Graph 6: Private R&D Growth (%)

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Note: Covariates include Employment Share, Tax Share, Technology Share, Economic Freedom Index, Educational Attainment (High School Graduate or Higher) and House Price Index. Donor weights: TX (66%), NY (27%), WA (7%). Pre-treatment RMSPE = 4.44. Treatment year is 2021. Permutation placebo testing reveals negative and but not statistically significant effects. Sources: Fraser Institute, FRED, BEA, FHFA, and U.S. Census Bureau.