The dissertation examines the impact of state urban enterprise zones on business and housing market outcomes at the ZIP code level in six states: California, Florida, New Jersey, New York, Pennsylvania, and Virginia. In order to obtain consistent estimates of zone impacts, I limit the analysis to relatively similar subsamples of zone and non-zone areas. The estimated probability of zone designation is used to create comparison groups that control for differences in pre-designation characteristics. I find that, on average, zones have had little impact on business or housing market outcomes. New businesses create significantly more jobs in zones, but this positive impact is completely offset by a negative impact on previously existing zone establishments.