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We're No. 5!
Report ranks state near top in preparation for 'new economy'
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Business New Haven
9/6/1999
By: Michael C. Bingham
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Connecticut is one of the top five U.S. states in transitioning to the so-called new economy, a system based on entrepreneurship, globalization and knowledge.
So says the Progressive Policy Institute, which last month released a report ranking states on their ability to compete in the global economy of the 21st century.
"States' economic success will increasingly be determined by how effectively they can spur technological innovation, entrepreneurship, education, specialized skills and the transition of all organizations - public and private - from bureaucratic heirarchics [sic] to learning networks," said the report.
Of the PPI reports top ten states, most have a high rate of "creative destruction," a process by which old methods are abandoned in favor of new methods. The report says that this is key to economic transformation in the private, public and non-profit arenas alike.
Gov. John G. Rowland characterizes the report as validation of the state's Industry Cluster Initiative, which brings together industry, government and educational institutions to encourage the development of entire industries - biosciences, for example.
The report, said Rowland, "is a confirmation that we need to continue our efforts and encouraging investment in technology, start-up companies and education."
Indeed, the findings of the PPI report correlate closely with the theory behind the cluster initiative. In the aggregate, the top ten states in the report share:
o a high concentration of managers, professionals and college-educated residents working in "knowledge" jobs requiring at least a two-year degree;
o manufacturers geared toward global markets;
o institutions embracing the global economy, and at or near the forefront of the Internet and information technology revolutions;
o and high levels of domestic in-migration of highly mobile, highly skilled knowledge workers seeking good employment opportunities and a high quality of life.
"These items are all important to the success of the cluster initiative, so we are thrilled to see that Connecticut is doing so well in preparing for the new economy," said Webster Bank CEO James C. Smith, who co-chairs the Governor's Council on Economic Competitiveness & Technology. "But we have to remember that this is a continuing process - one that is never 'finished' - and that there are areas in which we can improve."
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