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Economy/Cost of Living
Industry
Snapshot | Education
Recreation &
Entertainment | Transportation | Geography
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History | Suggested Reading
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Over 6 million people help to make Massachusetts the 13th most populous state. Massachusetts was the first major industrial state in the country. What began as a leader in shoemaking and textiles became a major machinery producer, and at one time milled a quarter of the country’s paper. Massachusetts remains important as a manufacturing hub, ranking 17th among the states in its value of manufactured shipments. Today, the principle industries of Massachusetts are biotechnology and medical devices, marine science and technology, manufacturing, and tourism. Its reputation as the country’s outstanding biotechnology hub assures the future of the Bay State.
In 2004 Massachusetts had a per capita personal income (PCPI) of $42,176. This PCPI ranked 3rd in the United States and was 128 percent of the national average, $33,050, reflecting an increase of 6 percent from 2003. The 1994-2004 average annual growth rate of PCPI was 4.8 percent. The average annual growth rate for the nation was 4.1 percent. Massachusetts has a homeownership rate of 62.7 percent and an annual unemployment rate of 5 percent. The median family income in 2005 was $78,312 and the cost of living index for key cities in the state ranks above the national average with Boston and Worcester at 182. Massachusetts has a 5.3 percent personal income tax and a 5 percent sales tax.
Massachusetts offers an exceptional quality of life, with a rich choice of environments, ranging from small rural towns and fishing villages, to major urban centers. Its education system continues a history of innovation and excellence, from the first free public school in America to today’s centers for higher learning, such as MIT. Massachusetts promises to uphold its strong position as a leader in progressive thinking and living.
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