Oregon Ranks in Top Ten in Newest Iteration of Business Oregon’s Innovation Index
Business Oregon released the 2024 Innovation Index, an analysis to better understand how
innovative Oregon is compared to other states. This Index identifies areas of strength and
weakness within the state’s economy, and areas where Oregon’s competitive advantage is
growing or eroding and needs greater investment. This is a biannual publication that was
first published in 2004 and is now on its seventh update.
The goal of the Innovation Index is to capture the entrepreneurial and innovative activity
across the U.S. Eighteen different metrics were tracked that measured a diversity of
economic activity that is largely tied to innovative economies. These 18 metrics can be
grouped into three broad categories: commercialization, business environment, and
skills/talent.
Oregon has consistently ranked well in the Index, which continued into the 2024 analysis,
where Oregon ranked seventh among the 50 states and the District of Columbia. The West
Coast was strong overall in the index, with Washington and California also within the top
seven. These Innovation Index rankings reflect a state’s individual performance in each of
the metrics, as well as the rate of change in those metrics over the past 5 years.
Oregon’s high ranking in the overall Innovation Index was due to the state’s strong
performance across numerous indicators, including university licenses and start-ups,
patents, exports, and high-tech employment. However, the state’s gains slowed in many of
these metrics over the past five years resulting in a small drop in Oregon’s overall ranking in
the index, as some peer states catch up in certain innovation measures.
The results from the 2024 Innovation Index reveal that Oregon remains competitive among
peer states when it comes to factors largely tied to innovative economies. However, slower
growth in some of these metrics over the past half decade point towards a need for greater
investment in commercialization and continued focus on the state’s business environment
for Oregon to maintain its competitiveness.
For more information about the Innovation Index and to read the complete report,
visit www.oregon.gov/biz.
By Press Release – 7/31/2024
Business Oregon
https://www.oregon.gov/biz/Publications/releases/Oregon%20Ranks%20in%20Top%20Ten%20in%20Newest%20Iteration%20of%20Business%20Oregon%E2%80%99s%20Innovation%20Index.pdf
Business Oregon, the state’s economic development agency, invests in Oregon businesses, communities, and people to promote a globally competitive, diverse, and inclusive economy. The agency’s services span rural community development and infrastructure financing; business retention, expansion and recruitment; export promotion and international trade; investments in industry research and development and entrepreneurship; small business assistance; and support for arts and cultural organizations. Learn more at biz.oregon.gov.
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