The Information Technology & Innovation Foundation, a non-partisan research and educational institute released their 2008 State New Economy Index: Benchmarking Economic Transformation in the States in November 2008.
More than 29 indicators were used to answer the question: To what degree does the structure of state economies match the ideal structure of the New Economy?
Maryland ranks 3rd overall, no change from 2007, and up two places from 5th in 2002 (behind Massachusetts and Washington)
Maryland ranks in the Top 3 in five categories, Top 5 in 11 categories, and Top 10 in 15 categories.
Maryland ranks 2nd in terms of workforce education:
In the New Economy, an educated workforce is critical to increasing productivity and fostering innovation. Fortunately, the American workforce has become more educated in the last half century to meet the economy’s increased need for skilled workers.
Maryland ranks 2nd in terms of Non-Industry Investments into R&D
In 2006, 77 of the 88 U.S. companies that produced award-winning innovations were beneficiaries of federal funding. Moreover, non-industry R&D helps lay the foundation for profitable future private-sector research.
Maryland ranks second, with six times the national average, building on DOD laboratories and NASA’s Goddard Space Flight Center.
Maryland ranks 3rd in terms of Managerial, Professional, and Technical jobs:
As more routine jobs are automated or off-shored and as the economy becomes more complex and knowledge-based, managers, professionals, and technicians are playing a more important role in the economy. Indeed, professional and technical jobs grew 68 percent faster than overall employment between 1999 and 2005. These include engineers and scientists, health professionals, lawyers, teachers, accountants, bankers, consultants, and engineering technicians.
Maryland ranks 3rd in terms of Migration of US Knowledge Workers
Maryland ranks 4th in terms of Fastest Growing Firms and IT Professionals
For more information on ITIF’s 2008 State New Economy Index, click here.
