Industry And Economy

Key industries that help the Western Massachusetts's economy to thrive are education, research, health services, tourism, and more.

Massachusetts Economy Fast Facts

  • Labor force- 3,756,700 (Bureau of Labor Statistics)
  • Minimum wage- $13.50 per hour for most employees as of January 1, 2021
  • Personal income tax- flat rate of 5.1% (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
  • Per capita personal income- US $43,761, (2019)
  • Unemployment Insurance- New Employer Rate: 23.12%; Experienced Rate: .94 -15.03%; Base Wage: $15,000
  • Corporate Income Tax- 8.0% (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 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
  • 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
  • Windstream - Telecommunications
  • C & S Wholesale Grocers Inc. - Grocery Merchant Wholesale
  • Macy's Basement Inc. - Department Stores
  • Comcast - Telecommunications