Economy of Massachusetts

Massachusetts ranks second in the production of cranberries in the United States. Greenhouse and nursery items, apples, milk and other dairy products are the other major agricultural products.
The economy of Massachusetts relies heavily on industry. Shipping, electronic equipment, tourism, printing, and publishing are the major industries. According to the United States Bureau of Economic Analysis, Massachusetts had a gross state product of US$365 billion in 2008. It had the third-highest per capita income in the nation in 2008 of $50,735.

Higher education, biotechnology, finance, health care, and tourism are some of the major sectors of the state's economy. High technology is important as some of the largest technology companies are based in the state. The development of minicomputers and electronics has been a significant source of income.

Tourism adds to the revenues of the state with Boston and Cape Cod being the leading destinations. Salem, John Hancock Observatory, Boston Common, Plymouth and the Berkshires are the other attractions.

The state had an unemployment rate of 7.4% September 2011. which is below the national level.

Agriculture is also important and the major agricultural products in the state are tobacco, livestock, and fruits, tree nuts, and berries. Massachusetts is the second-largest producer of cranberry in the United States. Mining also forms part of the economy with lime, clay, sand, and gravel being the major minerals.

GSP	$365 billion in 2008
Per Capita Income	$50,735 in 2008
Unemployment Rate	7.4% in 2011
Major Sectors	Agriculture, mining, transportation, services, forestry
Major Industries	Tourism, finance, real estate, banking, fishing, manufacturing

Massachusetts imposes a sales tax of 6.25% on retail sales of tangible personal property.

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