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This 11th edition of the Index is the first to extend the project's methodology globally, to compare the performance of the Massachusetts Innovation Economy and key industry clusters to not only domestic competitor states, but to other competing global hubs of innovation as well. As such, the 2007 Index compares Massachusetts' key industry cluster growth, growth in R&D spending, export and immigration flows, and human capital dynamics to countries in the regions of Asia-Pacific, the BRIC countries (Brazil, Russian Federation, India, & China), North America, and Western Europe. In addition, the 2007 Index continues its tradition of providing in-depth analysis of 20 innovation indicators for the 10 competing Leading Technology States (LTS) within the US.
Key findings from the 2007 Index include:
- Massachusetts invests more than 5 percent of its Gross State Product (GSP) in R&D, the best performance of any single region in the world.
- Massachusetts’ ability to capture a share of export markets is impressive. Overall, the dollar value ($24 billion), rate of growth (10 percent per year), and general demand for Massachusetts’ exports is growing.
- Massachusetts in particular remains one of the global hotbeds of innovative activity, attracting research investments from industry and government.
- In Massachusetts, the Life Sciences “super cluster”—including medical devices, biotechnology, biopharmaceuticals, and related industries—account for more than 60,000 direct jobs, providing one of the highest average wages at $98,000 a year. Further, each job generated can lead to as many as three to five new jobs in other industry sectors.
- Massachusetts—as well as other leading technology states—is missing opportunities to export IT hardware such as computers and component parts to growing markets, especially Asia.
- Massachusetts’ historical competitive advantage in scientific and medical talent is being diluted by innovation hubs in China, South Korea, and Japan, where there are expanding numbers of graduates in science, technology and engineering. In 2003, South Korea experienced a 3-1 edge over Massachusetts in terms of percentage of graduates in engineering and related fields.
- While Massachusetts experienced less out-migration in 2006 (reversing a multi-year trend) with fewer residents leaving the Commonwealth, chronic population loss is still a cause for economic concern.
We're all aware of the fluidity and change in the global business environment and of recent MTC activities to promote and extend the strengths of the Commonwealth's Innovation Economy internationally. The Index provides a valuable platform to better understand Massachusetts and how it can optimally position itself on the global economic landscape.
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