Economy
Springfield's Top Five Industries (in order, by number of workers) are: Trade and Transportation; Education and Health Services; Manufacturing; Tourism and Hospitality; and Government. Springfield is considered to have a "mature economy," which protects the city to a degree during recessions and inhibits it somewhat during bubbles. Currently, Springfield is considered to have one of America's top emerging multi-cultural markets – the city features a 33% Latino population with buying power that has increased over 295% from 1990 to 2006. More than 60% of Hispanic Springfielders have arrived during the past 20 years.
With 25 universities and colleges within 15 miles (24 km) of Springfield, (both north and south), including several of America's most prestigious universities and liberal arts colleges, and more than six institutions within the city itself, the Hartford-Springfield metropolitan area has been dubbed the Knowledge Corridor by regional educators, civic authorities, and businessmen – touting its 32 universities and liberal arts colleges, numerous highly regarded hospitals, and nearly 120,000 students. The Knowledge Corridor universities and colleges provide the region with an educated workforce, which yields a yearly GDP of over $100 billion – more than at least 16 U.S. States. Recently, Hartford-Springfield has become home to a number of biotech firms and high-speed computing centers. As of 2009 Springfield ranks as the 24th most important high-tech center in the United States with approximately 14,000 high-tech jobs.
In 2010, the median household income was $35,236. Median income for the family was $51,110. The per capita income was $16,863. About 21.3% of families and 26.8% of the population were below the poverty line, including 40.0% of those under age 18 and 17.5% of those age 65 or over.
Read more about this topic: Springfield, Massachusetts
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 (1872–1933)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)