Frank Conte, Communications
Patrick addresses state competitiveness at BHI panel discussion
index: Mass. is number 1
Governor Deval Patrick offered remarks on the the Beacon
Hill Institutes Eighth Annual Competitiveness Report
at a conference this morning at Suffolk University Law School,
120 Tremont Street, Boston.
report shows that Massachusetts ranks 1st among all state
in terms of its economic competitiveness, i.e.,
its ability to attract and retain business and to provide
a high standard of living for its residents over the long
panel consisting of Greg Bialecki, Massachusetts Undersecretary
for Business Development, John Regan, Vice President of the
Associated Industries of Massachusetts, and Michael George,
CEO of OatSystems, Inc., will discuss the report.
Bay State moved from 2nd last year to 1st this year for its
strong showing in human resources, technology, business incubation
and security. Massachusetts rose from 9th to 1st in the measure
that tracks the number of residents with health insurance
coverage. The state also improved its ranking for security,
thanks to a decrease in crime.
also continues to outperform all other states in technology,
as measured by grants from the National Institutes of Health,
new patents, and its high tech workforce. The Commonwealth
ranks 1st in venture capital per capita, making it, by that
measure, the most attractive state in the union for startups.
of the states that made the top ten last year remained in
the top ten this year. Oregon and Montana moved up. South
Dakota dropped out, as did New Hampshire, which slipped from
9th to 17th as a result of falling scores for security, fiscal
policy and business incubation. New Hampshire ranked 3rd just
two years ago.
BHI competitiveness index is based on a set of 43 indicators
divided into eight subindexes government and fiscal
policy, security, infrastructure, human resources, technology,
business incubation, openness, and environmental policy. The
overall index is an average of the eight subindexes, each
of which is itself an average of the indicators making up
that subindex. The index ranges from 1 to 10,
with 10 indicating the best state in a category
and 1 indicating the worst, and is centered on
5. The breadth of the BHI index distinguishes it from more
narrowly focused measures of competitiveness that target just
taxes, high tech, or economic freedom.
current economic turmoil forces state policy makers to respond
with short term solutions, notes Jonathan Haughton,
BHI senior economist and lead author of the report. The
key, however, is to pay attention to the factors that contribute
to a states economic growth over the long term. The
index continues to show that improvement in a states
ranking can translate into a higher standard of living for
state residents. Thus, if a state gains a point in the index,
it will also gain $1,546 in real per capita income per year.
will release its rankings of the top 50 U.S. metropolitan
areas in February 2009.
report is here.
11/24/2008 11:02 AM
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