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:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)