LOS ANGELES–()–Massachusetts ranks No. 1 within the 2020 Milken Institute State Technology and Science Index. The biennial evaluation makes use of 105 metrics to find out every state’s science and know-how capabilities relative to alternatives for job development and wealth creation.

Colorado follows at No. 2, and California is available in at No. 3, transferring up one spot in comparison with the Institute’s final rating. The 2020 version teams states into 5 tiers, with Maryland, Washington, and Utah rounding out the primary tier, respectively.

For practically 20 years, the Milken Institute State Expertise and Science Index has provided state governments and enterprise leaders a significant template for evaluating their financial development efforts over the long-term. This 12 months, the index offers extra perception into challenges states are dealing with and which states are finest outfitted for an financial restoration post-pandemic.

“The pandemic has demonstrated each the strengths and fragility of the roles and economies of American states,” mentioned Kevin Klowden, report writer and Government Director of the Milken Institute Middle for Regional Economics and the California Middle. “The states positioned to develop within the post-COVID actuality are people who have robust STEM workforces, that preserve and assist universities that produce graduates to fill the roles of the long run, and which have the entrepreneurial atmosphere to create these jobs.”

Key findings from the 2020 State Expertise and Science Index embody:

  • Massachusetts ranks No. 1 within the 2020 total rankings, sustaining its high spot since 2002. The state has excessive ranges of analysis and improvement funding, a booming biotech sector, a excessive focus of pc and data science consultants, and a well-funded greater training system.
  • Colorado is ranked No. 2, and California moved up one spot to No. 3. Colorado advantages from a big STEM workforce and entrepreneurial infrastructure. California’s robust enterprise capital sector, massive variety of patents, and enhance in state appropriations for greater training contributed to the state’s rating this 12 months.
  • New Jersey and New Mexico had the most important positive factors. New Jersey moved up six spots from No. 20 to No. 14, largely on account of its business funding for analysis and improvement and its life sciences business. As of final 12 months, 13 of the highest 20 pharmaceutical firms had a presence in New Jersey. New Mexico rose six spots from No. 24 to No. 18, largely as a consequence of its know-how and science workforce and its focus of high-tech industries.
  • The six states in Tier 1 remained the identical, however different tiers modified in dimension. States in the course of the rankings noticed quite a lot of shifts of their scores, akin to New Jersey, which moved as much as the second tier; Montana and Missouri, which dropped into the fourth tier; and Maine, which dropped into the underside tier.

“Motion within the rankings, significantly for states within the decrease tiers, highlights the influence coverage decisions can have on financial development, akin to whether or not coverage makers and enterprise executives deal with an built-in strategy to funding modern analysis and serving to new applied sciences attain the market,” added Klowden.

How We Rank States:

In calculating the general index, the Milken Institute evaluated 105 metrics together with authorities analysis and improvement funding, entrepreneurial exercise akin to patents and enterprise capital funding, and the proportion of every state’s workforce in high-tech industries. These metrics had been unfold throughout 5 sub-indexes that had been then averaged into an total rating of the 50 states. The 5 sub-index rankings are: analysis & improvement; threat capital & entrepreneurial infrastructure; human capital funding; know-how & science workforce; and know-how focus & dynamism, which measures high-tech business development. With a purpose to restrict volatility, the metrics use a three-year rolling common.

The 2020 Milken Institute State Tech and Science Index is co-authored by Kevin Klowden, Aaron Melaas, Charlotte Kesteven, and Sam Hanigan. The total report may be downloaded here.

2020 Milken Institute State Tech and Science Index

OVERALL RANKINGS – TIER I

 

1. Massachusetts

 

2. Colorado

 

3. California

 

4. Maryland

 

5. Washington

 

6. Utah

 

 

 

SUB-RANKINGS

 

 

 

Analysis & Growth

Threat Capital & Entrepreneurial Infrastructure

1. Massachusetts

1. California

2. Maryland

2. Colorado

3. Delaware

3. Massachusetts

 

 

Human Capital Funding

Expertise & Science Workforce

1. Massachusetts

1. Maryland (tie)

2. Maryland

1. Washington (tie)

3. Utah

3. Massachusetts

 

 

Expertise Focus & Dynamism

 

1. Utah

 

2. Colorado

 

3. California

 

Concerning the Milken Institute Middle for Regional Economics and California Middle

The Milken Institute Middle for Regional Economics produces analysis, applications, and occasions designed to tell and activate modern financial and coverage options to drive job creation and business growth.

Concerning the Milken Institute

The Milken Institute is a nonprofit, nonpartisan assume tank that helps folks construct significant lives wherein they’ll expertise well being and well-being, pursue efficient training and gainful employment, and entry the assets required to create ever-expanding alternatives for themselves and their broader communities. For extra data, go to https://milkeninstitute.org/.



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