Innovation is a principal driver of U.S. economic growth — in 2016, about $514B was spent on R&D nationwide — and for individual real estate markets, a demand driver. According to a new study by WalletHub, Washington state is No. 6 for fostering innovation through investments in education, research and business creation, especially in highly specialized industries.
The company compared the 50 states and DC across 18 key indicators of innovation-friendliness. These metrics included share of STEM professionals, R&D spending per capita, tech-company density, science education performance and VC funding per capita.
DC, with its preponderance of federal institutions and dollars, came in at No. 1, and for similar reasons, Maryland was No. 2. Next were Massachusetts, California, Colorado and then Washington, which bested Virginia, Utah, Connecticut and New Hampshire, to round out the top 10. The least innovative state, according to WalletHub, was West Virginia.
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