Oregon Ranked Among Most Innovative States in U.S.

Thursday, March 22, 2018

GoLocalPDX Business Team

Oregon has been ranked as one of the most innovative states in the U.S.

According to a recent study completed by WalletHub, Oregon is the 10th most innovative state in the country.

“Innovation is a principal driver of U.S. economic growth. In 2018, the U.S. will spend an estimated $553 billion on research and development — more than any other country in the world and over 25% of the world’s total — helping the nation rank No. 4 on the Global Innovation Index. According to the results of the ranking, knowledge and technology outputs are America’s particular strengths,” said WalletHub.

Oregon's Rankings:

17th Best - Human Capital
8th Best - Innovation Environment

The Rankings

Oregon is ranked behind Utah and Delaware, who rank 8th and 9th respectively.

Oregon is ranked ahead of New Jersey and New Hampshire, who rank 11th and 12th respectively.

Massachusetts is ranked as the most innovative state, while Mississippi is ranked as the least innovative.

See the Full Rankings in the Map Below

Source: WalletHub

The Method

In order to determine the most and least innovative states, WalletHub compared the 50 states and the District of Columbia across two key dimensions, “Human Capital” and “Innovation Environment.”

They evaluated those dimensions using 22 relevant metrics, which are listed below with their corresponding weights.

WalletHub then determined each state’s weighted average across all metrics to calculate its “State Innovation Index” and used the resulting scores to rank-order our sample.

Human Capital – Total Points: 50

Share of STEM Professionals: Double Weight (~14.29 Points)
Share of Science & Engineering & Related Fields Graduates: Full Weight (~7.14 Points)
Projected STEM-Job Demand by 2020: Full Weight (~7.14 Points)
Scientific-Knowledge Output: Full Weight (~7.14 Points)
Eighth-Grade Math & Science Performance: Full Weight (~7.14 Points)
AP Exam Participation: Full Weight (~7.14 Points)

Innovation Environment – Total Points: 50

Share of Technology Companies: Double Weight (~5.13 Points)
R&D Spending per Capita: Double Weight (~5.13 Points)
R&D Intensity: Full Weight (~2.56 Points)
Invention Patents per Capita: Full Weight (~2.56 Points)
IP Services Exports as a Share of All Services Exports: Full Weight (~2.56 Points)
Business Churn: Full Weight (~2.56 Points)
Jobs in New Companies: Double Weight (~5.13 Points)
Net Migration: Full Weight (~2.56 Points)
Entrepreneurial Activity: Full Weight (~2.56 Points)
Tax-Friendliness: Double Weight (~5.13 Points)
Industry-Cluster Strength: Full Weight (~2.56 Points)
Open Roads & Skies Friendly Laws: Half Weight (~1.28 Points)
Average Internet Speed: Full Weight (~2.56 Points)
Share of Households with Broadband Internet Access: Full Weight (~2.56 Points)
Venture-Capital Funding per Capita: Full Weight (~2.56 Points)
Average Annual Federal Small-Business Funding per GDP: Full Weight (~2.56 Points)