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Tech Investments Count

Thursday, 03 July 2008

Massachusetts Maintains Lead as Nation’s Top State in Technology and Science, According to Milken Institute

Kevin Klowden

Welcome to a Big Picture edition of Total Picture Radio with Peter Clayton. Kevin Klowden is a Managing Economist at the Milken Institute. His research focuses on the roles played in regional economics by demographic and spatial factors including distribution of resources, business locations and movement of labor, and how these factors are affected by and interact with public policy. Kevin participated in the recent Milken Institute report which lists Massachusetts as being in "the best position of any state to achieve high-quality economic growth thanks to its vast array of technology and science assets."

According to the report, regional competition for technology industries has increased since the last release of the Index in 2004. Not only are states vying with each other for human capital and resources, but countries like China and India are increasing the competition on a global level.

Where you live really does matter: -

21 Min:

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Questions Peter Clayton asked Kevin Klowden
Tell us about the 2008 State Technology and Science Index
What factors - or indicators do you look at when developing your report?
How many years has the Milken Institute conducted this survey?
What trends can you tell us about?
Who, besides MA is investing in high-tech projects?
What states are at the bottom of the ranking?
Can you put any ROI figures to the investments the states are making in this area?
Quoting from your report: “The future will belong to those regions that can develop a thriving technology industry in a wide variety of fast-growing fields including biotech, clean technology, nanotechnology, communications and next-generation computer applications.” Can you give us any examples of specific projects that illustrate this?
What is your economic outlook for the rest of 2008 here in the US?
I want to spend a few minutes discussing another report you’re the lead author on - having to do with the Writer’s strike last year. What’s been the economic impact in California?
One of the key issues of the strike was the growing importance of digital media. Innovations in distribution, on-line advertising, -- where do you see this going over the next few years?
Where do you see employment opportunities in the entertainment industry? Is it all becoming software dominated?
Do you think there will be a SAG strike?

Excerpt from the Milken Institute Report:

Massachusetts, which just passed a $1-billion life sciences bill to invest in high-tech infrastructure and research and development over the next 10 years, is in the best position of any state to achieve high-quality economic growth thanks to its vast array of technology and science assets, a new Milken Institute study shows.

At the same time, the post-9/11 decrease in international graduate students and flat or decreased federal funding for research and development are applying negative pressure to states that are not making serious investments to build and retain these 21st century industries. "States that have a vision and a plan for building and retaining high-wage jobs and viable industries are finding ways to invest in their science and technology assets,” said Ross DeVol, director of Regional Economics at the Milken Institute, and lead author of the study. "The changes in this year’s Index give a good measure of who is ahead in the increasing competition for scarce human capital and other resources needed for a successful industry."

The states in the best position to succeed in the technology-led information age are (with 2004 rankings):
1) Massachusetts (1)
2) Maryland (4)
3) Colorado (3)
4) California (2)
5) Washington (6)
6) Virginia (5)
7) Connecticut (10)
8) Utah (9)
9) New Hampshire (12)
10) Rhode Island (11)

Here's the link.