Boston has an unemployment rate of 6.2%. The US average is 6.0%. Boston has seen the job market increase by 4.3% over the last year. Future job growth over the next ten years is predicted to be 42.5%, which is higher than the US average of 33.5%.
What is Boston’s major industry?
The most significant industry sectors among Boston’s largest employers are Health Care, Finance and Insurance, and Higher Education. These three industries account for approximately 74% of all employment in Boston’s largest employers, or roughly 142,000 jobs across 61 companies.
What drives Boston’s economy?
Higher education, health care, and financial services play a major role in Boston’s economy. Boston’s job growth was positive across most industries since the recession, but was mostly concentrated in health care and social assistance, professional and technical services, and education.
Does Boston have a good economy?
The Massachusetts economy is one of the very strongest in the country, thanks largely to its ingenuity and high-tech jobs.
What is Massachusetts main economy?
Economy of Massachusetts. The economy of Massachusetts today is based largely on technological research and development and the service sector (including tourism).
What is Boston known for?
Boston is known for its famous clam chowder, the Boston Marathon, the bar from Cheers, baseball (the Red Sox), Fenway Park and of course, baked beans. But did you know that Boston is famous also for its rich history, and that it was the birthplace of the American Revolution (Boston Tea Party, anyone)?
What does Boston produce?
In terms of revenue generated Massachusetts’ top five agricultural products are greenhouse and nursery products, cranberries, dairy products, sweet corn, and apples.
What is middle class income in Boston?
between $50,000 and $125,000
Boston’s middle class is broadly defined as households with annual incomes between $50,000 and $125,000.
Is Boston a declining city?
The Boston metro area lost nearly 37,000 residents from 2020 to 2021, a decline of less than 1%, Census data shows. In addition, most Census counties suffered a natural decline in population from 2020 to 2021, with deaths outpacing births, as COVID-19 spread through the country.
Is Boston a fast growing city?
Boston is a city located in Middlesex County and Suffolk County Massachusetts. Boston has a 2020 population of 687,257. Boston is currently growing at a rate of 0.85% annually and its population has increased by 1.72% since the most recent census, which recorded a population of 675,647 in 2010.
Why is Massachusetts so rich?
Massachusetts is a rich state because it’s full of smart people. What the state lacks in oil reserves, coal mines, and other natural resources, it makes up for with high-performing schools and a well-educated workforce.
Why is Boston growing?
The rise in population comes amid a shortage of affordable housing, which threatens to force working families out of neighborhoods where they have lived for generations. Immigration remains a key driver to population growth in Massachusetts, with swift growth in gateway cities with more affordable housing stock.
Is Massachusetts a poor state?
Massachusetts is one of the richest states in the country, so we ought to be able to provide everyone a basic standard of living. And yet Massachusetts has a poverty rate higher than 24 other states, according to new data released yesterday from the U.S. Census Bureau.
Which state has strongest economy?
Washington topped the list of best state economies, ranking third on economic activity, seventh on economic health, and second on innovation potential. Utah and California rounded out the top three state economies. At the bottom of the list were Louisiana, Alaska, and West Virginia.
What are 3 major industries in Massachusetts?
¹ Based on number of shipments, Massachusetts’ leading industries include computer- and electronic-product manufacturing, chemical manufacturing, and food processing.
What is the biggest industry in Massachusetts?
Today, the fields of education and health services employ the most people in Massachusetts. Another top industry is manufacturing, especially computer and electronic products.
Is Boston expensive to live?
Living in the Hub is not cheap—Boston is among the most expensive cities in the US. According to Numbeo’s cost of living index, which factors the cost of consumer goods prices, including groceries, restaurants, transportation, and utilities, Boston’s steep price point earns it a score of 88.27 out of 100 in July 2020.
Is Boston good place to live?
Quality of Life. Boston is one of the healthiest cities in the country with a high quality of life to match. Deutsche Bank says Boston is the eighth best city in the world in terms of quality of life. (Boston is the highest-ranking U.S. city on the list).
What is living in Boston like?
Boston often feels like a small town with all the perks of city life. It is historic but ever-evolving. The metro area features a diverse culinary scene, access to cultural institutions, and proximity to world-class schools, employers and health care.
Is Boston Safe?
According to the WalletHub study, Boston is among the top six cities with the highest number of hate crimes per capita. In terms of traffic fatalities, however, Boston is very safe, placing 4th on the list of cities with the fewest traffic fatalities per capita.
Why is Boston Farmers Market so cheap?
The discount was created as a “mitigation” measure for the impact of the Big Dig highway project on Haymarket. A study conducted for the Boston Redevelopment Authority in 2009 by the Project for Public Spaces found that “Haymarket attracts one of the most diverse populations of any market we have worked on.