We Lead our Region's Economic Development. We Lead our Region's Economic Development.
Industry and Economy

Massachusetts Economy Fast Facts

  • Labor force- 3,593,000 (Bureau of Labor Statistics)
  • Minimum wage- $10.00 per hour for most employees
  • Personal income tax- flat rate of 5.3% (exemption for income below a threshold that varies from year to year)
  • Sales tax- 6.25% on retail sales of tangible personal property- except for groceries, clothing, and periodicals (in Massachusetts by any vendor)
  • Gross State Product- US $318 billion (2004 estimation of the Bureau of Economic Analysis)
  • Per capita personal income- US $42,102, (2004) the country's second highest
  • Unemployment Insurance- New Employer Rate: 2.125%; Experienced Rate: 1.325-7.225%; Base Wage: $14,000
  • R & D Tax Credit- 10% on incremental qualified and 15% on incremental basic
  • Hiring Tax Credit- Cash rebate of 50% of newly hired biotech and medical device manufacturing employees' income tax withholdings payable over 3 years
  • Investment Tax Credit- 3% in manufacturing, R&D, agriculture and fishing; any industry eligible for 5% when located in target areas
  • Corporate Income Tax- 9.5% (offset by single sales factor), approximately one-half of all companies in Massachusetts pay the minimum corporate income tax of $456

Key industries

Advanced Materials
Biotechnology
Education & Research
Electronics
Environmental Technology
Fabricated Metals
Financial Services
Health Services and Medical Technology
Industrial Machinery and Equipment
Information Technology
Paper
Photonics
Plastics
Software
Telecommunications
Textiles & Apparel
Tourism                                    

Top 25 Employers

  • UNICCO Service Co - Janitorial Services
  • International Data Group - Newspaper Publishers
  • Friendly Ice Cream Corp - Food Distribution
  • Polaroid Corp - Photographic Equipment Mfg
  • Baystate Health Systems - Health Care
  • Liberty Mutual Insurance Co - Financial Services & Insurance
  • Bose Corp - Electronic Equipment
  • National Grid USA - Electric Power Distribution
  • Big Y Foods Inc. - Supermarkets & Grocery Stores
  • Reebok International LTD - Shoe Stores
  • Liberty International - Insurance
  • Cumberland Farms Inc. - Convenience Stores
  • Sun Life Assurance Co-Canada - Insurance
  • Massachusetts General Hospital - Health Care
  • Alcatel - Lucent - Communication
  • Houghton Mifflin Co - Book Publishers
  • Boston Consulting Group Inc. - Consulting Services
  • Yankee Candle Co Inc - Candle Distributors
  • Massachusetts Mutual Life Insurance Co - Financial Services & Insurance
  • HP Hood LLC - Dairy Merchant Wholesale
  • Earthlink - Telecommunications
  • Massachusetts Electric Company - Electric Power Distribution
  • C & S Wholesale Grocers Inc. - Grocery Merchant Wholesale
  • Macy's Basement Inc. - Department Stores
  • Comcast - Telecommunications

More Information