California is America’s Leading State in Innovation Spending
California is among the best states in the United States for infrastructure, employment, education, and investments related to innovation. According to a report released by WalletHub (the internet portal for personal finance education), the Golden State ranked in front of Washington, Massachusetts, Maryland, and the District of Columbia in 18 key indicators of innovation affability.
If you’ve been tuned into the state’s enterprise realm lately (or even from executing a simple google search), you can tell that it’s flooding with innovations (both startups and established companies.)
According to another report by business.org, a huge portion of the United States’ overall Research and Development spending has been flowing into the state to fund these inventive concepts. As a matter of fact, as of 2018, California accounts for approximately 31% of the United States’ total research and development spending.
Drawing on the Nationwide Science Foundation Info on Research and Development in 2016 (this is the latest Year for which numbers could be found) the report revealed that the Golden State was far outpacing other states.
Research and Development spending per capita
Californian companies ranked first in venture capital spending per capita. With a $1.1 million spending per capita, the state ranked ahead of Massachusetts, Washington D.C, Michigan, and Texas who had a per capita spending of $215,600, 196,730, $188,470, and $13,530 respectively.
This implies that California spent five times more per capita compared to any other state. Tying up the top ten in the enumeration include New Jersey, New York, Illinois, Pennsylvania, and North Carolina, with $157,150, $157,140, $137,330, $123,000, and $100,640 respectively.
On the other end of the spectrum, Alaska boasted the lowest spending per capita, with a staggering $340 in R&D spending per capita. West Virginia, Mississippi, Vermont, North Dakota, Louisiana, Montana, South Dakota, Hawaii, and Wyoming were all on this lower end of the list.