The non-profit Milken Institute released its 2012 State Technology and Science Index, which showed that Massachusetts is still the best destination for hi-tech companies, jobs and careers.
This index evaluates each state‚Äôs capabilities in the science and tech sectors based on 79 unique indicators, including the state‚Äôs ability to leverage these assets for attracting companies and high-paying jobs. ¬† ¬†
Milken has published this index every two years for the past decade, and Massachusetts has been on top every single time. In fact, Massachusetts with a score of 86.40 has actually widened the lead this year over Maryland which scored 79.41 and retained its second place showing.
Kevin Klowden, senior economist at Milken and co-author of the report, called Massachusetts the ‚Äúindomitable state‚Äù with a critical mass of research centers, hi-tech firms and universities.
California (75.70), which had been in fourth place in the 2010 index, jumped up one place to push Colorado (75.07 ) down to fourth place.¬†Here‚Äôs the list of the top ten states in the Milken State Technology and Science Index.
10. New Hampshire
The 79 indicators the index is based on are categorized into five groupings under technology and science work force, technology concentration and dynamism, human capital investment, risk capital and entrepreneurial infrastructure, and research and development inputs.
The state which surged the most in the rankings this year was Tennessee, which jumped from its 41st spot in 2010 to 35th in 2012, thanks to huge gains in the risk capital and entrepreneurial infrastructure category, which means the state saw a lot of growth in companies getting venture capital or cashing in with public offerings.
Virginia likewise jumped two spots to a 6th place ranking based on a stellar performance in the risk capital category. Rhode Island cracked into the top 20 with a 17th place ranking due to its gains in the technology and science work force category.
Klowden says the index shows how important innovation is for state economies. States such as California with a traditionally strong science and technology sector have been able to claw their way back out of the recession by riding on the backs of a comeback in the tech sector.
Read the full Milken Institute 2012 State Technology and Science Index ‚Äì Download (pdf)¬†