MA Ranked Most Innovative State in U.S.
Monday, March 18, 2019
GoLocalWorcester Business Team
Massachusetts is the most innovative state in the country, according to a new study completed by WalletHub.
It is also the only New England state ranked in the top ten.
“Innovation is a principal driver of U.S. economic growth. In 2019, the U.S. will spend an estimated $581 billion on research and development — more than any other country in the world and about 25% of the world’s total — helping the nation rank No. 6 on the Global Innovation Index. According to the results of the ranking, knowledge and technology outputs are America’s particular strengths,” said WalletHub.
MA’s Rankings
- 2nd Best - Human Capital
- 1st - Innovation Environment
- 4th - Highest Share of STEM Professionals
- 5th - Highest Projected Stem-Job Demand by 2020
- 4th - Best 8th Grade Math & Science Performance
- T-1st - Highest R&D Spending per Capita
- T-1st - Highest Venture Capital Funding per Capita
The Rankings
The top five most innovative states are:
1. Massachusetts
2. Washington
3. District of Columbia
4. Maryland
5. Colorado
The least innovative state is Mississippi.
See the Rankings in the Map Below
The Method
In order to determine the most and least innovative states, WalletHub compared the 50 states and the District of Columbia across two key dimensions, “Human Capital” and “Innovation Environment.”
They evaluated those dimensions using 24 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for innovation.
WalletHub then determined each state’s weighted average across all metrics to calculate its “State Innovation Index” and used the resulting scores to rank-order our sample.
Human Capital – Total Points: 50
Share of STEM Professionals: Double Weight (~14.29 Points)
Share of Science & Engineering Graduates: Full Weight (~7.14 Points)
Projected STEM-Job Demand by 2020: Full Weight (~7.14 Points)
Scientific-Knowledge Output: Full Weight (~7.14 Points)
Eighth-Grade Math & Science Performance: Full Weight (~7.14 Points)
AP Exam Participation: Full Weight (~7.14 Points)
Innovation Environment – Total Points: 50
Share of Technology Companies: Double Weight (~4.76 Points)
R&D Spending per Capita: Double Weight (~4.76 Points)
R&D Intensity: Full Weight (~2.38 Points)
Invention Patents per Capita: Full Weight (~2.38 Points)
IP Services Exports as a Share of All Services Exports: Full Weight (~2.38 Points)
Business Churn: Full Weight (~2.38 Points)
Jobs in New Companies: Double Weight (~4.76 Points)
Net Migration: Full Weight (~2.38 Points)
Entrepreneurial Activity: Full Weight (~2.38 Points)
Number of Startups “Accelerated" per Total Number of Start-ups: Full Weight (~2.38 Points)
Tax-Friendliness: Double Weight (~4.76 Points)
Venture-Capital Funding per Capita: Full Weight (~2.38 Points)
Average Annual Federal Small-Business Funding per GDP: Full Weight (~2.38 Points)
Industry-Cluster Strength: Full Weight (~2.38 Points)
Open Roads & Skies Friendly Laws: Half Weight (~1.19 Points)
Average Internet Speed: Full Weight (~2.38 Points)
Share of Households with Internet Access: Full Weight (~2.38 Points)
Adoption of K–12 Computer Science Standards: Half Weight (~1.19 Points)