Bloomberg scores each state on a 0-100 scale across six equally weighted metrics: R&D intensity; productivity; high-tech density; concentration of science, technology, engineering and mathematics (STEM) employment; science and engineering degree holders; and patent activity. Massachusetts has enjoyed a faster recovery from the last recession than most states and now boasts 2.9% unemployment rate, leaving it tied for second-best in the country – as compared to the 4.6% national average.
While most may look to or think of Silicon Valley when it comes to innovation because of companies like Apple and Google, Bloomberg index is measured by the number of companies rather than market capital, rewarding Massachusetts for its breadth over California’s tech giants. This point impresses me even more because when you compare the relative size of both states.
General Electric Co.’s announcement earlier this year that it would move its headquarters to Boston amid rancor over tax increases in Connecticut helps to illustrate how Massachusetts widened its lead.
For more information you can read the full article in The Boston Globe here.