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 makes Boston’s economy?
Boston’s economic base also includes finance, professional and business services, biotechnology, information technology and government activities.
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.
What drives the economy of Massachusetts?
The economy of Massachusetts today is based largely on technological research and development and the service sector (including tourism).
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 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 best 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 are the top 3 industries in Massachusetts?
¹ Based on number of shipments, Massachusetts’ leading industries include computer- and electronic-product manufacturing, chemical manufacturing, and food processing.
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 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.
What does Massachusetts produce the most of?
Massachusetts’ most valuable crops include greenhouse and nursery commodities, making up over one third of the state’s total agricultural production, followed by cranberries, sweet corn and apples. The most valuable livestock products of the Bay State are dairy products.
What are the top five commodities in Massachusetts?
In terms of revenue generated Massachusetts’ top five agricultural products are greenhouse and nursery products, cranberries, dairy products, sweet corn, and apples.
How did Massachusetts make money?
The Massachusetts Bay Colony primarily made money through shipbuilding, fishing, fur, and lumber production. The things produced in Massachusetts were… See full answer below.
Is Boston’s economy good?
The US average is $28,555 a year. – The Median household income of a Boston resident is $54,485 a year. The US average is $53,482 a year.
Income and Salaries for Boston.
| ECONOMY | Boston, Massachusetts | United States |
|---|---|---|
| Recent Job Growth | -9.1% | -6.2% |
| Future Job Growth | 42.5% | 33.5% |
| Sales Taxes | 6.3% | 6.2% |
| Income Tax | 5.1% | 4.6% |
Is Boston a white city?
Over the last four decades, Boston has become a much more racially and ethnically diverse place. In 1970, close to 70% of Boston’s population was white. Today, whites comprise only 47% of the city’s population, making Boston a “majority-minority” city for the second consecutive Census.
What percent of Boston is black?
24.2%
Table
| Population | ||
|---|---|---|
| White alone, percent | 52.1% | 75.8% |
| Black or African American alone, percent(a) | 24.2% | 13.6% |
| American Indian and Alaska Native alone, percent(a) | 0.3% | 1.3% |
| Asian alone, percent(a) | 9.8% | 6.1% |
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 is considered a high 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.
What is a high salary in Boston?
Jobs are ranked by average annual salary with information up to date as of May 2021. In Boston, the annual mean wage is $76,850 or 31.9% higher than national mean of $58,260, while the highest-paying occupation makes $358,450.
Is living in Boston worth it?
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 a nice place to live?
The site said Boston often feels “like a small town with all the perks of city life,” and praised local education, health care, and cuisine. The ranking looked for cities that had good value, a strong job market, a high quality of life, and high desirability as a place to live.