Milken Institute ranks Minnesota 7th in State Technology & Science Index

October 25, 2016

MHTA — The Milken Institute ranked Minnesota 7th in the 2016 State Technology & Science Index. Minnesota moved up five spots since the last index was released in 2014.

The Milken Institute ranks states in five categories: Human Capital Investments, Research and Development Inputs, Risk Capital and Entrepreneurial Infrastructure, Technology and Science Workforce, and Technology Concentration and Dynamism.

In each category, Minnesota ranked:

  • Human Capital Investments: 5th (4th in 2014)
  • Risk Capital and Entrepreneurial Infrastructure: 16th (11th in 2014)
  • Research and Development Inputs: 19th (24th in 2014)
  • Tech Concentration and Dynamism: 15th (20th in 2014)
  • Tech and Science Workforce: 4th (7th in 2014)

Minnesota also ranked highly in a number of subcomponent scores, including: average SAT scores, number of graduate students in science, engineering, and health; percentage of population with a bachelor’s degree or higher, industry R&D dollars per capita, patents issues per 100,000 people, average yearly-growth of high-tech industries, and number of Inc. 500 companies per 10,000 business establishments.

This marks the first time Minnesota has been in the top 10 since 2004. Massachusetts ranked first in the index, followed by Colorado, Maryland, California, and Washington in the top five.

A few years ago, MHTA stated its vision to make Minnesota a top five state in science and technology.

“It’s exciting to see that we are continuing to make progress on our goal of becoming a top five state in science and technology,” said Margaret Anderson Kelliher, president & CEO of MHTA. “We are consistently hearing from our members that Minnesota’s innovation economy is heading in the right direction.

“Moving forward, we need to continue to build on our strengths — a talented and educated tech workforce, strong patent activity, and fast growing tech companies — to boost innovation and Minnesota’s competitiveness. MHTA and our partners will continue working to develop Minnesota’s STEM workforce, foster positive public-private partnerships and find venture capital opportunities for startups.”

The full index can be found here.

UPDATE: An error on the Milken Institute website listed Minnesota incorrectly at 8th. Minnesota is actually ranked 7th in the nation in their State Technology and Science Index.