Washington State is in the top 5 of the list of states that are leading an economic transformation in adapting to an increasingly global-, knowledge- and innovation-based New Economy according to the 2007 State New Economy Index. The Index was recently released by the Ewing Marion Kauffman Foundation and the Information Technology and Innovation Foundation to mark EntrepreneurshipWeek USA.
The proprietary Index which expands on two earlier reports (1999 and 2002), uses 26 indicators from a variety of sources to rank each state on the extent to which their economies are structured and operate to effectively compete regionally as well as globally.
Washington State rated 84.6 ahead of California and behind Massachusetts, New Jersey and Maryland. Washington State's worst rankings were at positions 31 of the 50 states for both High-Wage Traded Services and Industry Investment in R&D. High-Wage Traded Services is the share of total employment in traded services (not consumed locally) in which the average wage is above the national median for traded services. Industry Investment in R&D measures the industry-performed research and development as a percentage of total worker earnings. Business provides almost 2/3rds of all R&D funding.
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