Bloomberg: California Is the Most Innovative Economy in America
Bloomberg
By Shelly Hagan and Wei Lu
April 16, 2019
The Golden State is living up to its nickname, with California ranking as the most innovative economy in America.
That’s according to Bloomberg’s newest U.S. State Innovation Index based on six equally-weighted metrics: research and development intensity, productivity, clusters of companies in technology, “STEM” jobs, populous with degrees in science and engineering disciplines, and patent activity.
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Massachusetts, Washington, Connecticut and Maryland followed California at the top of the innovation scale to round out the top five.
California topped the 2019 Bloomberg gauge with a total score of 94 out of 100. It placed among the top five for all categories except STEM (science, technology, engineering and mathematics) job concentration in part because the state has a large and diverse labor pool.
About 15 percent of the S&P 500 companies are headquartered in the Golden State, including Apple Inc., Alphabet Inc. and Facebook Inc., which can tap into the brain power of places such as Stanford University, California Institute of Technology, University of California-Berkeley and UCLA, in addition to attracting educated global job-seekers with lucrative opportunities and compensation.