It was largely responsible for a shocking business formation rate decline of 14.3 percent in the third quarter of 2007 in Arizona, rates of business formation in California and New Mexico increased over the same time.
That proved such a loser for capital formation that the unemployment rate promptly pushed 20%.
Well the results of the first half of 2012 are now available from Rosstat and, at first glance, they would appear to be ground for significant optimism: GDP grew at a 4.9% rate, fixed capital formation grew at 4.7%, and retail turnover galloped ahead at a rapid 6.9% annual rate.
FORBES: Russia's Economy in 2012: A Strong Start and an Uncertain Future
If, however, it has remained constant, the rate of cluster formation should have remained constant, too.
If the U.S. had come out of the recession maintaining the same rate of startup formation as in 2007, notes McKinsey, we would today have almost 2.5 million more jobs.
FORBES: Wall Street's Hollow Boom: With Small Business And Startups Lagging, Job Recovery Unlikely
For Dean Baker has pointed out that actually the US has a, by international standards, very low rate of new business formation.
The Ewing Marion Kauffman Foundation, a nonprofit that studies startups, estimates that the rate of new business formation in the U.S. has fallen to a record low.
FORBES: Wall Street's Hollow Boom: With Small Business And Startups Lagging, Job Recovery Unlikely
The new leaders, who take charge in March, will now have to find the right balance between trying to prevent the formation of a property bubble and keeping a healthy growth rate going.
Take North Dakota, where a stupendous energy boom radiating out of the Bakken formation has attributed to a tiny 3.1% unemployment rate.
FORBES: North Dakota Leads List Of America's Fastest-Growing States
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