Still Insignificant: An Update on Concentration in the US Economy

Recent debates around antitrust policy often assume that market concentration in the U.S. economy is rising sharply. This paper examines updated Census Bureau data and finds that overall industry concentration has remained largely stable—and in many cases declined—between 2017 and 2022. When imports and exports are factored in, competitive pressure appears even stronger across most sectors. The findings suggest that broad, one-size-fits-all antitrust assumptions may overlook how competition actually plays out at the industry level.