MASSACHUSETTS (NEWS10) – Innovation is a key driver of economic growth. In 2022, it is believed the United States will spend nearly $600 billion on research and development, placing the nation at third in the Global Innovation Index. According to the results of the ranking, knowledge and technology are America’s strongest points, with some of the biggest innovations in recent times being COVID-19 vaccines.
Certain states deserve more credit than others for America’s dominance in the tech era. These states continue to innovate through investments in education, research, and business creation, especially in highly specialized industries.
In order to recognize the nation’s biggest contributors, WalletHub compared the 50 states and the District of Columbia across 22 key indicators of innovation. The data set ranges from the share of STEM professionals to R&D spending per capita to tech-company density. Massachusetts was ranked second in WalletHub’s study, behind only the District of Columbia.
- No. 4- Share of STEM professionals
- No. 3- Eighth grade math and science performance
- No. 5- Share of science and engineering graduates aged 25 or older
- No. 1- R&D Spending per Capita
- No. 1- Venture-Capital Funding per Capita
The Bay State tied with New York State only in the Venture-Capital Funding category, blowing New Yorkers out of the water in most other innovation-friendly areas. New York State ended up ranking twenty-second overall in WalletHub’s study. For a full list of states, check out the interactive map below.
In order to determine the most and least innovative states, WalletHub compared them across two key dimensions, “Human Capital” and “Innovation Environment.” Those dimensions were evaluated using 22 relevant metrics, which were graded on a 100-point scale. The weighted average for each state was then determined across all metrics to calculate their “State Innovation Index”.