One of the most prominent features of Massachusetts’ vibrant business climate is the formation of “clusters” of competitive companies. The state is home to a dynamic array of clusters which encompass several key industries.
Health Services
Massachusetts is renowned for its concentration of world-class health care and medical research facilities. The industry draws scientists, doctors and patients from around the world.
Biotechnology
Biotechnology, the commercialization of modern biology, was born in Massachusetts as a result of the research conducted at the state’s world-class academic and medical institutions. The fist biotechnology firm in the state, Biogen, was founded in 1979. Since then, the industry in Massachusetts has grown to more than 250 companies
Telecommunications
Massachusetts is the cradle of the global telecommunications industry, and over the past century has maintained its position as a leader in technological innovation.
Photonics
Photonics has emerged as one of the most important technologies of the future. The practical application of light is the next step in the technological revolution. The Photonics Center at Boston University is in close proximity to one of the highest concentrations of photonics companies in the nation—Massachusetts accounts for nearly 400 photonics businesses.
Medical Devices
One of our strongest and fastest-growing clusters, medical device firms work closely with the bio-tech and health care industries to produce health care products that are used around the world.
Environmental Technology
Environmental Technology is a growing sector in the Massachusetts economy. A combination of factors including aggressive state and federal regulatory initiatives, the support of academic research and assistance, and funding from venture capitalists and bankers has helped to give his industry a head start in getting to the global market first. Software Interactive computing, the first electronic spreadsheet, and many other software applications and technologies were invented here in Massachusetts.
Financial Services and Insurance
The mutual fund was invented here in 1924, and since then, Massachusetts has become the mutual fund capital of the world. Massachusetts is also leading insurance center: the state contains the headquarters many major life insurance and property and casualty insurance companies.
Advanced Materials
The plastics industry in Massachusetts is one of the nation’s largest, one reason for Massachusetts’ strength in this area is the nationally known Polymer Research Program at the University of Massachusetts, which harnesses the strength of academia and business to create new plastics and fibers.
Marine Science and Technology
With organizations such as the Woods Hole Oceanographic Institution and Marine Biological Laboratory, Massachusetts’ ingenuity has also put the state in a leadership rode in industries such as marine science and technology as well as aquaculture.
Manufacturing and Other Sectors
The Commonwealth of Massachusetts has always been a manufacturing center for mass-produced goods such as paper products, machinery, machine tools, chemicals, metals, composite materials, textiles, and footwear. Many manufacturing companies, such as Danaher Tool, Diamond Machining Technology, Lightolier, Malden Mills and New Balance, are leaders in their fields.
Today, Massachusetts firms are adapting to a new form of manufacturing: flexible production using concurrent engineering to produce custom-designed solutions for niche markets.
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