In a recent raking of all the states, South Carolina took last place as a state for entrepreneurship and innovation.
Economists at University of Nebraska-Lincoln’s Bureau of Business Research and Department of Economics developed the index to measure states’ business formation and innovation by combining five components: a state’s percentage growth and per capita growth in business establishments, its business formation rate, the number of patents per thousand residents and gross receipts of sole proprietorships and partnerships per capita.
New York topped the list, Washington came in second, and Massachusetts was a close third.
The SEI uses detailed data from the Bureau of Labor Statistics, the IRS Statistics of Income Bulletin, the U.S. Census Bureau and the U.S. Statistical Abstract to compile its results.
Photo by Kevin Dooley