At best, Florida can be described as a mediocre state for innovation and tech-based companies, according to a new report from WalletHub.
Innovation is a principal driver of U.S. economic growth. In 2022, the U.S. will spend nearly $600 billion on research and development — more than any other country in the world and more than 25% of the world’s total — helping the nation rank third on the Global Innovation Index.
But certain states deserve more credit than others for America’s dominance in the tech era. However, Florida isn't one of them. Florida's best ranking was in the number of technology companies, but as the report notes, a majority of those companies' positions in the state are entry level.
In order to recognize the nation’s biggest contributors, WalletHub compared the 50 states and the District of Columbia across 22 key indicators of innovation-friendliness. The data set ranges from share of STEM professionals to R&D spending per capita to tech-company density.
The District of Columbia, Massachusetts, Washington State, Maryland and Colorado took the top five spots. Florida placed No. 18 overall, but second best for a state in the Southeast, with only Virginia placing higher at No. 6.
Here are the Sunshine State's key breakdown's:
- 41st – Share of STEM Professionals
- 39th – Projected STEM-Job Demand by 2028
- 35th – Eighth-Grade Math & Science Performance
- 32nd – Share of Science & Engineering Graduates Aged 25+
- 18th – Share of Technology Companies
- 38th – R&D Spending per Capita
- 23rd – Venture-Capital Funding per Capita
