Paths to Prosperity: Knowledge is Key for Fourth District States
Even as per capita income has increased across the United States, differences among states’ incomes remain. What are the sources of these remaining differences? This Commentary identifies and analyzes the key factors—patents, educational attainment, and industry structure—that influence income-growth rates and thus per capita incomes. It also explores where the Fourth District falls in relation to other states and the country as a whole.
The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit clevelandfed.org for updates.