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Monday, 10 October 2011

Economy of Boston

Skyline of downtown Boston's Financial District, seen from inner Boston Harbor
Encompassing $363 billion, the Greater Boston metropolitan area has the sixth-largest economy in the country and 12th-largest in the world.
Boston's colleges and universities have a significant effect on the regional economy, with students contributing an estimated $4.8 billion annually to the city's economy. Boston's schools are major employers and attract industries to the city and surrounding region. Boston is home to a number of technology companies and is a hub for biotechnology, with the Milken Institute rating Boston as the top life sciences cluster in the country. Boston also receives the highest absolute amount of annual funding from the National Institutes of Health of all cities in the United States.


Boston skyline from the north side of the Charles River


Distribution of the Boston metropolitan NECTA labor force, 2004 annual averages
Tourism comprises a large part of Boston's economy. In 2004, tourists spent $7.9 billion and made the city one of the ten-most-popular tourist locations in the country. Because of Boston's status as a state capital and the regional home of federal agencies, law and government are another major component of the city's economy. The city is also a major seaport along the United States' East Coast and is also the oldest continuously operated industrial and fishing port in the Western Hemisphere.
Some of the other important industries are financial services, especially mutual funds and insurance. Boston-based Fidelity Investments helped popularize the mutual fund in the 1980s and has made Boston one of the top financial cities in the United States. The city is home to the regional headquarters of Bank of America and Sovereign Bank, and it is a center for venture capital firms. State Street Corporation, which specializes in asset management and custody services, is based in the city. A 2008 study ranked Boston among the top 10 cities in the world for a career in finance. Boston is a printing and publishing center — Houghton Mifflin is headquartered within the city, along with Bedford-St. Martin's Press, Beacon Press, and Little, Brown and Company. Pearson PLC publishing units also employ several hundred people in Boston. The city is home to three major convention centers—the Hynes Convention Center in the Back Bay, and the Seaport World Trade Center and Boston Convention and Exhibition Center on the South Boston waterfront.
Some of the major companies headquartered within the city are the Liberty Mutual insurance company, Gillette (now owned by Procter & Gamble), and New Balance. Boston is also home to management consulting firms The Boston Consulting Group and Bain & Company, as well as the private equity group Bain Capital. Other major companies are located outside the city, especially along Route 128, which serves as the center of the region's high-tech industry. In 2006, Boston and its metropolitan area ranked as the fourth-largest cybercity in the United States with 191,700 high-tech jobs. Only NYC Metro, DC Metro, and Silicon Valley have larger high-tech sectors.
Boston is classified as an "incipient global city" by a 2004 study group at Loughborough University in England.





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