Massachusetts
From Wikinvestor
Massachusetts is a state located in the New England region of the northeastern United States. It borders Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north. To the east, it borders the Atlantic Ocean. Most of its population of 6.4 million live in the Boston metropolitan area. The eastern half of this relatively small state is mostly urban and suburban, while Western Massachusetts is mostly rural. Massachusetts is the most populous of the six New England states. It ranks third among U.S. states in overall population density and fourth in GDP per capita.
Massachusetts has been significant throughout American history. Plymouth was the second permanent English settlement in North America. Many of Massachusetts' towns were founded by colonists from England in the 1620s and 1630s. During the eighteenth century, Boston became known as the "Cradle of Liberty" for the foment there which led to the American Revolution and the independence of the United States from Great Britain. In the nineteenth century, Massachusetts was the first U.S. state to abolish slavery. Also, it was a center of the temperance movement and abolitionist activity preceding the American Civil War. In 2004, Massachusetts became the first U.S. state to legally recognize same-sex marriage. The state has contributed many prominent politicians to national service, including the Adams family and, more recently, the Kennedy family.
Originally dependent on agriculture and trade with Europe, Massachusetts was transformed into a manufacturing center during the Industrial Revolution. During the first half of the twentieth century, the migration of factories to lower-wage Southern states caused economic stagnation. The economy of Massachusetts revived after World War II, and began thriving during the 1990s. The state is a leader in higher education, health care, and high technology.
Geography
Massachusetts is bordered on the north by New Hampshire and Vermont; on the west by New York; on the south by Connecticut and Rhode Island; and on the east by the Atlantic Ocean. Most of the state is uplands of resistant metamorphic rock that were scraped by Pleistocene glaciers that deposited moraines and outwash on a large, sandy, arm-shaped peninsula called Cape Cod and the islands Martha's Vineyard and Nantucket to the south of Cape Cod. Upland elevations increase to the north and west and the highest point in the state is Mount Greylock at 3,491 feet (1,064 m) near the state's northwest corner. A portion of the north-central Pioneer Valley near South Deerfield.
The uplands are interrupted by the downfaulted Pioneer Valley along the Connecticut River and further west by the Housatonic Valley separating the Berkshire Hills from the Taconic Range along the western border with New York.
Boston is located at the innermost point of Massachusetts Bay, at the mouth of the Charles River, the longest river entirely within Massachusetts. Most of the population of the Boston metropolitan area (approximately 4.4 million) does not live in the city proper; eastern Massachusetts on the whole is fairly densely populated and largely suburban as far west as Worcester.
Central Massachusetts encompasses Worcester County, and includes the cities of Worcester, Fitchburg, Leominster, Gardner, Southbridge and small upland towns, forests, and small farms. The Quabbin Reservoir borders the western side of the county, and is the main water supply for the eastern part of the state.
The Pioneer Valley along the Connecticut River in Western Massachusetts is urbanized from the Connecticut border (and greater Hartford) to north as far as Northampton, and includes Springfield, Chicopee, West Springfield, Westfield, and Holyoke. Pioneer Valley economy and population was influenced by agriculturally productive Connecticut River Valley land in the 17th and 18th century, water power for the Industrial Revolution in the 19th century and expansion of higher education in the 20th century.
The remainder of the state west of Pioneer Valley is mainly uplands, a range of small mountains known as the Berkshires, and also includes parts of the Taconic and Hoosac Ranges. It is the summer home to the Boston Symphony Orchestra (Lenox), Jacob's Pillow Dance Festival, the Norman Rockwell Museum (Stockbridge), Mount Everett and Mount Greylock, the highest point in Massachusetts. It largely remained in aboriginal hands until the 18th century when Scotch-Irish settlers arrived and found the more productive lands already settled. Availability of better land in western New York and then the Northwest Territory soon put the upland agricultural population into decline. Available water power led to 19th century settlement along upland rivers. Pittsfield and North Adams grew into small cities and there are a number of smaller mill towns along the Westfield River.
The geographic center of the state is in the town of Rutland, in Worcester county. The National Park Service administers a number of natural and historical sites in Massachusetts.
The fourteen counties, moving roughly from west to east, are Berkshire, Franklin, Hampshire, Hampden, Worcester, Middlesex, Essex, Suffolk, Norfolk, Bristol, Plymouth, Barnstable, Dukes, and Nantucket. All but two of the Commonwealth's counties are named for British counties, cities, or nobles.
Demographics
Massachusetts had an estimated 2006 population of 6,437,193. An estimated increase of 3,826, or 0.1%, from the prior year and an increase of 88,088, or 1.4%, since the year 2000. This includes an increase since the last census of 149,992 people (499,440 births minus 349,448 deaths) and a decrease from net migration of 89,812 people out of the state. Immigration from outside the United States resulted in a net increase of 200,155 people, and net migration within the country resulted in a loss of 289,967 people. As of 2000, Massachusetts is the third most densely populated U.S. state, with 809.8 per square mile (312.68 per square kilometer), after New Jersey and Rhode Island, and ahead of Connecticut and Maryland.
Massachusetts has seen both population increases and decreases in recent years. For example, while some Bay Staters are leaving, others including Asian, Hispanic and African immigrants, arrive to replace them. Massachusetts in 2004 included 881,400 foreign-born residents.
Most Bay Staters live within a 60 mile radius of the State House on Beacon Hill, often called Greater Boston: the City of Boston, neighboring cities and towns, the North Shore, South Shore, the northern, western, and southern suburbs, and most of southeastern and central Massachusetts. Eastern Massachusetts is more urban than Western Massachusetts, which is primarily rural, save for the cities of Springfield, Chicopee, and Northampton, which serve as centers of population density in the Pioneer Valley of the Connecticut River. The center of population of Massachusetts is located in Middlesex County, in the town of Natick.
Economy
The United States Bureau of Economic Analysis estimates that Massachusetts's gross state product in 2006 was US $338 billion. Per capita personal income in 2004 was US$42,102, making it the 2nd highest, just behind that of Connecticut. Gross state product increased 2.6% from 2004 to 2005, below the national average of 3.5%.
Sectors vital to the Massachusetts economy include higher education, biotechnology, finance, health care, and tourism. Route 128 was a main center for the development of minicomputers. Massachusetts was the home of many of the largest computer companies such as Digital Equipment Corporation, Data General, and Wang Laboratories situated around Route 128 and Route 495 (another beltway approximately 25 miles (40 km) farther away from Boston). Most of the larger companies 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 developed by many of these companies. High technology remains an important sector, though few of the largest technology companies are based there.
Its agricultural outputs are seafood, nursery stock, dairy products, cranberries, tobacco and vegetables. Its industrial outputs are machinery, electrical and electronic equipment, scientific instruments, printing, and publishing. Thanks largely to the Ocean Spray cooperative, Massachusetts is the second largest cranberry producing state in the union (after Wisconsin).
As of 2005, there were 6,100 farms in Massachusetts encompassing a total of 520,000 acres (2,100 km2), averaging 85 acres apiece. Almost 2,300 of Massachusetts' 6,100 farms grossed under $2,500 in 2007. This very low mode income shows that most farms in Massachusetts are not the primary sources of income for their owners. Particular agricultural products of note include tobacco; animals and animal products; and fruits, tree nuts, and berries, for which the state is nationally ranked 11th, 17th, and 16th, respectively.
Massachusetts has a flat-rate personal income tax of 5.3%, with an exemption for income below a threshold that varies from year to year. The state imposes a 5% sales tax on retail sales of tangible personal property—except for groceries, clothing, and periodicals—in Massachusetts by any vendor. The 5% sales tax is charged on clothing that costs more than $175.00. Only the amount over $175.00 is taxed. All real and tangible personal property located within the Commonwealth of Massachusetts is taxable unless specifically exempted by statute. The administration of the assessment and collection of all real and tangible personal property taxes in the Commonwealth of Massachusetts is handled by the city and town assessor and collected in the jurisdiction where the property is located. Massachusetts imposes a tax on any gains from the sale or exchange of capital assets held for more than one year. The state also collects a 12% tax on the sale or exchange of capital assets held for one year or less (short-term capital gains). Interest from non-Massachusetts banks is no longer taxed at 12%, but the first $100 of interest from Massachusetts banks is tax exempt from even the 5.3% tax. There is no inheritance tax and limited Massachusetts estate tax related to federal estate tax collection.
A recent review by the Center on Budget and Policy Priorities found 13 states, including several of the nation's largest, face budget shortfalls for FY2009. Massachusetts faces a deficit that could be as large as $1.2 billion.
