Maryland Ranks High on Milken Institute Report for Technology Economy Preparedness
Maryland ranked first for technology and science workforce; third overall
BALTIMORE, MD (January 7, 2019) – Maryland ranks among the top states for technology economy preparedness, according to a report that was recently released by the Milken Institute. The 2018 State Technology and Science Index (STSI), which is conducted every other year, ranked Maryland third in the nation for its ability to foster and sustain a technology sector, which is considered a major indicator in determining a state’s economic health. Overall, Maryland ranked in the top 10 in four out of five of the report’s key indexes, coming in first in the technology and science workforce category, and second in human capital investment and research and development inputs.
“Since taking office, our goals for the state have included encouraging economic development and creating jobs,” said Governor Larry Hogan. “We set out to create an environment that fosters innovation and growth in key industries like technology and the life sciences, and the Milken report shows that our efforts are making an impact.”
According to the report, Maryland’s third-place ranking, which is the same as in the last report, released in 2016, can be attributed to the state’s high concentrations of computer science, engineering, and life sciences employment, which is further supported by the number of federal agencies located in Maryland and the amount of federal research and development funding that the state receives. The report also notes that Maryland has taken steps to grow high-tech businesses by creating programs like the Cybersecurity Investment Incentive Tax Credit, the Maryland Innovation Initiative, and Employment Advancement Right Now (EARN).
“Maryland’s Milken Index ranking proves our state incentives and programs have been successful in putting Maryland at the forefront of today’s high-tech economy,” said Acting Maryland Commerce Secretary Kelly M. Schulz. “We are incredibly proud of our continued ranking in this esteemed report. The valuable data Milken provides shows us where our strengths lie, and will serve as a guide as we continue to grow Maryland’s technology sector.”
The Milken Index is one of the most comprehensive examinations of state technology and science assets. The states are ranked on dozens of measurements – from higher education to access to venture capital – in five categories: research and development, risk capital, human capital investment, technology and science workforce, and technology concentration and dynamism. The Index was developed to provide a new gauge of economic performance and opportunity in an age when a state’s most important economic assets have shifted from tangible, physical products to intangible, intellectual resources.
“The success stories of states profiled in this year’s index reflect sustained efforts to not only build but to maintain their ecosystem,” said Kevin Klowden, executive director of the Milken Institute Center for Regional Economics. “Making the changes that are necessary to perform well on the State Technology and Science Index can contribute to stronger long-term economic performance.”
The Milken Institute is a nonprofit, independent economic think tank whose mission is to improve the lives and economic conditions of diverse populations around the world by helping business and public policy leaders identify and implement innovative ideas for creating broad-based prosperity. It is based in Santa Monica, CA. (www.milkeninstitute.org).