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Tech Valley News
New York Well Positioned in New Economy
The 2008 State New Economy Index by the Kauffman Foundation and the Information Technology and Innovation Foundation, shows that New York state is well positioned for robust growth and innovation over the next decade.
The report uses twenty-nine indicators to assess which state economies are best structured based on the principles of the New Economy.
New York ranked ninth among all U.S. states – it’s best ranking since the survey started in 1999 – with a knowledge-based, globalized, entrepreneurial, IT-driven and innovation-based economy.
The Kauffman Foundation and the Information Technology and Innovation Foundation define the New Economy as “a global, entrepreneurial, and knowledge-based economy in which the keys to success lie in the extent to which knowledge, technology, and innovation are embedded in products and services.”
Among New York’s highlights in the report, the state ranked:
- second for managerial, professional and technical jobs
- second for “gazelle jobs” (jobs in gazelle companies - firms with annual sales revenues that have grown 20 percent or more for four straight years)
- third for migration of U.S. knowledge workers
- third for high-wage traded services
- fifth for export focus of manufacturing and services
- ninth for scientists and engineers
- ninth for alternative energy use
- tenth for IT professional jobs
- tenth for IPOs
- tenth for patents
The report states that the top New Economy states “have more in common than just high-tech firms. They tend to have a high concentration of managers, professionals, and college-educated residents working in “knowledge jobs” (jobs that require at least a two-year degree).
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