MHTA — Minnesota has been ranked 12th in the Information Technology & Innovation Foundation’s 2017 State New Economy Index, up from 13th in 2014 when the report was last released. The State New Economy Index uses 25 indicators to measure the extent to which state economies are knowledge-based, globalized, entrepreneurial, IT-driven, and innovation-oriented.
Minnesota was highly ranked in part because of our high concentration of Fortune 500 companies, and the caliber of jobs that come with them.
Minnesota also ranked in the top five in Information Technology Jobs (5th), Managerial, Professional, and Technical Jobs (5th); High-Wage Traded Services (4th), and Patents (3rd).
The ITIF’s report summary highlighted the Minneapolis-St. Paul metro, stating:
“Policy discussions about America’s innovation-driven, high-tech economy too often spotlight just a few iconic places, such as the Route 128 tech corridor around Boston, Massachusetts; Research Triangle Park between Raleigh, Durham, and Chapel Hill, North Carolina; Austin, Texas; Seattle, Washington; and, of course, California’s always white-hot Silicon Valley. This was the case when the first edition of this report came out almost 20 years ago, and it remains true for the most part today. It has always been too myopic a view of how innovation is distributed across the country, and it is increasingly out of step with reality, because many other metropolitan areas and regions—from Denver to Salt Lake City to Minneapolis and St. Paul—are becoming innovative hot spots, too.”
MHTA uses the ITIF and Milken Institute rankings as toward our mission of becoming a top five science and technology state. The Milken Institute Index, released last October, ranked Minnesota 7th in the country.
The full ITIF report can be found here.