Rhode Island Improves Economic Strength in Second Annual Benchmark Study

Rhode Island has released its 2012 Benchmarking the Rhode Island Knowledge Economy, a follow-up to the inaugural report published last year. Produced by the Greater Providence Chamber of Commerce and Rhode Island Science & Technology Advisory Council, Benchmarking is a comprehensive report of the state's innovation capacity and a method of measuring over time Rhode Island's innovation economy in comparison to the region and the country. The report looks at 19 categories for overall economic strength, including more traditional measures such as gross state product and per capita income, but also for measures of the state's innovation capacity, like patents issued, R&D performance, and the attainment of science and engineering degrees and their inclusion in the state workforce. Of the 19 metrics, Rhode Island improved their national ranking in 11 areas, including significant improvements in venture capital investments as a percent of gross state product, total R&D performance as a percent of gross state product, and math scores for 8th graders. Measuring as a percent of gross state product, nationally Rhode Island ranks third in nonprofit R&D performance, fifth in venture capital investments, seventh in academic R&D performance, and eighth in federal R&D obligations. However, Rhode Island has declined in high speed Internet lines, patents issued, the "entrepreneurial climate," and total SBIR/STTR investments. It also ranks near the bottom (47th) in state appropriations for high education per capita. Benchmarking the Rhode Island Knowledge Economy is available at: http://stac.ri.gov/innovation/.