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This article examines the investment activity of venture capital in the United States, stratified by both geography and choice of industries, and evaluates the effects of certain key macroeconomic variables. The entire period covered extends from 1995 until Quarter 1 of 2009. In addition, the data set is split into four subperiods: the boom years of 1995Q1 to 2000Q1, the bust period of 2000Q2 to 2003Q4, the boom years of 2004Q1 to 2007Q3, and the bust period of 2007Q4 to 2009Q1. For the entire period as well as the subperiods, the statistical results confirm the importance of both region and industry in explaining investment in venture capital in the United States. These are valid for all subperiods; even when faced with a multitude of effects caused by the current recession, industry and region are still the dominating causes of venture capital investment activity.