Economy
The Pioneer Valley has a broad and varied economic base, featuring more than 16 universities and liberal arts colleges, (many of which are considered among the United States' best, e.g. Amherst College); numerous hospitals and healthcare organizations, (e.g. Baystate Health, Massachusetts' third largest employer) and numerous financial service organizations, (e.g. the Fortune 100 MassMutual.) Manufacturing remains a part of the Pioneer Valley's economy (e.g. Smith & Wesson), although its manufacturing base has dwindled since 1968, when the Springfield Armory was controversially shut-down. The Pioneer Valley is considered to have a "mature economy", which means that its economic base is sufficiently varied so as not to be completely dependent on market fluctuations, like many places in the United States. This was illustrated during the Great Recession, when Springfield, Massachusetts and the Pioneer Valley performed within the Top 10 of all U.S. regional economies. Of all
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Famous quotes containing the word economy:
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)