The June labor force in Massachusetts, the amount of people working or actively seeking work, is now at 3,708,600. Since the beginning of 2017, the labor force is up by 121,400, which is the largest six-month increase since they began taking records in this way in 1976.

Economy in Massachusetts. Massachusetts has an unemployment rate of 6.6%. The US average is 6.0%. Massachusetts has seen the job market increase by 4.0% over the last year. Future job growth over the next ten years is predicted to be 39.3%, which is higher than the US average of 33.5%. Tax Rates for Massachusetts.

Economy of Massachusetts. The economy of Massachusetts today is based largely on technological research and development and the service sector (including tourism). This represents a major shift from the state’s preindustrial agricultural basis and maritime trade in the 17th and 18th centuries and the heavy manufacturing that characterized the 19th century and the first half of the 20th.

Massachusetts Economy Outpaces U.S. at the End of 2020, MassBenchmarks Reports. In the fourth quarter of 2020, the Massachusetts real gross domestic product (GDP) increased at a 7.9% annualized rate of growth, according to the UMass Amherst Donahue Institute’s MassBenchmarks report, while the U.S. GDP increased at a 4% rate according to the U.S. Bureau of Economic Analysis (BEA).

Economy of Massachusetts including Massachusetts agriculture, manufacturing, and service industries.

Facebook. Tweet. The Massachusetts economy grew at a much faster pace than the national economy in the first quarter and the economic analysts at MassBenchmarks see that trend continuing over the coming months. Real gross domestic product in Massachusetts increased at an 11.3 percent annualized growth rate in the first quarter, compared to the 6.4 percent growth rate in the nation's economy, the local economists reported Thursday.