Virginia Ranked Sixth in the 2012 State New Economy Index

The Information Technology & Innovation Foundation recently released its 2012 State New Economy Index, which uses 26 indicators to measure the extent to which state economies are knowledge-based, globalized, entrepreneurial, IT-driven and innovation-based. Virginia ranked sixth, up from eighth in 2010.

Virginia earned a first place ranking for its information technology jobs – having the highest concentration of IT workers in both IT and non-IT industries – and also ranked first for its fast-growing firms. Up from fourth in 2010, Virginia ranked second for knowledge jobs, which measures seven aspects of knowledge-based employment: IT occupations in non-IT sectors; the share of the private sector employed in managerial, professional and technical occupations; the education level of the workforce; the average educational attainment of recent immigrants; the average education attainment of recent U.S. interstate migrants; worker productivity in the manufacturing sector; and employment in high-wage traded services.

The Commonwealth also ranked third for managerial, professional and technical jobs, fifth for workforce education, and ranked sixth – up from ninth in 2010 – for innovation capacity, based on its share of jobs in high-tech industries; the share of workers that are scientists and engineers; the number of patents issued to companies and individuals; industry research and development (R&D) performance; non-industrial R&D performance; energy consumption; and venture capital investment.

The report builds on prior State New Economy Indexes published in 1999, 2002, 2007, 2008 and 2010. For more information or to download the full report, click here.