How Maryland's Science And Tech Capabilities Rank

By Samuel Stebbins, 24/7 Wall St. - Baltimore

2023-02-15

The United States has long been considered among the most innovative countries in the world – and America’s status as a global hub of innovation is partially attributable to public funding of research and development. The federal government spent nearly $138 billion on R&D in 2020 alone.

The private sector is also an engine of innovation, from companies on the Fortune 500 to small startups. Amazon, for example, spent over $62 billion on R&D in fiscal 2022. (Here is a look at the most innovative companies in 2021.)

Several key indicators can reveal how much of the innovation that takes place in the U.S. is concentrated in a certain place. According to personal finance website, WalletHub, which created a weighted index of 22 measures indicative of innovative capacity, Maryland ranks as the third most innovative state in the country.

Maryland’s ranking on the innovation index is reflected, in part, by employment in STEM (science, technology, engineering, and math) fields as a share of total employment. According to May 2021 data from the Bureau of Labor Statistics, STEM jobs account for 10.1% of all employment in the state, the second highest share among states.

All innovation rankings in this story are from Wallet Hub’s report Most & Least Innovative States. A full description of each measure and its weighting is available here.

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This story was originally published by 24/7 Wall St., a news organization that produces real-time business commentary and data-driven reporting for state and local markets across the country.