NEWSRELEASE
For Release: February 28, 2005
Contact: John McDowell, (202) 205-6941
john.mcdowell@sba.gov
SBA Number: 05-09 ADVO
Press Kit
High School Education Important For Economic Growth
New Study Uses Robust Data Set To Test Economic Models
WASHINGTON, D.C. - Regional high school graduation rates have a tremendous impact on economic growth, according to a new study released today by the Office of Advocacy of the U.S. Small Business Administration. The study, Using Census BITS To Explore Entrepreneurship, Geography, and Economic Growth, used the robust Business Information Tracking Series (BITS) dataset to test economic models, including reasons for economic growth.
“These findings show the importance of testing economic models with real world datasets,” said Dr. Chad Moutray, Chief Economist for the Office of Advocacy. “Among other things, by using BITS we now know the significance of raising high school graduation rates to economic growth and entrepreneurship.”
Written by Zoltan Acs and Catherine Armington with funding from the Office of Advocacy, the report sets the stage for the March 7 conference “Putting It Together: The Role of Entrepreneurship in Economic Development.” Held in Washington, the conference will explore the key role that entrepreneurship and market-based solutions play in state, regional, and local economic development. A complete agenda is available at
www.sba.gov/advo/research/conference.html.The BITS dataset, developed by the U.S. Census Bureau with support from the Office of Advocacy, covers almost all private sector businesses and tracks their employment and firm ownership from 1988 through 2001. BITS represents all industries, identifies start-ups of both new firms and new locations of existing firms, and specifies the location, industry, and changing employment of each establishment over time.
The Office of Advocacy, the “small business watchdog” of the government, examines the role and status of small business in the economy and independently represents the views of small business to federal agencies, Congress, and the President. It is the source for small business statistics presented in user-friendly formats and it funds research into small business issues.
For more information and a copy of the report, visit
www.sba.gov/advo.###
Created by Congress in 1976, the Office of Advocacy of the U.S. Small Business Administration (SBA) is an independent voice for small business within the federal government. Appointed by the President and confirmed by the U.S. Senate, the Chief Counsel for Advocacy directs the office. The Chief Counsel advances the views, concerns, and interests of small business before Congress, the White House, federal agencies, federal courts, and state policy makers. Economic research, policy analyses, and small business outreach help identify issues of concern. Regional Advocates and an office in Washington, DC, support the Chief Counsel’s efforts. For more information on the Office of Advocacy, visit
www.sba.gov/advo, or call (202) 205-6533.