California's "Global, Innovation-based" Economy Ranks Fourth in Nation

Fri, 12/21/2012 (All day)

Photo: New economy reportCalifornia's economy is ranked as the fourth largest "New Economy" in the nation, a new study shows.  The 2012 State New Economy Index, released on December 11, ranks states on a series of indicators that analyze the environment for innovation and high-tech job growth movement toward a global, innovation-based " New Economy."

California's economy follows other innovative states Massachusetts, Delaware, and Washington, where combinations of creative and innovative industries thrive.

The State New Economy Index uses 26 indicators in five categories to assess states’ fundamental capacity to transform their economies and incubate innovation. The categories are: knowledge jobs, globalization, economic dynamism, the digital economy and innovation capacity. The 2012 index builds on five earlier indexes, published in 1999, 2002, 2007, 2008 and 2010.

According to the report's executive summary, "California thrives on innovation capacity, due in no small part to Silicon Valley and high-tech clusters in Southern California. California also still dominates in venture capital, receiving fifty percent of all US venture investments, and also scores extremely well across the board on R&D, patent, entrepreneurship, and skilled workforce indicators."

To view the full report visit http://www.itif.org/publications/2012-state-new-economy-index