SEN. KENNEDY, GOV. PATRICK: MASSACHUSETTS TOPS IN NEW ECONOMY RANKINGS

The office of Sen. Edward M. Kennedy, D-Mass., issued the following press release:

Today, Sen. Edward M. Kennedy and Gov. Deval Patrick applauded the New Economy Rankings which gives Massachusetts top billing. The Information Technology and Innovation Foundation ranks Massachusetts as the state most prepared to meet the challenges of the New Economy, where success is increasingly based on innovation, information technology, entrepreneurship and taking advantage of opportunities provided by global markets. The report was conducted by Dr. Rob Atkinson, Director of the Technology & New Economy Project at the Progressive Policy Institute, which looked at how Americans are forming a New Economy at the start of the 21st century.

The New Economy rankings are based on measures of how well states are able to compete in a modern economy that rewards creativity, teamwork and investment in human capital. The report highlights several characteristics essential to economic success, including a high percentage of college-educated residents, a manufacturing base that takes advantage of global markets, a strong innovation industry anchored around research universities, and a business environment that encourages entrepreneurship. As the report shows, Massachusetts is poised to succeed in the New Economy because it scores high in these critical areas.

Senator Kennedy said, "We're well positioned to benefit immensely from the intensifying global competition that characterizes the New Economy. There will always be things we can do better, and we must continue to push ourselves to be stronger every year. That means setting the bar high for the Commonwealth. I'm confident that we can do so and do well and continue to lead the way. Today we celebrate. Tomorrow we get back to work on the ways that will keep carrying us over the bar in the years ahead. "

Governor Patrick said, "This report truly captures Massachusetts - the brain power, the capacity for innovation, and the underlying passion for entrepreneurship. Our universities are world class and our medical and scientific communities are driving some of the most exciting advances in their respective industries."

The report measures states on a number of indicators, grouped into five categories to determine the extent to which states have embraced the New Economy and their relative success.

1. Knowledge jobs - Massachusetts ranks number 1

2. Innovation Capacity - Massachusetts ranks number 1

3. Digital Economy - Massachusetts ranks number 2

4. Globalization - Massachusetts ranks number 4

5. Economic Dynamism - Massachusetts ranks number 11

Massachusetts also topped the list in 1999 and 2002, the last two times the study was conducted.

The full report can be viewed at: http://www.itif.org/files/2007_State_New_Economy_Index.pdf

Contact: Melissa Wagoner, 202/224-2633; Kyle Sullivan, 617/725-4025.