Statistical analysis of variables affecting technology-based economic development

Regions have focused on new technologies as a way to provide higher levels of wealth and higher paying jobs for their citizens. This has increased the focus on technology-based development and many regions have been torn between the mature and existing markets of current non-technology and technology products and the lure of future larger markets and larger margins on new high technology products. This paper presents the results of an empirical analysis of the determinants of economic development across many regions that are technology rich as well as regions that have non-high-tech environments. It examines the economic variables that predict economic development results and identifies the variables that affect technology-based economic development. It provides policy suggestions for regions that want to increase their economic development based on technology.