The Bureau of Economic Analysis approximates that the gross state product of Massachusetts in 2004 was US $318 billion. Per capita personal income in 2004 was US$42,102. This makes it the 2nd highest economy just behind that of Connecticut. From 2004 to 2005 the Gross State Product increased 2.6 per cent. The important Business in Massachusetts are: higher education, biotechnology, finance, health care, financial services and tourism. These sectors are vital to the Massachusetts economy. Route 128 was a main center for the development of minicomputers in Massachusetts. Some of the important companies that contribute significantly in the Business in Massachusetts are some of the largest computer companies like Digital Equipment Corporation, Data General, and Wang Laboratories situated around Route 128 and Route 495.
But most of these larger companies in Massachusetts fell into decline after the rise of the personal computer, which was based in large part on software such as Visicalc and Lotus 1-2-3 and hardware technology such as memory and operating systems. Many of the computers were developed by these companies of Massachusetts. High technology remains an important sector in the booming of the economy of Massachusetts. Its agricultural produces are nursery stock, seafood, cranberries, dairy products, tobacco and vegetables. Its industrial outputs are machinery, publishing scientific instruments, electrical and electronic equipment and printing. Massachusetts is the second largest cranberry producing state in the union. Export of canberry is also a significant Business in Massachusetts.
As on 2005, there were about 6,100 farms in Massachusetts encompassing a total area of about 520,000 or acres 2,100 square kilometers. On an average, per piece of land has a land allotment for about 85 acres. Particular agricultural products of importance include animals and animal products, tobacco, fruits, tree nuts, and berries, for which the state is nationally ranked 11th, 16th, and 17th, respectively. Traditionally Massachusetts is industrial. With its preponderantly urban population, this is one of the most densely settled states in the nation. The diverse manufacturing industries of Massachusetts are: electrical and electronic equipment, technical instruments, tools, industrial equipment, plastic products, paper and paper products, machinery, metal and rubber products. Its many and diverse manufactures include Shipping, printing, and publishing. Jewelry Business in Massachusetts dates from before the American Revolution.
MBR or Massachusetts Business Roundtable is a non-partisan and non-profit organization and the work is supported by its members. This organization facilitates the growth of Business in Massachusetts. The aim of the organization is to support all types of business, small and large and look after the development of the business. The Roundtable works with the elected and appointed leader's of Commonwealth to develop policies that will promote confirmed economic growth in Massachusetts. The Massachusetts Business Roundtable members use this organization as a platform where they can bring their managerial perspective and collective economic power and influence from their respective institutions.
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