North Carolina’s economy falls squarely in the middle of the pack compared to other states, according to a new state report tracking the state’s progress across a wide range of economic measures.

The North Carolina Department of Commerce on Thursday released the Tracking Innovation report, a snapshot of the state’s performance across 38 economic indicators.

Among the findings:

  • North Carolina’s $45,206 in median household falls behind the U.S. median income of $50,054 and ranks 37th among the 50 states.
  • R&D expenditures as a percentage of GDP was 2.13 percent, placing North Carolina 24th among the states.
  • In venture capital dollars disbursed, adjusting for the size of a state’s economy, North Carolina ranks 10th.

Tracking Innovation is the the fourth version of a periodic economic analysis that was first conducted in 2000. No surveys were conducted to compile the report, whose findings are based secondary data sources, such as the U.S. Census Bureau and the Bureau of Labor Statistics.

[Analysis: What does latest report really mean?]

Before the 2013 report, the last Tracking Innovation report was done in 2008. John Hardin, executive director of the Office of Science & Technology at the Commerce Department, said the report is not done every year because the data are not updated annually. For some measures the most recent available data is from 2008.

Other measures tracked in the report include patents awarded; broadband availability; exports; and education. Across all measures, North Carolina’s average rank is 24th across the 50 states.

“There haven’t been dramatic changes over time,” said John Hardin, executive director of the Office of Science & Technology at the commerce department. “The overall verdict of the report in 2000 is similar to the overall verdict of the report in 2013.”

And that verdict is that North Carolina still has work to do make its economy more competitive.

North Carolina’s economic performance varies across the state but the report says that the Research Triangle region has the greatest resources and capabilities to foster and commercialize innovations. And North Carolina scores well in innovation, continuing to rank among the nation’s leaders in research and development spending. R&D expenditures related to the size of its economy was North Carolina’s highest ranking, placing fifth among the states behind Maryland, Massachusetts, North Dakota and New Mexico.

The report notes that the North Carolina’s core R&D strength resides within the state’s colleges and universities. But this strength also points to a weakness for the state: much of the research in universities is not focused on what industry requires, which means that it does not translate well to commercial economic outcomes.That’s an area where North Carolina needs to improve, Hardin said.

The report follows the North Carolina Chamber Foundation’s release this week of a software tool that tracks more than 40 economic development measures, part of a chamber initiative called Vision 2030, a plan to prepare for the jobs and the economy of 2030. Hardin said that the Commerce Department’s report complements the Chamber Foundation’s effort.

“Our report is not competitive with theirs by any means,” he said. “A reader who wants to be informed should look at both because there’s a wealth of information.”