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Per Capita Income
The NEO region as a whole ranked in the third quartile for per capita income.
Four indicators are significant for per capita income. They are Technology Commercialization, Skilled Workforce and R&D, Locational Amenities, and Racial Inclusion & Income Equality. Their relative importance are shown by the lines below.
Technology Commercialization
The NEO region ranked 96 out of the 136 metro areas in Technology Commercialization.
Successful production of innovation requires investments in research and development that can lead to the introduction of new products and more efficient processes of production. Three variables loaded highly with the Technology Commercialization factor venture capital per employee, number of patents per employee, and cost of living. |
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Skilled Workforce and R & D
The region ranked 84 out of 136 metro areas in Skilled Workforce and R&D.
As an indicator of the regional economy, this factor primarily describes the labor force quality affiliated with advanced research. Defined by the variables approximating high educational attainments and occupational levels (graduate and bachelor's degrees and professional occupations), this factor describes the ability of a region to be engaged in technology-driven economic development based on industrial and university R&D and technology-related small business entrepreneurship. The definition of this factor confirms that scientific and technological research are intense in metropolitan areas with large concentrations of highly educated populations, a characteristic that does not change quickly over time and requires years of development and persistent investment. |
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Locational Amenities
The region ranked high in Locational Amenities with a ranking of 28. This put them in the top quartile in the rankings of 136 metro areas.
Locational amenities reflect the quality of life in a region and influence people's decisions about the places they want to live, work, and play. Even though the quality of life measures are highly subjective and people prioritize them differently, in our analysis we included variables that reflect some universal priorities. These variables describe transportation infrastructure, arts and recreational amenities, and healthcare services. |
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Racial Inclusion & Income Equality
The region ranked 108 for Racial Inclusion and Income Equality, placing in the bottom quartile.
Poverty and segregation come hand in hand with high rates of crime and social welfare. Variables included in the Racial Isolation and Inequality factor have a distinctly different pattern of variation across metropolitan U.S. from the variables that measure assimilation of different ethnicities and immigrants in society's social and economic life. Areas with a large black population have a different set of economic and social problems and, therefore, a different path of development. |
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