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Ross C. DeVol

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Ross C. DeVol is Director of Regional Economics at the Milken Institute. He oversees the Institute’s research efforts on the dynamics of comparative regional growth performance. DeVol quickly put his group in the national limelight with groundbreaking research on technology and its impact on regional and national economies. He is an expert on the intangible economy and how regions can prepare themselves to compete in it. He is examining the effects of technology, research and development activities, international trade, human capital and labor-force skills training, entrepreneurship, early-stage financing and quality-of-place issues on the geographic distribution of economic activity. Particular focus on these issues is made in the context of California, the world’s 6th largest economy.

He completed a significant study in July 1999, America’s High-Tech Economy: Growth, Development, and Risks for Metropolitan Areas–an examination of how clusters of high-technology industries across the country affect economic growth in those regions. Released in September 2002, the study State Technology and Science Index: Comparing and Contrasting California, analyzes investments in science and technology - from higher education to industry research and development - and their role in deciding the fates of regional economies. He has authored studies examining how to harness the research and innovation capacity of a region to build high-tech clusters based on new technologies.

DeVol co-authored a study analyzing the factors that have lured technology industries into several cities and what lessons might be applicable to other urban centers. He was the principle author of an April 2001 study commissioned by former Los Angeles Mayor Richard Riordan’s office examining the impact of a potential entertainment industry strike on the Los Angeles and California economies. He was the principle author of the study released in January 2002 that examined how the terrorist attacks affected travel and tourism and other industries across the country. He also authored a study on the impact of 9/11 on the Los Angeles economy. In June 2002 he was the principle author of a study examining the economic impact of a sales tax reduction on manufacturing equipment in California. In August 2002 he was co-author of Manufacturing Matters: California’s Performance and Prospects that analyzed the importance of manufacturing to the state’s economy.

In February 2003, DeVol co-authored The Economic Contributions of Health Care to New England, with Institute Research Fellow Rob Koepp. It constituted the first detailed examination of the concentration, innovation capacities, growth and economic multiplier impacts of health care in New England, each of the six states in the region and compared and contrasted the region to all other regions. “The Economic Geography of U.S. Healthcare” was published in the Third Quarter, 2003 edition of the Milken Institute Review which is the first comprehensive benchmarking of the nation’s leading health care clusters.

His most recent research report, Best Performing Cities: Where America’s Jobs are Created researched which cities are creating jobs and economic opportunity and described the factors determining long-term success. This is a continuation of the research published annually by Forbes through 2002.

Prior to joining the Institute, DeVol was senior vice president of Global Insight, Inc. (formerly Wharton Econometric Forecasting), where he supervised their Regional Economic Services group. DeVol supervised the respecification of Global Insight’s regional econometric models and played an instrumental role on similar work on its U.S. Macro Model originally developed by Nobel Laureate Lawrence Klein. He was the firm’s chief spokesman on international trade. He also served as the head of Global Insight’s U.S. Long-Term Macro Service and authored numerous special reports on behalf of the U.S. Macro Group.

DeVol was previously director of economic planning at CSX Transportation, where he was responsible for U.S. macroeconomic and industry analysis. He was also an economist at Chase Econometrics and an economic analyst at Union Pacific.

DeVol appears on national television and radio programs to discuss a variety of economic topics such as CNN’s "Moneyline" and NPR’s "Talk of the Nation." He is frequently quoted in printed media such as The Wall Street Journal, Investor’s Business Daily, Los Angeles Times, Forbes, The Economist, Time, Business Week and many others.

DeVol earned his M.A. in economics at Ohio University, in Athens, OH.

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