The US average is 7.3%. – The Income Tax Rate for Boston is 5.1%. The US average is 4.6%.
Income and Salaries for Boston.
| ECONOMY | Boston, Massachusetts | United States |
|---|---|---|
| Unemployment Rate | 6.2% | 6.0% |
| Recent Job Growth | -9.1% | -6.2% |
| Future Job Growth | 42.5% | 33.5% |
| Sales Taxes | 6.3% | 6.2% |
Is Boston’s economy good?
Within the context of declining economic mobility nationwide, Boston ranks high relative to other U.S. cities. Despite mobility declining both nationally and locally, when comparing Boston with other U.S. cities on current levels of economic mobility, we actually rank high.
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.
What is Boston’s main 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.
Is Boston’s economy growing?
Boston’s economy was experiencing robust growth leading up to the COVID-19 pandemic in March 2020. In 2019, Boston gross city product (GCP) reached $145.6 billion (in 2020 chained dol- lars), a 5.3 percent increase from the previous year.
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.
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 is Massachusetts known for economy?
The economy of Massachusetts today is based largely on technological research and development and the service sector (including tourism).
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.
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.
Who is the largest employer in Massachusetts?
General Electric
Detailed List Of The 100 Biggest Companies In Massachusetts
| Rank | Company | Employees |
|---|---|---|
| 1 | General Electric | 283,000 |
| 2 | Dunkin’ Brands | 270,000 |
| 3 | The TJX Companies | 270,000 |
| 4 | National Amusements | 133,269 |
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 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.
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.
What is the inflation rate for 2022 in Massachusetts?
The Consumer Price Index for All Urban Consumers (CPI-U) for Boston advanced 1.1 percent for the two months ending in May 2022, the U.S. Bureau of Labor Statistics reported today.
What does a shrinking economy mean?
When an economy isn’t doing well, the value of goods and services or GDP shrinks and the economy stops growing, or declines. Sometimes this decline can continue for more than two quarters in a year (six months in total) and is a sign the economy is doing badly.
What is a livable wage in Boston?
Living Wage Calculation for Boston-Cambridge-Newton, MA
| 1 ADULT | 2 ADULTS (BOTH WORKING) | |
|---|---|---|
| 0 Children | 2 Children | |
| Living Wage | $22.56 | $32.11 |
| Poverty Wage | $6.19 | $6.37 |
| Minimum Wage | $14.25 | $14.25 |
What’s a good salary in Boston?
A good salary in Boston, MA is anything over $53,000. That’s because the median income in Boston is $53,000, which means if you earn more than that you’re earning more than 50% of the people living in Boston. The average salary in Boston is $63,751. A good hourly wage in Boston is $25.48 per hour.
How much money do you need to live comfortably in Boston?
Turns out the magic number for Boston is a household income of $120,900. That makes Boston one of the pricier big American cities in which to live comfortably (see chart below).
Is Boston a good city to live in?
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.