Massachusetts Business Opportunities

The Massachusetts State House, topped by its golden dome, faces Boston Common on Beacon Hill.
The Massachusetts State House, topped by its golden dome, faces Boston Common on Beacon Hill.[1]

A Quick Glance at Massachusetts

Massachusetts, whose nickname is The Bay State, first obtained its statehood in 1788. With a population of 6,692,824 people, Massachusetts is the fourteenth most populated state in the United States.

If you are considering starting your new business in Massachusetts, you might want to look into one of Massachusetts' top three most populous cities - Boston (which is also the commonwealth's capital), Worcester or Springfield.

Top Industry

The largest industry in the commonwealth of Massachusetts is hospitals and nursing and residential care facilities.

  • The gross domestic product (GDP), of this industry, is roughly $19.8 billion and accounts for 4.2% of Massachusetts' GDP.
  • Hospitals and nursing and residential care facilities also employs 7.9% of Massachusetts' private workforce.

Small Businesses

In the United States, the more than 600,000 plus franchised small busineeses account for 40% of all retail sales and provide jobs for some 8 million people. According to the Small Business Administration (SBA), their standard definition of what constitutes as a small business includes a maximum of 500 employees or operations with and/or up to $7 million in revenue, depending on the industry.

  • There are 1.4 million small businesses, in the commonwealth, of Massachusetts.
  • Small businesses in Massachusetts, make up 37.7% of the commonwealth's private workforce.

State and Local Taxes

Listed below are the state and local taxes, for the commonwealth of Massachusetts, and how they rank against other states in the U.S.

State Tax Rate Avg. Local Tax Rate Combined Rate Combined Rank* Max Local Tax Rate
6.25% 0% 6.25% 35 n/a
*Combined Rank is rank from highest to lowest tax percentage

California has the highest state tax rate in the United States at 7.25%, but Lousinana has the highest combined tax rate, overall, at 9.98%. Delaware, Montana, New Hampshire and Oregon share the spot for lowest combined tax rates at 0%.

Additional Information

If you need additional information about how to start a business in Massachusetts, their official state page might be a good place to start. If you are looking to own your own established franchise in Massachusetts, we have collected a comprehensive list of companies that are actively looking to expand in Massachusetts, for you to explore.

References

  1. By Fcb981 - Own work, CC BY-SA 3.0
  2. Census.gov
  3. Comparison between U.S. states and countries by GDP (nominal) from Wikipedia
  4. Largest Industry in Each State from 24/7 Wall St.
  5. 2017 Small Business Profiles for the States and Territories from the U.S. Small Business Administration
  6. Small Business Trends from the U.S. Small Business Administration
  7. Civilian Labor Force and Unemployment by State from the U.S. Bureau of Labor Statistics
  8. State and Local Sales Tax Rates in 2017 from the Tax Foundation

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