Report: The Competitiveness and Innovative Capacity of the United States

The Commerce Department, in consultation with the National Economic Council, released a report to Congress  today detailing the competitiveness and innovative capacity of the United States.  The report in its entirety can be read here.  The report was required as part of the re-authorization of the America Competes Act signed in January of 2011.

The report argues that innovation is key to America’s continued economic success.  “Innovation is the key driver of competitiveness, wage and job growth, and longterm economic growth.”  In order to best facilitate this innovation, the report identifies three areas in which strategic government investments have been key to unleashing the competitive power of the private sector: “… basic research, education, and infrastructure.”  In addition to those three key pillars the report identifies other areas which have a significant impact on our competitive and innovative capacity: facilitating regional clusters, effective intellectual property regimes, and access to foreign markets are some of the areas named.

Rob Atkinson, President of the ITIF, welcomed the report in a statement, noting that “I hope this is a first step in the process of Washington waking up to the urgent innovation challenge…”

Posted by: Clark Taylor

Sources: Commerce Department, ITIF

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