PROVIDENCE – The Ocean State hosts the 17th-best innovation hub in the Northeast, according to the latest version of an annual report by CommercialCafe.
Providence dropped one spot from 2024, when it ranked No. 16.
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CommercialCafe, a commercial real estate listing service, determined the top 20 innovation hubs in the region using 15 metrics related to employment, business environment and education infrastructure.
Providence ranked higher than its overall placement in several individual metrics. The city ranked No. 6 in the Northeast for talent attraction, with 36.6% of residents who are 25 and older and have a bachelor’s degree having moved to the area recently. The city placed No. 8 for degree holder growth, at 22.6%, and No. 9 for science, technology, engineering and math, or STEM, establishment share at 3.6% and establishment growth at 5.6%.
Cambridge, Mass., placed first in the overall rankings, followed by Worcester, Mass.; Pittsburgh; New Haven, Conn.; and Boston.
The Northeast region stands out as “a potent magnet for top talent” among innovators, CommercialCafe states in the report.
“When a city successfully fosters a significant concentration of skilled professionals – especially in technology, science and engineering – and couples this with the infrastructure to develop and employ top talent, it creates a powerful engine for economic growth and innovation,” according to the report.
“In the U.S. Northeast, this dynamic is profoundly shaped by two enduring strengths,” the reported said. “Namely, the region’s unparalleled academic institutions – which consistently attract the best and the brightest from home and abroad – and its deep-rooted tradition of high-end, specialized manufacturing, which drives demand for a highly skilled workforce.”
The report used data from the U.S. Census Bureau, the National Center for Education Statistics, the U.S. Patent and Trademark Office and Yardi Matrix research.
Jacquelyn Voghel is a PBN staff writer. You may reach her at Voghel@PBN.com.
