Really interesting stuff! The entry and exit patterns will interesting to see. The number of institutions doesn't completely capture that: the flat number of institutions could come about because of offsetting entry and exit (high gross entry, but low net) or because there just isn't any change in the institutions that come in (low gross entry). I also wonder how well these "flexible institutions" adapt to the demand for skills. Do for profits disproportionately enter with courses designed to build skills with a high premium at the time? Or do they fill a pretty constant niche over time (e.g. stylist training)? Indeed, an interesting big picture question is whether formal education has the potential to alleviate the skill mismatches/misallocation that the macro labor literature has highlighted. Excited for the next posts!