20. Massachusetts

An educated workforce is happily moored in the Bay State, but high costs can hinder real growth.

Top States Massachusetts
Source: George Kavallines
2016 Rank
2015 Rank
Workforce 279 2 7
Cost of Doing Business 90 46 46
Infrastructure 132 42 47
Economy 201 18 28
Quality of Life 202 17 8
Technology & Innovation 196 3 3
Education 151 1 1
Business Friendliness 84 20 22
Cost of Living 11 44 43
Access to Capital 32 19 17
Overall 1378 20 20

Economic Profile

Governor: Charlie Baker, Republican

Population: 6,794,422

GDP growth: 2 percent

Unemployment rate (May 2016): 4.2 percent

Top corporate tax rate: 8 percent

Top individual income tax rate: 5.10 percent

Gasoline tax: 44.94 cents/gallon

Bond rating/outlook: Aa1, stable

Major private employers: Bay State Medical Center, Thermo Fisher Scientific

Economic profile sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute, Moody's Investor Service, S&P Global Market Intelligence

Latest Special Reports

  • In a world of big box retail and e-commerce, successful business owners are taking new paths to Main Street success.

  • Covid-19 is expected to be with us for years even if the colossal investment in treatments and vaccines eventually manages to contain and control the global pandemic. The world will look dramatically different in its wake. As businesses begin the shift from crisis mode to planning for the lasting impact of Covid, CNBC’s journalists will hunt for cases of companies and industries taking a leading role in shaping Our New Future.

  • Traders and financial professionals work on the floor of the New York Stock Exchange.

    CNBC’s financial reporters weigh in on what every investor needs to know when it comes to companies' earnings reports.