We live in a time of rapid technological change with new products becoming obsolete in record time.

Innovation is more important than ever and, it turns out, we in New Jersey are particularly well-equipped to handle the challenge.

According to new research by Wallet Hub, New Jersey ranks 10th for innovation.

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Here are the metrics divided between Human Capital and Innovation Environment:

Human Capital- Share of STEM Professionals, Share of Science and Engineering Graduates, Projected STEM Job Demand by 2030, Scientific Knowledge Output, Eighth Grade Math and Science Performance, and AP Exam Participation.

Innovation Environment- Share of Technology Companies, R&D Spending Per Capita, Invention Patents Per Capita, Net Migration, Entrepreneurial Activity, Average Internet Speed, Tax Friendliness, Venture Capital Funding, among others.

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Apparently we have faster Internet than most, because that’s where New Jersey scored the highest (we rank 4th).

Our Human Capital rank was 8th and for Innovation Environment, we rank 15th.

According to Wallet Hub, the U.S. spends more than $600 billion a year on research and development, behind just Switzerland and Sweden.

Cassandra Happe, an analyst for Wallet Hub said, innovative states offer "abundant career opportunities and investment dollars, both for jobs at existing companies and for startups." They also provide education that produces graduates ready for today's workforce, she said.

It's nice to know we’re not getting left behind in the Garden State.

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