The new governor is a big fan of the word “innovation,” which makes the results of the latest WalletHub ranking of the most and least innovative states particularly germane. The Garden State takes 11th place (for all 50 states and the District of Columbia), which includes a fifth-place finish for highest share of technology companies.
A state’s overall score is the weighted average of 22 metrics, which fall into two categories: human capital and innovation environment.
New Jersey does well with human capital, earning a 10. This category includes share of STEM professionals, projected STEM job-demand by 2020, and percent of graduating seniors who take AP exams (among other metrics).
Where New Jersey falls down — and this ranking is worrisome — is its score of 17 for innovation environment. The category includes business churn, jobs in new companies, inbound migration, and (inevitably) tax friendliness (again, among other metrics).
If New Jersey is going to become a national hub for innovation, it has some work cut out for it.