Boston Economy

Boston is considered to be one of the oldest cities in America. Boston is the capital of Massachusetts State and the largest city in the state of Massachusetts. For its economic and cultural impact on New England region, it is regarded as capital of New England. Boston is also one of the nation’s top ten tourist attraction with more than 60 historical site.

Manufacturing

Manufacturing occupies an important place in Boston’s economy, though it has lost some ground recently. Since early 1990, several new entrants has joined Boston’s manufacturing sector and has contributed to Boston’s economy. Boston is known for its wool and textile industry. It has also made its presence felt in leather goods manufacturing. Boston is considered as one of the major city for business and enterprises. In the last two decades the sectoral contribution has shifted from manufacturing to service oriented employment like technology services, Finance services, banking and educational services.

Banking and Finance Role

Boston is considered as one of the prominent financial destination of United States of America. Boston’s financial hub includes major banks and financial services companies. It is home to Fidelity Investments has made mutual funds popular in 1980s. Presence of excellent education has also given boost to Banking and finance sector.

Education

Boston has many of the world’s renowned colleges and Universities. It is an education hub and education has become a major contributor to Boston’s economy. Medical university like Harvard and Tufts University are located in Boston with Massachusetts General Hospital as teaching hospital to both Universities. The towns and suburban region surrounding Boston has many prestigious and renowned secondary and boarding schools.

Shipping and Transportation

Boston has the oldest functional port in the United States with exports ranging from processed food products to automobiles and engineering goods. Boston port is considered to be one of the best natural harbors and has the capacity to house even the largest cargo ships. Boston has excellent network of rail and road transportation.

Labour Force effects

With world renowned colleges and Universities, Boston always has ample supply of educated and skilled labor force. Boston also has a large student base which adds to the economy in terms of skilled resources and education tourism.

With the recent recession in 2008, Boston also faced increased unemployment and fall in GDP growth. But, with recovery mechanism in place, Boston, is regaining the lost ground at a slow but steady rate.