Still Insignificant: An Update on Concentration in the US Economy

Key Takeaways 1

Introduction 3

The Great Concentration Panic 3

Census Bureau Concentration Data 4

Concentration in 2022 6

Changes in Concentration 6

Industries With High Increases in Concentration From 2017 to 2022 9

Advanced Technology Sectors 11

Incorporating Trade Data Into the Analysis 12

Concentration in 2022 Was Lower When Imports and Exports Are Incorporated 13

Concentration Decreases Over Time When Imports and Exports Are Incorporated 14

The Negative Correlation Between C4 Concentration Ratio and Changes in Percentage Point Is More Pronounced When Including Net Imports 15

Highly Concentrated Industries When Net Imports Are Considered 15

How Should Antitrust Move Forward? 16

Conclusion 17

Endnotes 18