The Massachusetts innovation economy has created around 100,000 jobs in Massachusetts since 2003, according to a new research report published this week by the Innovation Institute at the Massachusetts Technology Collaborative. According to the findings released in the 2014 Annual Index of the Massachusetts Innovation Economy, over the last decade the Commonwealth as a whole added only 29,000 jobs, highlighting that without the impact of innovation economy jobs, Massachusetts would have fewer jobs today than in 2003.
Massachusetts receives a greater economic impact from the innovation economy than any other state according to the new report, with 8 of 11 innovation economy sectors having significantly above average employment concentration when compared to other Leading Technology States (LTS). The Commonwealth continues to have the highest concentration of innovation economy jobs of any state (37.8%), followed by Connecticut (34.8%), and Pennsylvania (32.8%).
Other key findings from the 2014 Index include:
• NET MIGRATION: According to the study, Massachusetts is attracting more international migrants while losing fewer people to other states than it did a decade ago. The Commonwealth remains a top relocation destination for college educated adults, although it remained in second place behind Connecticut in 2013 (the most recent data available).
• PATENTS: Since 2009, Massachusetts has seen a 70% growth in patents issued per million residents, a rate higher than any other state, and leads in patents per capita. Massachusetts is fourth in terms of total number of patents issued, trailing much larger states such as California, Texas, and New York.
• VENTURE CAPITAL: Massachusetts is a top destination for venture capital (VC) as well, ranking #2 behind California in absolute terms in 2013. However, the Commonwealth led in the category of ‘Venture Capital per $1,000 of GDP’, where Massachusetts ($7.68) outpaced California ($6.72) and New York ($2.13). Biotechnology ($985M), Software ($742M), and Medical Equipment ($349M) were the leading recipients in terms of Massachusetts innovation sectors.
Completed each year since 1997, the Annual Index of the Massachusetts Innovation Economy compares Massachusetts’ performance to a group of nine other states with significant levels of economic concentration and impact within the innovation economy, collectively identified as the Leading Technology States.