United States Gives a Strong Performance in National and Global Competitiveness
Innovation, without a doubt, is a useful tool in propelling a country’s economy forward. However, for that to happen, a country must create an environment that funds creative agendas and is supported by the public and private sectors. To be specific, have high-quality research institutions, adequate investment in research and development, and protection of intellectual property, according to a recent report by the World Economic Forum.
This report, titled the 2015-2016 Global Competitiveness Report, evaluates the competitiveness of 140 world economies. Using a mixture of quantitative and survey data, it grades countries overall by combining 113 indicators grouped under 12 pillars of competitiveness, for example, infrastructure, market size and innovation.
The United States holds an admirable rank of third in the list. The report accentuates key strengths in the United States within human capital, market size and innovation. In fact, the United States was second in the world for capacity for innovation. This was supported by high levels of spending on research and development and collaboration between the private sectors and universities.
Aside from the country performing well on a global scale, individual communities are also thriving between the coasts. Although traditionally the entrepreneurial community is thought to be the ‘Silicon Valley’, communities such as Utah, Texas and Kansas are just a few of the states making a significant effort to build systems that support new firm formation and entrepreneurship.
Overall, the United States has in a whole improved its performance in many areas and has remained competitive in the global market. For the United States to continue being competitive and relevant, stressing the importance of innovation and research is vital. For businesses to remain significant in the market, investing in research and development to push the company and economy forward is imperative. For many companies, tax credits have a positive effect on corporate R&D investments and lower marginal costs. If you would like to learn more about the tax credits available to your company, please contact us for more information.