EconomySee also: Massachusetts locations by per capita income and Category:Economy of Massachusetts
The United States Bureau of Economic Analysis estimates that the Massachusetts gross state product in 2008 was US$365 billion. The per capita personal income in 2008 was $50,735, making it the third highest state in the nation. 13 Fortune 500 companies are located in Massachusetts, the largest of which are the Liberty Mutual Insurance Group of Boston and MassMutual Financial Services of Springfield. CNBC's list of "Top States for Business for 2010" has recognized Massachusetts as the fifth best state in the nation.
Sectors vital to the Massachusetts economy include higher education, biotechnology, finance, health care, and tourism. Route 128 was a major center for the development of minicomputers and electronics. High technology remains an important sector, though few of the largest technology companies are based there. In recent years tourism has played an ever-important role in the state's economy, with Boston and Cape Cod being the leading destinations. Other popular tourist destinations include Salem, Plymouth and the Berkshires. As of June 2012, the state's unemployment rate was 6.0%, well below the national level of 8.2%.
As of 2005, there were 7,700 farms in Massachusetts encompassing a total of 520,000 acres (2,100 km2), averaging 68 acres (0.28 km2) apiece. Almost 2,300 of the state's 6,100 farms grossed under $2,500 in 2007. Particular agricultural products of note include tobacco, livestock, and fruits, tree nuts, and berries, for which the state is nationally ranked 11th, 17th, and 16th, respectively. Massachusetts is the second largest cranberry producing state in the union (after Wisconsin).
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Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (18721933)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (18031882)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (18171862)