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In the Realm of High Tech, Massachusetts Wears the Crown

LOS ANGELES, April 10, 2013 (GLOBE NEWSWIRE) -- Massachusetts is first – again – in the Milken Institute's State Technology and Science Index 2012, released today. The index tracks and evaluates every state's tech and science capabilities – and their success at converting those assets into companies and high-paying jobs. Conducted every two years for the past decade, the index has found Massachusetts performing in first place in every edition.

This time, Massachusetts rated its highest score ever. "By widening the gap between it and others, the Bay State has further cemented its lead in science and technology," says Kevin Klowden, Institute senior economist and co-author of the report. "With a critical mass of universities, research institutions, and cutting-edge firms, it is the indomitable state."

The overwhelming trend this year is that technology and science are leading America's economic recovery. Competition at the very top has increased significantly, making it more difficult to break into the top 10. Indeed, the states in the top ten are the same as those in 2010, with only a few changes in rank:

The top 10 (with their previous index rankings in 2010)

1. Massachusetts (1)

2. Maryland (2)

3. California (4)

4. Colorado (3)

5. Washington (6)

6. Virginia (8)

7. Utah (5)

8. Delaware (10)

9. Connecticut (9)

10. New Hampshire (7)

"This index shows the resurgence of the science and tech sectors, and the importance of innovation in state economies. States that are traditionally strong in science and technology have come out of the recession on the backs of those sectors," says Klowden.

Movers and shakers:

  • California is back at number three, though still below its peak in 2002. A comeback in the tech sector played a big role in the Golden State's improved showing.
  • Virginia leapfrogged two spots to sixth, largely on the strength of its performance in the risk capital category. But Virginia continues to fall in tech concentration and dynamism, a measure of business funding and establishment.
  • Tennessee was the bigger biggest gainer, jumping from 41st to 35th. The state made major inroads in a number of indicators, most notably, growth in the number of companies receiving venture capital and a huge increase in IPO proceeds.

The 2012 State Technology and Science Index looks at 79 unique indicators that are categorized into five major components: research and development inputs, risk capital and entrepreneurial infrastructure, human capital investment, technology and science work force, and technology concentration and dynamism. It is one of the most comprehensive examinations of state technology and science assets ever compiled.

Complete rankings and the full report, "State Technology and Science Index 2012; Enduring Lessons for the Intangible Economy," by Kevin Klowden and Michael Wolfe, is available for download at no charge at http://statetechandscience.org/. This site includes a number of features that allow visitors to tailor data according to their particular interests. It also contains an interactive map, videos, and slideshows of the top performing states.

About the Milken Institute

A nonprofit, nonpartisan think tank, the Milken Institute believes in the power of capital markets to solve urgent social and economic challenges. Its mission is to improve lives around the world by advancing innovative economic and policy solutions that create jobs, widen access to capital and enhance health.

@milkeninstitute

CONTACT: Conrad Kiechel, director of communications (310) 570-4668 E-mail: ckiechel@milkeninstitute.org www.milkeninstitute.orgSource:Milken Institute