Idaho Economic Overview:  2010

A report released in November 2010 by the Kauffman Foundation and the Information Technology & Innovation Foundation has some interesting information about Idaho's economic transformation and competitiveness.

This report builds on four earlier State New Economy Indexes published in 1999, 2002, 2007, and 2008.

Below are some of the highlights to focus on several aspects of our state's economy--where we excel and in areas where we have lost ground relative to other states.

• While the national average of patents issues to companies or workers stands at 0.73, Idaho is ranked #1, by a significant margin, in the number of patents issued per 1,000 workers. Idaho has 2.47 patents per 1,000 workers.  The next closest is Washington with 2.18 patents per 1,000 workers.

• Idaho has also made moves forward when it comes to independent inventor patents, improving its national ranking from #11 in 2007 to #6 in 2010.  This measure is based on the number of independent inventor patents per 1,000 people.

• Idaho ranks #9 in overall entrepreneurial activity.

• Idaho ranks #9 in online population, the most basic indicator of a state’s progress toward a digital economy.

• Idaho is #10 in high-tech jobs.
• Idaho is number #3 in job churning which is the combination of startups and business failures as a share of total firms.
• Agriculture remains a strong sector of Idaho's economy, with the state ranking #18 in online agriculture which is judged as a measure of the percentage of farmers with Internet access and using computers for business.

• Idaho ranks #35 in IPO’s (down from #12 in 2008), which is judged as a weighted measure of the number and value of initial public stock offerings of companies as a share of total worker earnings.
• Idaho also lost ground in export focus of manufacturing and services, which is judged as the value of exports per manufacturing and service worker. (Now #37 down from #13 in 2008)

• Idaho slipped four places since 2008 to #27 in the number of scientists and engineers as a percentage of the total workforce.

To download the full report, please click here (4.68 MB; 68 pages).  You can learn more at the Information Technology & Innovation Foundation's website.

 

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