The past quarter century has reshaped the U.S. science and engineering enterprise through the business sector’s dominant role in funding and performing R&D, the concentration of innovation activity in information technologies and critical and emerging technology areas, and the rise of China as a competitor and R&D performer. The United States maintains comparative advantages in highly cited research and patents, venture capital–backed innovation, and high-technology services, where U.S. firms dominate global production. U.S. universities remain top destinations for international postsecondary students.