Due to its science and technology assets, Massachusetts reigns supreme as the state in the best position to achieve economic growth. That's according to a new report by the Milken Institute that ranks states on their technology industries. The study claims that regions can use science and technology to propel high-wage jobs and viable industries.
Top 10 science and technology states
9. New Hampshire
10. Rhode Island
This is the third time that Massachusetts has taken the top spot in the Milken rankings, a few months after the state's Senate signed a bill to invest $1 billion in high-tech research over the next 10 years. The first report by the Santa Monica, Calif.-based institute came out in 2002 and the second was released in 2004.
In the new report, second place goes to Maryland, with Colorado, California, and Washington right behind.
The researchers explored 77 areas of each state's economy and technology sector. Each indicator was a part of five major components: research and development inputs, risk capital and entrepreneurial infrastructure, human capital investment, technology and science workforce, and technology concentration and dynamism. The results were compiled into an interactive map to show the differences among the states.
Rounding out the bottom of the list were Louisiana, Kentucky, Arkansas, West Virginia, and Mississippi. The study also noted that California's slip from second place to third place is because, "the state shows signs of faltering."
The lead author of the study, Ross Devol, said states that are investing in science and technology assets are the same states that have a vision and plan for retaining high economic growth. Researchers also said, compared to information from the 2004 report, regional competition for technology industries is on the rise, due to global competition from China and India.