outmigration and to rebuild distressed communities. [ABSTRACT FROM AUTHOR]