Robert Huggins Associates, a global economics consultancy and think-tank based in the United Kingdom, announced that the Rochester, New York Region has been designated as one of the top knowledge-based economic regions in the world, ranking 4th out of 125 in the 2003 World Knowledge Competitiveness Index. The firm defines knowledge competitiveness as a region's capacity and ability to create new ideas, thoughts, processes and products and to translate them into economic value and wealth.
To achieve the rank of 4th overall, the Rochester region scored very high in a number of the indexes' components. For the second straight year, the region is 1st in the world in the number of patent registrations per capita and the number of people employed in the electrical machinery and equipment industry per 1,000 inhabitants. The Rochester region also ranked 4th in the world for per capita public expenditures on primary and secondary education. Other areas where Rochester scored high include labor productivity (15th) and GDP per capita (18th). The report also cited an increase in employment levels in the high tech services industry as one of reasons for Rochester's strong ranking in the overall index.
"The Rochester region possesses an exceptional mix of knowledge and innovation that allows it to stand out as a unique place in the world," said Michael Finney, President and CEO of Greater Rochester Enterprise. "In order to stay competitive, companies need access to skilled, educated, productive workers and to be able to turn new ideas into valuable products or innovative processes. This dynamic happens everyday in Rochester and as the World Knowledge Competitiveness Index highlights, companies would do well to consider our region as a location if they want to get ahead of the competition."
The World Knowledge Competitiveness Index is based on 17 measures of economic performance that indicate a region's ability to translate its knowledge capacity into economic value. Some of the measures include: the number of information technology, computer manufacturing, biotechnology and engineering employees per capita, the number of patents registered per capita, labor productivity, research and development expenditures, monthly earnings, unemployment rates and investments in education at all levels.
Of the world's strongest knowledge economic regions, the top five are: San Francisco, CA; Austin, TX; Boston, MA; Rochester, NY and Minneapolis - St. Paul, MN. The top international region is Tokyo, Japan at 15.
To read excerpts from the "World Knowledge Competitiveness Index 2003-2004" click here.
To link to Robert Huggins Associates Website click here.
About Greater Rochester Enterprise (GRE)
Greater Rochester Enterprise (GRE) is a public-private partnership established with an initial $14 million, five year investment budget provided by government, not-for-profit, business and education concerns, to professionally market the Rochester metropolitan region as a competitive, high-profile place for business location and growth. GRE will collaborate with business, academia, not-for-profit organizations and government to ensure a unified approach to regional economic development efforts.