Idaho Economic Overview

A report released in March 2007 by the Kauffman Foundation and the Information Technology & Innovation Foundation has some interesting information about Idaho's economic transformation and competitiveness. I have included some of the highlights to focus on the positive aspects of our state's economy.

• While the national average of patents issues to companies or workers stands at 0.75, Idaho is ranked #1, by a wide margin, in the number of patents issued to companies or workers, per 1,000 workers. Idaho has 2.99 patents per 1,000 workers.The next closest is Colorado with 1.33 patents per 1,000 workers.
• Our state provides a strong environment for starting a business. Idaho is ranked #5 in entrepreneurial activity, which is judged as the adjusted number of entrepreneurs starting a new business, as a percentage of state population.
• Agriculture remains a strong sector of Idaho's economy, with the state ranking #7 in online agriculture, which is judged as a measure of the percentage of farmers with Internet access and using computers for business.
• The state's high-tech industry continues to increase, with Idaho ranking #11 in high-tech jobs, which is judged as jobs in electronics manufacturing, software and computer-related services, telecommunications, and biomedical industries as a share of total employment.
• Idaho ranks #12 in industry investment in R&D, which is judged as industry-performed research and development as a percentage of total worker earnings.
• Idaho also ranks #12 in IPO’s, 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 ranks #21 in technology in schools, which is judged by a weighted measure of three factors measuring computer and Internet use in schools.
• Idaho ranks #22 in export focus of manufacturing and services, which is judged as the value of exports per manufacturing and service worker.
• Idaho ranks #23 in the number of scientists and engineers as a percentage of the total workforce.

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