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March 24, 2022

Maine gets low marks for innovation in WalletHub ranking

Map of U.S. showing Maine as No. 39. Courtesy /WalletHub Maine was ranked No. 39 overall in a WalletHub ranking of where 50 states plus D.C. stand on innovation.
By Renee Cordes

When it comes to innovation, Maine is ranked No. 39 among 50 states and the District of Columbia and the lowest of New England's six states, according to findings released Wednesday by personal finance website WalletHub.

The report issued overall rankings along with separate marks for “Human Capital” and “Innovation Environment," evaluated in terms of 22 metrics.

The District of Columbia, Massachusetts and Washington topped the list at No. 1, 2, and 3, respectively, while the Pine Tree State was No. 39 overall, sandwiched between Kansas (No. 38) and Hawaii (No. 40).

Among other New England States, New Hampshire came in at No. 9 overall, Connecticut at No. 15, Rhode Island at No. 24 and Vermont at No. 25. Mississippi was dead last in the overall rankings, at No. 51. 

States were also assigned rankings for innovation environment and human capital, which were evaluated according to 22 metrics.

Maine was No. 45 for innovation environment, which took into account factors including the proportion of technology companies in a state, research and development funding per capita and invention patents per capita.

The Pine Tree state fared better in the human capital category, coming in at No. 28. Among other metrics, the ranking factored in the percentage of science, engineering, technology and mathematics (STEM) professionals in each state, and the percentage of science- and engineering-degree holders ages 25 and older per total degree holders among that age demographic.

On a nationwide scale, WalletHub researchers note that innovation is a principal driver of economic growth, amid U.S. plans to spend nearly $600 billion on research and development in 2022 alone. That's more than any other country and more than 25% of the world's total, putting the United States third in the Global Innovation Index. 

Researchers also noted that while some of the biggest recent U.S. innovations are COVID-19 vaccines, there are disparities among states. 

Besides topping the overall list, the District of Columbia, Massachusetts and Washington were also found to have the highest R&D spending per capita, while Louisiana, Wyoming and Arkansas had the lowest R&D spending per capita.

Find the full WalletHub report here.

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