Economy

See also: List of Massachusetts locations by per capita income, List of Massachusetts locations by unemployment rate, and Category:Economy of Massachusetts

The United States Bureau of Economic Analysis estimates that the Massachusetts gross state product in 2013 was US$446 billion.^[179] The per capita personal income in 2012 was $53,221, making it the third highest state in the nation.^[180] As of January 2017, Massachusetts general minimum wage in the state was $11 per hour while the minimum wage for tipped workers is $3.75 an hour.^[181]
Thirteen Fortune 500 companies are located in Massachusetts, the largest of which are the Liberty Mutual Insurance Group of Boston and MassMutual Financial Services of Springfield.^[182] CNBC's list of "Top States for Business for 2014" has recognized Massachusetts as the 25th best state in the nation for business,^[183] and for the second year in a row the state was ranked by Bloomberg as the most innovative state in America.^[184] According to a 2013 study by Phoenix Marketing International, Massachusetts had the sixth-largest number of millionaires per capita in the United States, with a ratio of 6.73 percent.^[185] Boston-Logan International Airport is the busiest airport in New England, serving 33.4 million total passengers in 2015, and witnessing rapid growth in international air traffic since 2010.^[186]
Sectors vital to the Massachusetts economy include higher education, biotechnology, information technology, finance, health care, tourism, and defense. The Route 128 corridor and Greater Boston continue to be a major center for venture capital investment,^[187] and high technology remains an important sector. In recent years tourism has played an ever-important role in the state's economy, with Boston and Cape Cod being the leading destinations.^[188] Other popular tourist destinations include Salem, Plymouth, and the Berkshires. Massachusetts is the sixth most popular tourist destination for foreign travelers.^[189]

Cape Cod Bay, a leading tourist destination in Massachusetts. Tourism is of growing importance to the state's economy.

As of 2012, there were 7,755 farms in Massachusetts encompassing a total of 523,517 acres (2,120 km²), averaging 67.5 acres (0.273 km²) apiece.^[190] Particular agricultural products of note include green house products making up more than one third of the states agricultural output, cranberries, sweet corn and apples are also large sectors of production.^[191] Massachusetts is the second-largest cranberry-producing state in the union after Wisconsin.^[192]
In February 2017, U.S. News & World Report ranked Massachusetts the best state in the United States based upon 60 metrics including healthcare, education, crime, infrastructure, opportunity, economy, and government. The Bay State ranked number one in education, number two in healthcare, and number five in the handling of the economy.^[193]