51 Massachusetts Business Stats & Facts For 2025

Here are 51 business stats about Massachusetts for 2025.

Basics:

Population: 7,001,399 (US Census 2020)
Population desnity per square mile: 901.20
GDP: $733,860 (millions USD)
GDP Per Capita: $105,884
Median household income (in 2022 dollars): $96,505
Real GDP Growth Rate: 1.80%
Total Employment: 4.5m
Unemployment Rate: 3.3%

Rankings

% Share of National Economy: 2.68%
State Economic Growth Rank (out of 50): 12
Population Growth Rank (out of 50): 31
Business Growth Rank (out of 50): 38
State Growth Rank in Employment (out of 50): 30

Biggest Industries In Massachusetts By Revenue

1. Life Insurance & Annuities: $89.9b
2. Portfolio Management & Investment Advice: $55.2b
3. Colleges & Universities: $54.3b
4. Drug, Cosmetic & Toiletry Wholesaling: $50.5b
5. Public Schools: $40.3b
6. Wireless Telecommunications Carriers: $40.3b
7. Hospitals: $38.4b
8. Health & Medical Insurance: $38.2b
9. Property, Casualty and Direct Insurance: $34.9b
10. Commercial Banking: $34.9b

Biggest Employers In Massachusetts

1. Massachusetts General Hospital: 75,000 (1.7%)
2. State of Massachusetts: 41,503 (0.9%)
3. University of Massachusetts System: 23,000 (0.5%)
4. Brigham and Women’s Hospital: 21,000 (0.5%)
5. Amazon.Com, Inc.: 19,000 (0.4%)
6. City of Boston: 16,944 (0.4%)
7. Raytheon Co.: 15,000 (0.3%)
8. Walmart Inc.: 14,185 (0.3%)
9. Boston Children’s Hospital: 10,191 (0.2%)
10. The Home Depot, Inc.: 9,867 (0.2%)

Small Businesses In Massachusetts

Number of Small Businesses 697,585
Percent of bossiness that are small businesses: 99.50%
Number of employees: 1,500,000
Share of Employment: 44.70%
Number of New Businesses In The Past Year: 37,739
Number of Businesses That Closed In The Past Year: 23,488
Net Change In New Businesses: 14,251

Number of Businesses With No Employees: 557,217
Number of Businesses with 1-19 Employees: 122,756
Number of Businesses with 20-499 Employees: 17,612
Share of Businesses Owned By Women: 39.80%
Share of Businesses Owned By Veterans: 4.80%
Share of Hispanic Owned Businesses: 7.80%
Share of Businesses Owned By Racial Minorities: 14.20%

Fortune 500 Companies In Massachusetts

Number of Fortune 500 Headquaters: 17
Biggest Company: General Electric
Biggest Company Type: Industrial Machinery
Number of Employees: 172,000
Revenue (in millions): $76,555

Taxes In Massachusetts

State Corporate Tax Rate: 8.00%
State Corporate Tax Rate Brackets: $0

State Sales Tax Rate: 6.25%
State Sales Tax Rank (out of 50): 13
Average Local Sales Tax Rate: 0.00%
Max Local Sales Tax Rate: 0.00%
Average Combined Sales Tax Rate: 6.25%
Combined Sales Tax Rank (out of 50): 35

Minimum State Income Tax Rate If You’re Single: 5.00%
Minimum State Income Tax Rate If You’re Married: 5.00%

General Massachusetts Population Facts

In civilian labor force, total, percent of population age 16 years+: 67.00%
In civilian labor force, female, percent of population age 16 years+: 63.30%
Share of population which is foreign born: 17.60%
Mean travel time to work (minutes), workers age 16 years+: 29.4

Housing

Number of Housing Units: 3,045,948
Owner-occupied housing unit rate: 62.40%
Median value of owner-occupied housing units: $483,900
Median gross rent per month: $1,588
Households with a computer: 94.30%
Households with a broadband Internet subscription: 90.70%

Education

High school graduate or higher, percent of persons age 25 years+: 91.20%
Bachelor’s degree or higher, percent of persons age 25 years+: 45.90%

Also See

• Massachusetts Registered Agent Services
• Massachusetts Secretary of State Business Search
• How To Form an LLC In Massachusetts
• Massachusetts Bookkeepers & Bookkeeping Services

Sources

• https://en.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_GDP
• https://en.wikipedia.org/wiki/Economy_of_Massachusetts
• https://www.ibisworld.com/united-states/economic-profiles/massachusetts/
• https://taxfoundation.org/data/all/state/2024-sales-taxes/
• https://taxfoundation.org/data/all/state/state-corporate-income-tax-rates-brackets-2024/
• https://taxfoundation.org/data/all/state/state-income-tax-rates-2024/
• https://advocacy.sba.gov/2023/11/14/2023-small-business-profiles-for-the-states-territories-and-nation/
• https://advocacy.sba.gov/wp-content/uploads/2023/11/2023-Small-Business-Economic-Profile-MA.pdf
• https://www.bls.gov/eag/
• https://www.bls.gov/regions/northeast/massachusetts.htm#eag
• https://www.census.gov/quickfacts/fact/table/MA,US/PST045223
• https://www.50pros.com/fortune500