Economic Analysis of Massachusetts
Economic Analysis of Massachusetts
Demography:
Total population of Massachusetts is 6,774,369 according to the US Census Bureau Report 2015. According to the report, in 2013 the population was estimated about 6, 695,956. The rise in population was seen from 2013 about 6.6m. It is most densely populated region in US regardless of happened to be the seventh smallest country.
The earliest census confirmed that about 378,787 people resided in the state. Like any other country the population increased to grow several hundred percent when the settlers move toward West. In 1800, Massachusetts grew by 11.6% with a figure of 422,845. However, in the 20th century a decrease in growth rate was observed, it is now 5% per descended from 20% per decade. The approximate figure in census of 2013 claimed that Massachusetts has become 14t largest populated state of US (WPR).
Massachusetts has two main urban areas, one is Greater Boston located in the east where as the second is Springfield urban area located in the west. It is estimated around 2/3 of the total population of Massachusetts lives in Greater Boston. And the west of the Massachusetts has a both rural and urban areas along with college towns. The state of Massachusetts is one of the most populated state of New England. The country makes greater use of its most of the land, there is average 840 people cover every square mile of the land, that makes it the 14th most populated state in the entire US and the third most densely populated regardless of its size. The natural growth is health population but also does not suggest that it there will be a decrease in the growth rate.
According to the census of 2012, Massachusetts has ethnic groups with estimation of:
- 7% of white which has 75.8% of non-Hispanics,
- African Americans: 7.9% ,
- American Indians or Alaska Natives: 0.8%
- Asian Americans : 5.8%
- Other races 4.7%
- Two and more races: 2.0%
- Hispanics and Latinos: 10.1%
Massachusetts has world’s largest ancestry that includes five ancestries: Irish, Italian, French/Canadian, English and German.
ECONOMY:
Massachusetts is an industrial state with urban population. It is densely populated with diverse manufactures of technological and scientific equipments including, electrical, industrial and technical equipments, plastic and paper products, machinery, metal and rubber tools. Since the American Revolution, Massachusetts is known for shipping, printing, publishing and crafting of jewelry.
In the field of Agriculture, Massachusetts is known for producing cranberries, apples, milk and other dairy products. The commonwealth economy produces prominent development in the field of technology, research and trade.
Massachusetts per Capita Income:
According to the department of numbers, in 2014 the per capita income of Massachusetts was $37, 288.
Massachusetts Family Income:
According to the Census ACS 1 year survey in 2014, the median family income was $69,160.
Economy Today:
According to Evan, “Massachusetts’ economy grew 2.3 percent in 2014, beating the national average and coming out ahead of 34 other states, according to the latest numbers from the Commerce Department”( Evan). The growth of economy is led by IT, professional care and health. Evan also mentioned that the state produce $68,000 for each person. Today, Massachusetts economy is the 15th largest economy.
