14. Massachusetts

The education heritage runs deep in the Bay State, but high costs create some challenges.

Economic Profile

Governor: Charlie Baker, Republican

Population: 6,893,574

GDP growth (Q1 2021): 6.9%

Unemployment rate (May 2021): 6.1%

Top corporate tax rate: 8%

Top individual income tax rate: 5.05%

Gasoline tax: 26.54 cents/gallon

Bond rating (Moody's/S&P): Aa1, stable/AA, stable

Major private employers: Bay State Medical Center, Thermo Fisher Scientific

Economic profile sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute (excluding 18.40 cent/gallon federal tax), Moody's Investor Service, S&P Global Market Intelligence

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