What Are The Biggest Industries In Massachusetts?
Massachusetts has a rich and vibrant business landscape that creates a considerable economic impact on the USA. The commonwealth not only rivals its neighbors, but it competes with the entire nation and globe. Although the cities of Boston, Cambridge, Worcester and other major centers remain commercial powerhouses, the entire state features a robust economy.
The largest industries that drive Massachusetts in terms of self-sustenance, employment, investments and overall economic growth include:
Health Care
The health care sector is the biggest industry in Massachusetts, accounting for almost 19 percent of the total employment in the state. This industry includes research with biotechnology and life sciences being the most important top industries in the sector.
Additionally, private and public hospitals, mental and physical health institutions, and home health providers are some of the larger components of this industry in Massachusetts. Healthcare-related jobs in Massachusetts total more than 530,000 and the sector employs more than 7 percent of the region’s private workforce.
Finance and Insurance
The finance and insurance services industry alone accounts for over 10 percent of the total private employment in Massachusetts. Companies providing finance and insurance services employ more than 330,000 people in the state and finance sector-related firms account for up to five percent of the US investment companies.
Notable companies in the sector are:
- Fidelity Investments
- TMK Insurance
- Harbor One Bank
- John Hancock Financial
Technology and Professional Services
Highly specialized technology, professional and scientific services contribute up to 8 percent to the total private employment in Massachusetts. The state is home to more than 10,000 technology companies and industries that specialize in software, computer and internet services, custom services and research.
Noteworthy companies include:
- Oracle
- Applied Materials
- EPAM
- MITRE
Manufacturing
In terms of manufacturing, Massachusetts also ranks among the largest manufacturing state in the US with close to 11 percent of the total private employment (about 220,000 workers) in the sector. The manufacturing industry in the state is dominated by electronic instruments and foods and beverages, while biopharmaceuticals also contribute significantly to the sector.
Notable companies in this sector include:
- Cabot
- General Electric
- Hasbro
- EMC Corporation
Retail
Retail trade is another major industry in Massachusetts and contributes significantly to the overall economy of the state. More than 17 percent of the state’s labor force (over 348,000 people) is employed in the retail sector with grocery stores being the dominant sources of employment followed by clothing, sports and leisure and electronics retailers. The state is home to major retail companies such as:
- BJ’s Wholesale Club
- Urban Outfitters
- The Home Depot
- Toys “R” Us
Education
Massachusetts also has a well-developed and established education sector, which is attributed to having some of the best universities in the US. Notable educational institutions in the state include Harvard University, MIT and Boston University.
This is why close to 11 percent of the state’s private employment is in education. Institutions such as primary and secondary schools, colleges, universities and academies are important employers in the education sector in Massachusetts.
Tourism
Tourism is another major industry and top employer in the state of Massachusetts. The state is an attraction to millions of visitors from the USA and abroad and there are close to 11 million overseas visitors who come to the state for various purposes such as business and leisure.
Notable attractions in Massachusetts include:
- The Freedom Trail
- Fenway Park
- The John F. Kennedy Presidential Library and Museum
- The New England Aquarium
- The Cape Cod National Seashore
Massachusetts is one of the biggest economic players in the USA, with its diverse sectors such as healthcare, manufacturing and tourism making significant contributions to the state’s total employment, investments, self-sustainance and overall economic growth. As a fast-growing state, Massachusetts will continue to provide numerous opportunities for the US economy to thrive.
