01 Mar Wisconsin ranks 30th in New Economy index
Madison, Wis. – Wisconsin ranks in the lower half of the 50 states in the latest edition of an index that measures entrepreneurial strength in the “New Economy.”
The 2007 State New Economy Index, which benchmarks the economic transformation taking place in the states, ranks Wisconsin 30th, with an overall score of 55.9, ahead of only Indiana and Iowa among Midwestern states.
Published by the Information Technology & Innovation Foundation and sponsored by the Ewing Kauffman Foundation, the index ranks states on 26 key indicators, including information technology professionals, fast-growing firms, Internet domain names, patents, and venture capital.
Among the 26 indicators, Wisconsin ranked highest – 12th overall – in two categories: value-added manufacturing and package exports.
Wisconsin also ranked in the upper half of states in categories like online population (15th), technology in schools (15th), entrepreneurial activity (18th), and “gazelle” jobs (23rd), which are jobs in fast-growing companies with annual sales revenue growing at 20 percent or more.
However, low rankings in categories like job churning (47th), export focus of manufacturing and services (42nd), and IPOs (41st) brought down Wisconsin’s overall score.
Wisconsin has ranked as low as 37th in the 2002 index, which was compiled in the aftermath of the most recent economic recession.
Topping the 2007 index with a score of 96.1 was Massachusetts, followed by: New Jersey, 86.4; Maryland, 85.0; Washington, 84.6; and California, 82.9.
The highest ranked Midwestern state was Minnesota, which was ranked 11th overall with a score of 75.3, followed by 16th ranked Illinois, 68.4; 19th ranked Michigan, 64.7; and 29th ranked Ohio, 57.8.
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