Table 5 Open in new tab The left-hand...

	Manuf. wage growth	Land value growth	Immigrant growth
$Δ \ln {MP}^{tot}$	1.962^***	5.120^***	3.972^***
	(0.483)	(1.294)	(0.498)
Clusters	47	47	47
Observations	1,928	2,397	2,423

	Manuf. wage growth	Land value growth	Immigrant growth
$Δ \ln {MP}^{tot}$	1.962^***	5.120^***	3.972^***
	(0.483)	(1.294)	(0.498)
Clusters	47	47	47
Observations	1,928	2,397	2,423

Table 5

The left-hand side variable uses log changes in manufacturing wages (Column 1), land values (Column 2), and the difference in the share of population born outside of the state (Column 3)

	Manuf. wage growth	Land value growth	Immigrant growth
	(1)	(2)	(3)
	1900–1940	1900–1940	1900–1940
$Δ \ln {MP}^{tot}$	1.962^***	5.120^***	3.972^***
	(0.483)	(1.294)	(0.498)
Clusters	47	47	47
Observations	1,928	2,397	2,423

	Manuf. wage growth	Land value growth	Immigrant growth
	(1)	(2)	(3)
	1900–1940	1900–1940	1900–1940
$Δ \ln {MP}^{tot}$	1.962^***	5.120^***	3.972^***
	(0.483)	(1.294)	(0.498)
Clusters	47	47	47
Observations	1,928	2,397	2,423

Notes: The right-hand side variables show the log change of total market potential due to the Panama Canal. Regressions control for longitude, latitude, log population in 1880, and an indicator for coastal counties. Robust standard errors are clustered using a 5 × 5 degree chessboard grid.

***

p < 0.01,

p < 0.05,

p < 0.1.

Source: Author calculation.

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