ITIF-仍然微不足道：美国经济集中度的最新情况

itif.org Still Insignificant: An Update on Concentration in the US Economy GIORGIO CASTIGLIA, RODRIGO BALBONTIN, AND TRELYSA LONG | DECEMBER 2025 Despite evidence to the contrary, a persistent narrative during the past two administrations has been that corporate power is getting increasingly concentrated, ergo antitrust breakups are warranted. But the latest Census Bureau data once again puts the lie to that argument. KEY TAKEAWAYS  In recent years, populist reformers pressing the case for overhauling antitrust enforcement have relied on the claim that industrial concentration has been increasing.  As ITIF and others have reported, Economic Census data through 2017 showed that concentration in fact was not increasing. The most recently updated data now shows that benign trend has continued through at least 2022.  Overall, less than 5 percent of U.S. industries are highly concentrated—and industries that were more concentrated in 2017 tended to become less concentrated by 2022.  This trend is even more pronounced when trade data on imports and exports is incorporated into the analysis.  Aggregate concentration therefore is not a valid rationale for antitrust changes. Regulators should instead conduct case-by-case analyses to determine whether concentration in particular industries is problematic. INFORMATION TECHNOLOGY & INNOVATION FOUNDATION | DECEMBER 2025 PAGE 2 CONTENTS Key Takeaways ................................................................................................................. 1 Introduction ..................................................................................................................... 3 The Great Concentration Panic ........................................................................................... 3 Census Bureau Concentration Data ..................................................................................... 4 Concentration in 2022 ................................................................................................... 6 Changes in Concentration ............................................................................................... 6 Industries With High Increases in Concentration From 2017 to 2022 .................................. 9 Advanced Technology Sectors ....................................................................................... 11 Incorporating Trade Data Into the Analysis ......................................................................... 12 Concentration in 2022 Was Lower When Imports and Exports Are Incorporated .................. 13 Concentration Decreases Over Time When Imports and Exports Are Incorporated ................ 14 The Negative Correlation Between C4 Concentration Ratio and Changes in Percentage Point Is More Pronounced When Including Net Imports .................................................... 15 Highly Concentrated Industries When Net Imports Are Considered..................................... 15 How S