Texas: Innovation Champions and High Income Earners
According to a recent report from the Brookings Institution, half of the world’s 20 highest-income metropolitan areas sit within the US border. The outstanding 10 are split between Western Europe and Asia-Pacific. Houston, Texas ranks at spot 18, with a GDP Per Capita of $63, 730.
Researchers attained their final list by paralleling the gross domestic products (GDP) per capita of the 300 largest metropolitan economies. Of those 300, 204 were in developed countries. The other 96 were in developing countries, such as China and India.
The United States strong performance isn’t too surprising, considering the size of the country’s economy and the level of human capital available. In fact, it was the main reasons the US ranked third in 2015-2016 Global Competitiveness Report and second world for capacity for innovation.
Aside from just bringing in a considerable amount of bread and butter, Texas was also coined as an “innovation champion”. The Consumer Electronics Association (CEA), a trade group representing more than 2,000 technology companies, recently titled Texas as an “Innovation Champion,” the highest tier on the inaugural Innovation Scorecard. Using a sequence of 10 metrics, encompassing right-to-work laws to entrepreneurial activity and enticing investment, CEA ranked the 50 states and District of Columbia on how well they encourage innovation. CEA says Innovation Champions like Texas offer “ready-made environments” for innovators and entrepreneurs.