A new study looks at innovation across the country and ranks Maryland as the fourth most innovative state. Only three states fared better.
Innovation is considered an important factor in economic sustainability and growth.
WalletHub, the personal finance website, compared all 50 states and the District of Columbia based on two categories and 22 key metrics to rank each state for being friendly to innovation. The two categories are “Human Capital” and “Innovation Environment.” The 22 metrics include the share of STEM professionals, R&D spending per capita, and the share of technology companies. Maryland ranked fifth for human capital and seventh for innovation environment.
The study found that Maryland has the third highest share of both STEM professionals and technology companies. And Maryland has the second fastest average internet speed, just behind New York.
The top five most innovative states in the country, according to WalletHub, include the District (#1), Massachusetts (#2), Washington (#3), Maryland #4, and Colorado (#5).
The study was completed through the help of economic experts from Indiana University, University of Illinois Springfield, University of San Francisco, Bellarmine University, University of Missouri-Kansas City, and University of Alabama.
Data used to create this ranking was collected from U.S. Census Bureau, Bureau of Labor Statistics, National Science Foundation, National Center for Education Statistics, United States Patent and Trademark Office, Ewing Marion Kauffman Foundation, Gust.com, Tax Foundation, Consumer Technology Association, U.S. Cluster Mapping Project, Projections Central – State Occupational Projections, The Computing Technology Industry Association, BroadbandNow, Code.org Advocacy Coalition and National Venture Capital Association.
Visit WalletHub’s website for more information on the study.
— WalletHub (@wallethub) March 23, 2022