Massachusetts

==Economy==
{{See also|List of Massachusetts locations by per capita income|Category:Economy of Massachusetts}}

The United States [[Bureau of Economic Analysis]] estimates that the Massachusetts [[gross state product]] in 2020 was $584{{spaces}}billion.<ref>{{cite web |url=https://www.bea.gov/iTable/iTable.cfm?reqid=70&step=10&isuri=1&7003=200&7035=-1&7004=sic&7005=1&7006=xx&7036=-1&7001=1200&7002=1&7090=70&7007=-1&7093=levels#reqid=70&step=10&isuri=1&7003=200&7035=-1&7004=naics&7005=1&7006=xx&7036=-1&7001=1200&7002=1&7090=70&7007=-1&7093=levels |title=Apps Test &#124; U.S. Bureau of Economic Analysis (BEA) |publisher=Bea.gov |access-date=July 31, 2021 |archive-date=August 31, 2017 |archive-url=https://web.archive.org/web/20170831043848/https://www.bea.gov/iTable/iTable.cfm?reqid=70&step=10&isuri=1&7003=200&7035=-1&7004=sic&7005=1&7006=xx&7036=-1&7001=1200&7002=1&7090=70&7007=-1&7093=levels#reqid=70&step=10&isuri=1&7003=200&7035=-1&7004=naics&7005=1&7006=xx&7036=-1&7001=1200&7002=1&7090=70&7007=-1&7093=levels |url-status=dead }}</ref> The [[Per capita personal income in the United States|per capita personal income]] in 2012 was $53,221, making it the third-highest state in the nation.<ref>{{cite web |url=https://www.bea.gov/newsreleases/regional/spi/2009/pdf/spi0309.pdf |title=State Personal Income 2008 |publisher=[[Bureau of Economic Analysis]] |access-date=June 8, 2010 |archive-url=https://web.archive.org/web/20100412133925/http://www.bea.gov/newsreleases/regional/spi/2009/pdf/spi0309.pdf |archive-date=April 12, 2010 }}</ref> As of January 2023, Massachusetts state general [[minimum wage]] is $15.00 per hour while the minimum wage for tipped workers is $6.75 an hour, with a guarantee that employers will pay the difference should a tipped employee's hourly wage not meet or exceed the general minimum wage.<ref>{{cite news |url=https://www.mass.gov/info-details/massachusetts-law-about-minimum-wage |title=Massachusetts law about minimum wage |publisher=[[Commonwealth of Massachusetts]] |date=December 31, 2020 |access-date=January 11, 2020}}</ref> This wage was set to increase to a general minimum of $15.00 per hour and a tipped worker minimum of $6.75 per hour in January 2023, as part of a series of minimum wage amendments passed in 2018 that saw the minimum wage increase slowly every January up to 2023.<ref>{{Cite web |title=Session Law – Acts of 2018 Chapter 121 |url=https://malegislature.gov/Laws/SessionLaws/Acts/2018/Chapter121 |access-date=April 21, 2022 |website=malegislature.gov}}</ref>

In 2015, twelve [[Fortune 500|''Fortune'' 500]] companies were located in Massachusetts: [[Liberty Mutual]], [[Massachusetts Mutual Life Insurance Company]], [[TJX Companies]], [[General Electric]], [[Raytheon]], [[American Tower]], [[Global Partners]], [[Thermo Fisher Scientific]], [[State Street Corporation]], [[Biogen]], [[Eversource Energy]], and [[Boston Scientific]].<ref>{{Cite web|url=https://www.geographyrealm.com/map-and-list-of-fortune-1000-companies-for-2018/|title=Map and List of Fortune 1000 Companies for 2018|date=November 13, 2018}}</ref> CNBC's list of "Top States for Business for 2023" has recognized Massachusetts as the 15th-best state in the nation for business,<ref>{{cite web |title=America's Top States For Business |date=July 11, 2023 |url=https://www.cnbc.com/2023/07/11/americas-top-states-for-business-2023-the-full-rankings.html |publisher=[[CNBC]] |access-date=September 18, 2023}}</ref> and for the second year in a row in 2016 the state was ranked by Bloomberg as the most innovative state in America.<ref>{{cite news|url=https://www.bloomberg.com/news/articles/2016-12-22/here-are-the-most-innovative-states-in-america-in-2016|title=Here are the Most Innovative States in America in 2016|newspaper=Bloomberg.com|date=December 22, 2016}}</ref> According to a 2013 study by Phoenix Marketing International, Massachusetts had the sixth-largest number of millionaires per capita in the United States, with a ratio of 6.73 percent.<ref>{{cite web |last=Frank |first=Robert |title=Top states for millionaires per capita |date=January 15, 2014 |url=https://www.cnbc.com/id/101338309 |publisher=[[CNBC]] |access-date=January 25, 2014}}</ref> Billionaires living in the state include past and present leaders (and related family) of local companies such as [[Fidelity Investments]], [[New Balance]], [[Kraft Group]], [[Boston Scientific]], and the former [[Continental Cablevision]].<ref>{{Cite web|url=https://www.bostonglobe.com/business/2016/06/10/here-new-list-richest-people-mass/OaNMT5TILihKuLoyLNBwbL/story.html|title=Here's a new list of the richest people in Mass.|website=The Boston Globe}}</ref>

Massachusetts has three [[Foreign-trade zones of the United States|foreign-trade zones]], the [[Massachusetts Port Authority]] of Boston, the Port of New Bedford, and the City of Holyoke.<ref>{{cite web|url=https://enforcement.trade.gov/ftzpage/letters/ftzlist-map.html|title=List of Foreign-Trade Zones by State|author=United States Department of Commerce . International Trade Administration . Enforcement and Compliance |website=enforcement.trade.gov|access-date=March 16, 2018}}</ref> [[Logan International Airport|Boston-Logan International Airport]] is the busiest airport in New England, serving 33.4{{spaces}}million total passengers in 2015, and witnessing rapid growth in international air traffic since 2010.<ref name=LoganTraffic>{{cite web |url=https://www.massport.com/media/378708/1215-avstats-airport-traffic-summary.pdf |title=Monthly Airport Traffic Summary—December 2015 |access-date=February 6, 2016 |archive-url=https://web.archive.org/web/20160207054448/https://www.massport.com/media/378708/1215-avstats-airport-traffic-summary.pdf |archive-date=February 7, 2016 }} Accessed May 8, 2016.</ref>

Sectors vital to the Massachusetts economy include higher education, [[biotechnology]], [[information technology]], finance, health care, tourism, manufacturing, and defense. The [[Route 128 (Massachusetts)|Route 128 corridor]] and Greater Boston continue to be a major center for [[venture capital|venture capital investment]],<ref>{{cite web |url=http://nvca.org/research/venture-investment/ |title=Venture Investment—Regional Aggregate Data |publisher=National Venture Capital Association |access-date=January 17, 2016 |archive-url=https://web.archive.org/web/20160408104240/http://nvca.org/research/venture-investment/ |archive-date=April 8, 2016 }}</ref> and [[high technology]] remains an important sector. In recent years tourism has played an ever-important role in the state's economy, with Boston and [[Cape Cod]] being the leading destinations.<ref>{{cite web|url=https://www.bostonglobe.com/magazine/2016/06/10/where-massachusetts-tourists-come-from/M7IXI2wbqxj0p0RFAxxhKO/story.html|date=June 11, 2016|title=Where do Massachusetts tourists come from?|first=Corlyn|last=Voorhees|website=[[The Boston Globe]]}}</ref> Other popular tourist destinations include [[Salem, Massachusetts|Salem]], [[Plymouth, Massachusetts|Plymouth]], and [[the Berkshires]]. Massachusetts is the sixth-most popular tourist destination for foreign travelers.<ref>{{cite web |title=Tourism Statistics |url=http://www.statisticbrain.com/tourism-statistics/ |publisher=Statisticsbrain.com |access-date=April 27, 2015}}</ref> In 2010, the Great Places in Massachusetts Commission published '1,000 Great Places in Massachusetts' that identified 1,000 sites across the commonwealth to highlight the diverse historic, cultural, and natural attractions.<ref>{{cite web|url=http://www.boston.com/news/local/massachusetts/articles/2010/07/12/1000_places_to_visit/|title=1,000 places to visit in Massachusetts|website=The Boston Globe}}</ref>
[[File:Sunset on Cape Cod Bay.jpg|thumb|Sunset at [[Brewster, Massachusetts|Brewster]], on [[Cape Cod Bay]].]]

While manufacturing comprised less than 10% of Massachusetts's gross state product in 2016, the Commonwealth ranked 16th in the nation in total manufacturing output in the United States.<ref>{{cite web|title=State Profiles Data Sheet|date=October 2017|publisher=National Association of Manufacturers|archive-url=https://web.archive.org/web/20181003142946/http://www.nam.org/Data-and-Reports/State-Manufacturing-Data/State-Manufacturing-Data/April-2017/2017-State-Manufacturing-Data-Table/|archive-date=October 3, 2018|url=http://www.nam.org/Data-and-Reports/State-Manufacturing-Data/State-Manufacturing-Data/April-2017/2017-State-Manufacturing-Data-Table/}}</ref> This includes a diverse array of manufactured goods such as medical devices, paper goods, specialty chemicals and plastics, telecommunications and electronics equipment, and machined components.<ref>{{cite report|title=Massachusetts Manufacturing Facts|publisher=National Association of Manufacturers|access-date=December 28, 2018|archive-date=December 26, 2018|archive-url=https://web.archive.org/web/20181226224516/http://www.nam.org/Data-and-Reports/State-Manufacturing-Data/2014-State-Manufacturing-Data/Manufacturing-Facts--Massachusetts/|url=http://www.nam.org/Data-and-Reports/State-Manufacturing-Data/2014-State-Manufacturing-Data/Manufacturing-Facts--Massachusetts/}}</ref><ref>{{cite web|title=MassMEDIC|publisher=Massachusetts Medical Device Industry Council|url=https://www.massmedic.com/|access-date=December 28, 2018}}</ref>

The more than 33,000 nonprofits in Massachusetts employ one-sixth of the state's workforce.<ref>{{Cite news|url=http://waltham.wickedlocal.com/news/20170620/waltham-nonprofit-watch-cdc-recognized-at-statehouse|title=Waltham nonprofit WATCH CDC recognized at Statehouse|work=Wicked Local Waltham|access-date=June 21, 2017|archive-date=June 20, 2017|archive-url=https://web.archive.org/web/20170620162454/http://waltham.wickedlocal.com/news/20170620/waltham-nonprofit-watch-cdc-recognized-at-statehouse|url-status=dead}}</ref> In 2007, Governor Deval Patrick signed into law a state holiday, Nonprofit Awareness Day.<ref>{{cite web |title=Groups celebrate Nonprofit Awareness Day - Massachusetts Nonprofit Network |url=http://massnonprofitnet.org/blog/groups-celebrate-nonprofit-awareness-day/ |website=massnonprofitnet.org |access-date=December 4, 2022}}</ref>

In February 2017, ''[[U.S. News & World Report]]'' ranked Massachusetts the best state in the United States based upon 60 [[Performance metric|metrics]] including healthcare, education, crime, infrastructure, opportunity, economy, and government. Massachusetts ranked number one in education, number two in healthcare, and number five in the handling of the economy.<ref name="best states">{{cite web |title=Best States Overall Ranking |url=https://www.usnews.com/news/best-states/rankings |access-date=December 29, 2017 |work=[[U.S. News & World Report]]}}</ref>

===Agriculture===
{{ Main | Agriculture in Massachusetts }}
As of 2012, there were 7,755 farms in Massachusetts encompassing a total of {{convert|523,517|acre|km2|-1}}, averaging {{convert|67.5|acre|hectare}} apiece.<ref>{{cite web |title=Number of Farms Numbers Continue Slight Rise in 2012 |url=https://ag.umass.edu/ma-agricultural-data/number-of-farms/numbers-continue-slight-rise-in-2012 |publisher=[[University of Massachusetts Amherst]] Center for Agriculture, Food, and the environment |access-date=April 27, 2015}}</ref> [[Greenhouse]], [[floriculture]], and [[sod]] products {{endash}} including [[ornamental plant|the ornamental market]] {{endash}} make up more than one third of the state's agricultural output.<ref name="census-2017">{{cite web | access-date=July 29, 2022 |year=2017 | title=National Agricultural Statistics Service - 2017 Census of Agriculture - Volume 1, Chapter 1: State Level Data | website=USDA, [[National Agricultural Statistics Service]] | url=https://www.nass.usda.gov/Publications/AgCensus/2017/Full_Report/Volume_1,_Chapter_1_State_Level/Massachusetts/}}</ref><ref name="Facts-Stats" /> Particular agricultural products of note also include [[Cranberry|cranberries]], sweet corn and apples are also large sectors of production.<ref name="Facts-Stats">{{cite web | access-date=September 30, 2022 | website=[[Massachusetts Government]] | url=https://www.mass.gov/info-details/agricultural-resources-facts-and-statistics | title=Agricultural Resources Facts and Statistics}}</ref> Fruit cultivation is an important part of the state's agricultural revenues,<ref name="fruit-UMassExt">{{cite web | title=UMass Extension Fruit Program | website=[[UMass Extension Fruit Program]] | date=February 26, 2015 | url=http://ag.umass.edu/fruit | access-date=June 27, 2022}}</ref> and Massachusetts is the second-largest cranberry-producing state after [[Wisconsin]].<ref>{{cite web |date=January 26, 2007 |url=http://www.nass.usda.gov/nh/jan07cran.pdf |title=Massachusetts Cranberries |publisher=[[United States Department of Agriculture]] |access-date=May 23, 2010}}</ref>

===Taxation===

Depending on how it is calculated, state and local tax burden in Massachusetts has been estimated among U.S. states and Washington D.C. as 21st-highest (11.44% or $6,163 per year for a household with nationwide median income)<ref>{{cite web|url=https://wallethub.com/edu/best-worst-states-to-be-a-taxpayer/2416/#complete-rankings.|title=2016's States with the Highest & Lowest Tax Rates|access-date=June 18, 2016}}</ref> or 25th-highest overall with below-average corporate taxes (39th-highest), above-average personal income taxes, (13th-highest), above-average sales tax (18th-highest), and below-average property taxes (46th-highest).<ref>{{cite web|url=http://taxfoundation.org/article/2016-state-business-tax-climate-index|title=2016 State Business Tax Climate Index|access-date=June 18, 2016|archive-date=June 21, 2016|archive-url=https://web.archive.org/web/20160621014424/http://taxfoundation.org/article/2016-state-business-tax-climate-index|url-status=dead}}</ref> In the 1970s, the Commonwealth ranked as a relatively high-tax state, gaining the pejorative nickname "Taxachusetts". This was followed by a round of tax limitations during the 1980s—a conservative period in American politics—including [[Proposition 2½]].<ref>{{cite web|url=https://www.bostonglobe.com/opinion/2014/03/28/taxachussetts-misnomer-least-for-now/JwFnatLJTZ2eoGxDYzT82J/story.html|title='Taxachusetts' is a misnomer, at least for now|website=Boston Globe|first=Tom|last=Keane|date=March 28, 2014}}</ref>

As of January 1, 2020, Massachusetts has a flat-rate personal income tax of 5.00%,<ref>{{cite web |title=Taxes & Rates Income |publisher=Massachusetts Department of Revenue |access-date=October 16, 2021 |url=https://www.mass.gov/guides/personal-income-tax-for-residents}}</ref> after a 2002 voter referendum to eventually lower the rate to 5.0%<ref>{{cite web |title=Massachusetts Implements Reduction in Personal Income Tax Rates |publisher=[[The Tax Foundation]] |access-date=May 10, 2012 |url=http://taxfoundation.org/blog/show/27852.html |archive-date=January 20, 2012 |archive-url=https://web.archive.org/web/20120120200319/http://www.taxfoundation.org/blog/show/27852.html }}</ref> as amended by the legislature.<ref>{{Cite web|url=https://www.bostonglobe.com/metro/2014/12/31/income-tax-rate-fall-jan/0z4PxvHvtSxWOFja3EDZfO/story.html|title=Mass. tax rate takes slight dip|website=The Boston Globe}}</ref> There is a [[tax exemption]] for income below a threshold that varies from year to year. The corporate income tax rate is 8.8%,<ref name=MassTaxes1>{{cite web |title=Massachusetts |publisher=[[The Tax Foundation]] |access-date=April 27, 2015 |url=http://taxfoundation.org/state-tax-climate/massachusetts |archive-date=May 5, 2015 |archive-url=https://web.archive.org/web/20150505003342/http://taxfoundation.org/state-tax-climate/massachusetts |url-status=dead }}</ref> and the short-term [[capital gains tax]] rate is 12%.<ref name=MassTax2>{{cite web |title=Tax Rates |publisher=Massachusetts Department of Revenue |access-date=April 27, 2015 |url=http://www.mass.gov/dor/individuals/filing-and-payment-information/guide-to-personal-income-tax/tax-rates.html |archive-date=April 22, 2015 |archive-url=https://web.archive.org/web/20150422150419/http://www.mass.gov/dor/individuals/filing-and-payment-information/guide-to-personal-income-tax/tax-rates.html |url-status=dead }}</ref> An unusual provision allows filers to voluntarily pay at the pre-referendum 5.85% income tax rate, which is done by between one and two thousand taxpayers per year.<ref>{{cite web|url=http://cltg.org/cltg/clt2005/05-04-15.htm#Globe1|title=CLT Update: Apr 15, 2005, "We didn't need or want a tax cut—but it's ours now!"|website=cltg.org}}</ref>

The state imposes a 6.25% [[sales tax]]<ref name=MassTaxes1/> on retail sales of tangible personal property—except for groceries, clothing (up to $175.00), and periodicals.<ref name=SalesTax1>{{cite web |title=Sales and Use Tax |location=MA, US |publisher=Massachusetts Department of Revenue |access-date=|date = January 14, 2022 |url=http://www.mass.gov/dor/individuals/taxpayer-help-and-resources/tax-guides/salesuse-tax-guide.html}}</ref> The sales tax is charged on clothing that costs more than $175.00, for the amount exceeding $175.00.<ref name=SalesTax1/> Massachusetts also charges a [[use tax]] when goods are bought from other states and the vendor does not remit Massachusetts sales tax; taxpayers report and pay this on their income tax forms or dedicated forms, though there are "safe harbor" amounts that can be paid without tallying up actual purchases (except for purchases over $1,000).<ref name=SalesTax1 /> There is no [[inheritance tax]] and limited Massachusetts [[estate tax]] related to federal estate tax collection.<ref name=MassTax2/>

===Energy===

{{Further|Solar power in Massachusetts|Wind power in Massachusetts|:Category:Energy in Massachusetts}}

Massachusetts's [[electricity generation]] market was made competitive in 1998, enabling retail customers to change suppliers without changing utility companies.<ref>{{cite web |url=http://www.goodenergy.com/Energy-Procurement/massachusetts |title=Massachusetts Electricity deregulation |date=June 2, 2020 |publisher=Good Energy}}</ref> In 2018, Massachusetts consumed 1,459{{spaces}}trillion [[British Thermal Units|BTU]],<ref name=EIAmass>{{cite web |title=State Profile and Energy Estimates |url=http://www.eia.gov/state/?sid=MA |publisher=[[Energy Information Administration]] |access-date=July 29, 2020}}</ref> making it the seventh-lowest state in terms of consumption of energy per capita, and 31 percent of that energy came from [[natural gas]].<ref name=EIAmass/> In 2014 and 2015, Massachusetts was ranked as the most energy efficient state the United States<ref>{{cite web |title=State Scorecard Rank |url=http://database.aceee.org/state-scorecard-rank |publisher=[[American Council for an Energy-Efficient Economy]] |access-date=June 13, 2015}}</ref><ref>{{cite web |title=2015 State Scorecard Rank—Massachusetts |url=http://aceee.org/sites/default/files/pdf/state-sheet/2015/massachusetts.pdf |publisher=[[American Council for an Energy-Efficient Economy]] |access-date=June 26, 2016 |archive-url=https://web.archive.org/web/20160604091938/http://aceee.org/sites/default/files/pdf/state-sheet/2015/massachusetts.pdf |archive-date=June 4, 2016 }}</ref> while Boston is the most efficient city,<ref>{{cite news |last1=Wood |first1=Elisa |title=Boston Takes Top Spot Again in City Energy Efficiency Scorecard |url=http://energyefficiencymarkets.com/whos-surprised-boston-takes-top-spot-again-in-city-energy-efficiency-scorecard/ |access-date=June 13, 2015 |publisher=Energy Efficiency Markets.com |date=May 26, 2015}}</ref> but it had the fourth-highest average residential retail electricity prices of any state.<ref name=EIAmass/> In 2018, renewable energy was about 7.2 percent of total energy consumed in the state, ranking 34th.<ref name=EIAmass/>