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

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