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Since state benefit programs and federal grants are a large part of federal spending, and Massachusetts residents are highly taxed, it makes sense that Massachusetts is one of the states least dependent on federal dollars, ranking 44th in the nation, according to WalletHub. From 2019 to 2020, employment in Boston, MA grew at a rate of 0.655%, from 382k employees to 384k employees. Private not-for-profit, 4-year or above ($39,146) is the sector with the highest median state tuition in 2021. This is a list of U.S. metropolitan areas by their gross domestic product (GDP). ", BEA, GDP of the Greater Boston metro area from 2001 to 2021 (in billion chained 2012 U.S. dollars) Statista, https://www.statista.com/statistics/183851/gdp-of-the-greater-boston-metro-area/ (last visited August 21, 2023), GDP of the Greater Boston metro area from 2001 to 2021 (in billion chained 2012 U.S. dollars) [Graph], BEA, December 8, 2022. BEA. GDP per capita Data for Boston Metro Area (MA-NH) - Gross Domestic In 2020, total outbound Massachusetts trade was $296B. Additionally, 2.13% of the workforce in Boston, MA have "super commutes" in excess of 90 minutes. As soon as this statistic is updated, you will immediately be notified via e-mail. No warranty or guarantee of accuracy is offered or implied. Change in GDP Annual change in real GDP. BEA. Massachusetts per-capita GDP was $91,129 in 2021. Government programs come and go. Total retail sales per capita, 2017: $17,552: Transportation. GDP of the Greater. Between 2019 and 2020 the population of Boston, MA grew from 684,379 to 689,326, a 0.723% increase and its median household income grew from $71,115 to $76,298, a 7.29% increase. Between 2019 and 2020, the percent of uninsured citizens in Boston, MA declined by 0.414% from 3.54% to 3.53%. Analysts at WalletHub, a personal finance website, found that Massachusetts has the highest GDP (gross domestic product) per capita in the U.S. Justin Svec, an associate professor of economics at College of the Holy Cross, said that GDP per capita essentially translates to average income, meaning that the Bay State has the highest average income in the country. By race, the largest number of students enrolled was concentrated in White with 119,162 records, of which 60.8% were women and 39.2% men. Per Capita Personal Income in Boston-Cambridge-Newton, MA-NH (MSA Real Massachusetts per-capita GDP is 7.99% higher today than 5 years prior in 2016. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. Profit from the additional features of your individual account. Annual. Source: BEA In 2019, the estimated average GDP per capita (PPP) of all of the countries of the world was Int$ 18,381. In 2021, Midland metropolitan area in Texas had a per capita real GDP of about 227,765 chained U.S. dollars, the highest of any metro area in the United States. GDP of the Greater Boston metro area from 2001 to 2021 (in billion chained 2012 U.S. dollars) [Graph]. Both of these things usually correlate with higher income. Per capita real gross domestic product of the United States in 2021, by metropolitan area (in chained 2012 U.S. dollars) [Graph]. Massachusetts GDP was $636,514,000,000 in 2021 according to BEA data. Trends Real in Massachusetts Real Per-Capita GDP & Population. The largest share of households have an income in the $200k+ range. A comprehensive measure of the economies of counties, metropolitan statistical areas, and some other local areas. Receive the latest news and breaking updates, straight from our newsroom to your inbox. This chart shows the share breakdown of the primary industries for residents of Boston, MA, though some of these residents may live in Boston, MA and work somewhere else. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 1000+ markets in 190+ countries & territories, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 39,000+ online stores and marketplaces. @media(min-width:0px){#div-gpt-ad-deptofnumbers_com-medrectangle-4-0-asloaded{max-width:336px!important;max-height:280px!important}}if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[336,280],'deptofnumbers_com-medrectangle-4','ezslot_3',122,'0','0'])};__ez_fad_position('div-gpt-ad-deptofnumbers_com-medrectangle-4-0'); Over the 5 years ending in 2021 the Massachusetts economy grew in real terms by 10.49% at a compound annual growth rate of 2.01% per year. The ideal entry-level account for individual users. Follow Boston.com on Instagram (Opens in a New Tab), Follow Boston.com on Twitter (Opens in a New Tab), Like Boston.com on Facebook (Opens in a New Tab). Lock The Department of Numbers contextualizes public data so that individuals can form independent opinions on everyday social and economic matters. Profit from the additional features of your individual account. Massachusetts GDP represents 2.77% of US GDP which made it the 12th largest state economy in the nation in 2021. Official websites use .gov "Gdp of The Greater Boston Metro Area from 2001 to 2021 (in Billion Chained 2012 U.S. retrieved from FRED, Basic Statistic U.S. real per capita GDP 2022, by state; Premium Statistic . U.S. Census Bureau QuickFacts: Boston city, Massachusetts Federal economic dependency essentially translates to how much money a state contributes in federal tax dollars compared to how much money a state receives back from the federal government. 2.4%. The following chart shows the popular vote results in Massachusetts for each registered party from 1976 to 2020. The following chart shows elected senators in Massachusetts over time, excluding special elections, colored by their political party. Language links are at the top of the page across from the title. You need at least a Starter Account to use this feature. The Census Bureau uses a set of money income thresholds that vary by family size and composition to determine who classifies as impoverished. You can filter the data by race by using the selector above. Some estimates presented here come from sample data, and thus have sampling errors that may render some apparent differences between geographies statistically indistinguishable. ] The student population of Boston, MA in 2021 is skewed towards women, with 125,366 male students and 181,372 female students. This page is not available in other languages. As of 2020, 85.9% of Boston, MA residents were US citizens, which is lower than the national average of 93.4%. August 21, 2023. Massachusetts GDP represents 2.77% of US GDP which made it the 12th largest state economy in the nation in 2021. Share sensitive information only on official, Use Ask Statista Research Service, Greater Boston is the area of the Commonwealth of Massachusetts surrounding the city of Boston. The consent submitted will only be used for data processing originating from this website. In 2020, the place with the highest median household income in Boston, MA was Census Tract 706 with a value of $190,313, followed by Census Tract 1201.03 and Census Tract 401, with respective values of $188,462 and $158,357. The line chart shows the evolution of the percentage of applicants admitted, admitted who enrolled or the number of students enrolled according to the option selected in the upper button. 2.4%. Colleges and universities in the United States, GDP of the Greater Boston metro area from 2001 to 2021 (in billion chained 2012 U.S. dollars), Find your information in our database containing over 20,000 reports. Learn more about how Statista can support your business. This statistic is not included in your account. In 2020, 0.959% of men over 25 years of age had not completed any academic degree (no schooling), while 1.04% of women were in the same situation. In 2021 in Boston, MA, the percentage of applicants admitted was 35.6%, while the percentage of admitted who enrolled was 22.7%. In the United States, senators are elected to 6-year terms with the terms for individual senators staggered. Senatorial voting results are only available at the state level. Currently, you are using a shared account. Boston-Cambridge-Newton, MA-NH . On its face, this might seem bad for Bay Staters, as they contribute more than other states in federal taxes and get less money back from the federal government than other states. But, when considering quality of life in a state, one must also look at the cost of living, Boston College economist Brian Bethune said. Boston-Cambridge-Newton, MA-NH (Metropolitan Statistical Area) 531,671 463,570 439,144 421,783 . This visualization illustrates the percentage of students graduating with a Bachelors Degree from schools in Boston, MA according to their major. Under the paragraphs, the average number of awarded degrees by university in each degree is shown. March 29, 2023 98 A new report found that Massachusetts not only has the highest GDP per capita in the country, but that it's among the states least dependent on federal dollars. Massachusetts is currently represented by 9 members in the U.S. house. and over 1Mio. Australia and Oceania. Per capita GDP by metro area U.S. 2021 | Statista Federal Reserve Bank of St. Louis; please see the Vintage 2022 release notes available here: Release Notes. Having a high average income in Massachusetts also means that our residents are taxed at higher rates on average than other states, as federal income tax rates increase at higher levels of wealth. Nominal Massachusetts GDP, at $636.514 bn in 2021, is at the highest level recorded to date. DataBank. Car ownership in Boston, MA is lower than the national average, with an average of 1 car per household. Boston city, Massachusetts. In 2020, the median property value in Boston, MA was $581,200, and the homeownership rate was 35.3%. An official website of the United States government. Currently, you are using a shared account. Most people in Boston, MA drove alone to work, and the average commute time was 30.7 minutes. Orlando. This chart shows the percentage of owner in Boston, MA compared it's parent and neighboring geographies. http://opendatanetwork.com/region/1600000US5363000/Seattle_WA. The following chart shows the number of households using each mode of transportation over time, using a logarithmic scale on the y-axis to help better show variations in the smaller means of commuting. GDP - per capita (PPP) compares GDP on a purchasing power parity basis divided by population as of 1 July for the same year. Boston's Economy 2019 The following chart displays the households in Boston, MA distributed between a series of income buckets compared to the national averages for each bucket. Annual working hours vs. GDP per capita Penn World Table; CO emissions per capita vs. GDP per capita; Distribution of gross domestic product by economic sector; Economic complexity rank vs. GDP per capita; Expected years of schooling vs. GDP per capita; GDP per capita World Bank, constant US$ GDP per capita in England Broadberry et al . Boston-Cambridge-Newton, MA-NH MSA: 4,899,932: $531,671: $108,506 7 Bridgeport-Stamford-Norwalk, CT MSA: 959,768: $98,751: Thus, he said, Massachusetts residents are more immune to political whims than the residents of other states. There are also significant benefits to living in a state that is less economically dependent on the federal government. Monthly Transportation Statistics contains over 50 time series from nearly two dozen data sources. Above charts are based on data from the U.S. Bureau of Economic Analysis | Data Source | ODN Dataset | API - Notes:1. List of cities by GDP - Wikipedia Please create an employee account to be able to mark statistics as favorites. U.S. Bureau of Economic Analysis, Florida. The chart below shows how the median household income in Boston, MA compares to that of it's neighboring and parent geographies. Dollars). "Per Capita Real Gross Domestic Product of The United States in 2021, by Metropolitan Area (in Chained 2012 U.S. The median property value in Boston, MA was $581,200 in 2020, which is 2.53 times larger than the national average of $229,800. Svec said high incomes typically correlate with high rankings on other measures of quality of life, such as economic opportunity and health outcomes. Questions about Boston Metro Area (MA-NH). The largest universities in Boston, MA by number of degrees awarded are Boston University (11,580 and 26%), Northeastern University (8,157 and 18.3%), and University of Massachusetts-Boston (3,924 and 8.81%). statistic alerts) please log in with your personal account. In Boston, MA the largest share of households pay taxes in the $3k+ range. St. Louis, MO 63102, More Explore resources provided by the Research Division at the Federal Reserve Bank of St. Louis. In, BEA. Chronic absenteeism in Mass. The real estimates of gross domestic product (GDP) by metropolitan area are measured in chained (2012) dollars. From Wikipedia, the free encyclopedia Not to be confused with List of countries by GDP (PPP) per capita. Show publisher information Theyre subject to the winds and fluctuations of politics. Personal Income by County and Metropolitan Area, Units: If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. Like New York, California, and Washington, Massachusetts is home to many industries that provide high-paying jobs, such as biotech, healthcare, and finance, Svec said. Gross domestic product estimates the value of the goods and services produced in an area. . Massachusetts is currently represented by 9 members in the U.S. house, and members of the House of Representives are elected to 2-year terms. An example of data being processed may be a unique identifier stored in a cookie. Continue with Recommended Cookies. In 2020, the place with the highest Median Household Income (Total) in Boston, MA was Census Tract 706 with a value of $190,313, followed by Census Tract 1201.03 and Census Tract 401, with respective values of $188,462 and $158,357. Most students graduating from Universities in Boston, MA are White (18,290 and 54%), followed by Asian (4,638 and 13.7%), Hispanic or Latino (4,190 and 12.4%), and Black or African American (3,119 and 9.21%). In the United States, senators are elected to 6-year terms with the terms for individual senators staggered. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). Official est. Please note that the buckets used in this visualization were not evenly distributed by ACS when publishing the data. San Francisco, Seattle, and Dallas appear on both the overall GDP size and growth lists. Real Massachusetts GDP, at $636.514 bn in 2021, is at the highest level recorded to date. Real GDP by metropolitan area is an inflation-adjusted measure of each metropolitan area's gross product that is based on national prices for the goods and services produced within the metropolitan area. To reflect the differences in the cost of living and inflation rates, we show the GDP at purchasing power parity (PPP). A .gov website belongs to an official government There were 152k Black or African American (Non-Hispanic) and 67k Asian (Non-Hispanic) residents, the second and third most common ethnic groups. As a Premium user you get access to background information and details about the release of this statistic. Data is only available at the state level. Voting results are not available for Boston, MA. GDP by County, Metro, and Other Areas - Bureau of Economic Analysis [Online]. 229 Results. The unemployment rate in Boston remains below the state and nation-al levels. Primary care physicians in Suffolk County, MA see 648 patients per year on average, which represents a 3.43% decrease from the previous year (671 patients). The most common racial or ethnic group living below the poverty line in Boston, MA is White, followed by Hispanic and Black. As of 2020, 28.2% of Boston, MA residents (195k people) were born outside of the United States, which is higher than the national average of 13.5%. Chart. Selected Countries and Economies. The number of students enrolled in 2021 was 306,738 (40.9% men and 59.1% women). Per capita real gross domestic product of the United States in 2021, by metropolitan area (in chained 2012 U.S. dollars), Find your information in our database containing over 20,000 reports, Washington-Arlington-Alexandria, DC-VA-MD-WV, Nashville-Davidson--Murfreesboro--Franklin, TN, Philadelphia-Camden-Wilmington, PA-NJ-DE-MD. One Federal Reserve Bank Plaza, Due to ambiguity in usage, the size of the area referred to can be anywhere between that of the metropolitan statistical area (MSA) of Boston and that of the city's combined statistical area (CSA) which includes the metro areas of Providence, Rhode Island and Worcester, Massachusetts. But because this is all based on individual income, your situation would largely be the same in any state, Svec said. A state that is greatly taxed but receives fewer federal dollars is less economically dependent, while a state that pays little in taxes but receives a lot of money from the federal government is more economically dependent. In that time the population in Massachusetts grew by 157,443 (2.31%) people. Users should exercise caution when comparing 2017-2021 ACS 5-year estimates to other ACS estimates. and over 1Mio. 18% of the population for whom poverty status is determined in Boston, MA (116k out of 646k people) live below the poverty line, a number that is higher than the national average of 12.8%. The homeownership rate in Boston, MA is 35.3%, which is approximately the same as the national average of 64.4%. Employment change between February 2022 and February 2023. Demographics Population in the states of the U.S. 2022 Demographics Highest population density by country 2021 Demographics World population by age and region 2022 International Countries with the. The fact that we have high average income here in Massachusetts means that there are many other good statistics here in Massachusetts as well, he said. As a Premium user you get access to the detailed source references and background information about this statistic. Heres what that means. The following chart shows the percentage of foreign-born residents in Boston, MA compared to that of it's neighboring and parent geographies. Primary care physicians in Suffolk County, MA see an average of 648 patients per year. Gross Domestic Product (GDP) is a measure of the value of all goods and services produced in a region minus the value of the goods and services used up in production. Real GDP Massachusetts U.S. 2022 | Statista Between 2019 and 2020 the population of Boston, MA grew from 684,379 to 689,326, a 0.723% increase and its median household income grew from $71,115 to $76,298, a 7.29% increase. Central America and the Caribbean. The economy of Boston, MA employs 384k people. By gender, of the total number of insured persons, 47.1% were men and 52.9% were women. PPP takes into account the relative cost of living, rather than using only exchange rates, therefore . ODN datasets and APIs are subject to change and may differ in format from the original source data in order to provide a user-friendly experience on this site.2. 2021 rank Metropolitan area . Chart. This area includes a high concentration of wealthy cities and towns just to the west of Boston, in the MetroWest area, and along the northern and southern coastal regions that have easy access to the city, in particular the North Shore of Boston. GDP per capita (current US$) - Bosnia and Herzegovina | Data Most Recent Year. In 2020, the most common birthplace for the foreign-born residents of Massachusetts was China, the natal country of 98,663 Massachusetts residents, followed by Dominican Republic with 90,760 and Brazil with 81,000. The table below lists countries in the world ranked by GDP at Purchasing Power Parity (PPP) per capita, along with the Nominal GDP per capita. Massachusetts GDP per capita, 1948-2022 - knoema.com The following chart shows US citizenship percentages in Boston, MA compared to that of it's neighboring and parent geographies. 1. The following chart shows the share of these products in relation to all outbound Massachusetts products. Income inequality had a 0.544% decline from 2019 to 2020, which means that wage distribution grew somewhat more even. Show publisher information QuickFacts provides statistics for all states and counties, and for cities and towns with a population of 5,000 or more. Boston, MA has a large population of military personnel who served in Vietnam, 1.01 times greater than any other conflict. A locked padlock 96.5% of the population of Boston, MA has health coverage, with 53.2% on employee plans, 24.5% on Medicaid, 6.66% on Medicare, 11.6% on non-group plans, and 0.479% on military or VA plans. It can be used to compare the size and growth of county economies across the nation. Estimates are not comparable to other geographic levels due to methodology differences that may exist between different data sources. This chart shows the number of workers in Massachusetts across various wage buckets compared to the national average. The largest industries in Boston, MA are Health Care & Social Assistance (68,930 people), Professional, Scientific, & Technical Services (54,419 people), and Educational Services (50,469 people), and the highest paying industries are Management of Companies & Enterprises ($106,250), Finance & Insurance ($85,691), and Utilities ($81,766). To build your own apps using this data, see the ODN Dataset and API links.3. It is estimated that gross domestic product per capita in the United States in 2020 will amount to around 58 thousand U.S. dollars, half of what Luxembourg is currently reporting. facts. 2022, Massachusetts GDP Components: Per-Capita GDP & Popuation. GDP Real (inflation adjusted) GDP per Capita over time. North America. GDP Per Capita Defined: Uses and Highest Per Country - Investopedia Louisiana. 4600 Silver Hill Road Suitland, MD 20746, Interactive Tables: GDP by county and MSA, A Primer on Local Area Gross Domestic Product Methodology, A Research Agenda for Measuring GDP at the County Level, An Overview of the GDP by County Methodology, A Look at Counties Economic Growth by Region, Guest Blog: New County GDP Data Will Help County Leaders Strategize and Plan, Research Spotlight: New County-Level Gross Domestic Product, First Official County GDP Stats Coming Dec. 12. For more information, please visit the 2021 5-year ACS Comparison Guidance page. Measuring America's People, Places, and Economy, Population Estimates, July 1, 2022, (V2022), Population estimates base, April 1, 2020, (V2022), Population, percent change - April 1, 2020 (estimates base) to July 1, 2022, (V2022), American Indian and Alaska Native alone, percent, Native Hawaiian and Other Pacific Islander alone, percent, White alone, not Hispanic or Latino, percent, Owner-occupied housing unit rate, 2017-2021, Median value of owner-occupied housing units, 2017-2021, Median selected monthly owner costs -with a mortgage, 2017-2021, Median selected monthly owner costs -without a mortgage, 2017-2021, Living in same house 1 year ago, percent of persons age 1 year+, 2017-2021, Language other than English spoken at home, percent of persons age 5 years+, 2017-2021, Households with a computer, percent, 2017-2021, Households with a broadband Internet subscription, percent, 2017-2021, High school graduate or higher, percent of persons age 25 years+, 2017-2021, Bachelor's degree or higher, percent of persons age 25 years+, 2017-2021, With a disability, under age 65 years, percent, 2017-2021, Persons without health insurance, under age 65 years, percent, In civilian labor force, total, percent of population age 16 years+, 2017-2021, In civilian labor force, female, percent of population age 16 years+, 2017-2021, Total accommodation and food services sales, 2017 ($1,000), Total health care and social assistance receipts/revenue, 2017 ($1,000), Total transportation and warehousing receipts/revenue, 2017 ($1,000), Mean travel time to work (minutes), workers age 16 years+, 2017-2021, Median household income (in 2021 dollars), 2017-2021, Per capita income in past 12 months (in 2021 dollars), 2017-2021, Total employment, percent change, 2020-2021, Men-owned employer firms, Reference year 2017, Women-owned employer firms, Reference year 2017, Minority-owned employer firms, Reference year 2017, Nonminority-owned employer firms, Reference year 2017, Veteran-owned employer firms, Reference year 2017, Nonveteran-owned employer firms, Reference year 2017.