One of the most historical places in America, Massachusetts has seen the first colony of Plymouth, the Salem witch trials, the Boston Tea Party and is home to Harvard University—the oldest institution of higher learning in the United States. This little state has a lot of people, and is a solid option for where to start your next franchise.
Making a Home in Massachusetts
If you want to live in The Bay State, consider picking between the two major cities:
Boston: Two-thirds of the state’s population calls the greater Boston area home. It’s a significant place for American history, and home to many colleges and universities. Lots of companies have headquarters here, and the city has a large Jewish and LGBT communities.
Springfield: A bustling cultural and economic center of the Connecticut River Valley, Springfield has a growing multi-cultural market, with Latinos making up a third of the population.
Making Money in Massachusetts
The economy in Massachusetts is driven by health care, higher education, finance, biotechnology and tourism. The state’s agriculture produces cranberries, tobacco, livestock and tree nuts.
The state has been named one of the “Top State’s for Business” by CNBC.
Massachusetts has the third highest per capita personal income in the country, and also has the sixth largest number of millionaires per capita.
Taxes in MA
Massachusetts has a corporate excise tax, which is based on both income and net worth. The state’s personal income tax is a flat 5.15 percent.
There are nearly 607,000 small businesses in Massachusetts, which make up 97.8 percent of employers in the state.
Massachusetts has a GDP of $351.5 billion, and has one of the fastest growing GDPs in the country.