Business Friendly States: Massachusetts in Profile
When your company starts to look for a new location, or if you are in the process of getting a business started and need to choose a location for your headquarters, then you will want to give serious thought to Massachusetts. Massachusetts offers several advantages that could make it the perfect place for your business to thrive.
Tax Incentives in Massachusetts
Massachusetts ranks in the lower half of the United States when it comes to individual personal tax rates and gasoline tax rates. The top corporate tax rate in Massachusetts is lower than the rates in states such as California and Alaska. The low gas tax rate is something that transportation companies will want to look into as it will definitely be a factor in keeping overall costs low.
The personal income tax rate in Massachusetts means that the residents of the state have more liquid income, and that can contribute to more sales. As a state, Massachusetts has several tax advantages over many other states in the union.
Work Force in Massachusetts
For several years running, the work force in Massachusetts has been rated as the most educated in the country. If you are a technical company or a company that is looking for an educated pool of talent to choose from, then Massachusetts would be the state for you to choose.
The unemployment rate in Massachusetts is well below the national average, which means that there is competition for that talent pool. Any company looking to locate its headquarters in Massachusetts would do well to start sending out employment inquiries early and have a staff in place as soon as possible. With the availability of jobs in the state, the recruiting landscape is extremely competitive. While that can be a challenge for your company, it also creates the opportunity to hire staff that are educated, experienced, and ready to work.
Massachusetts Offers Stability
The bond rating for the state of Massachusetts is Aa1, according to Moody's. That means that the state is able to raise funds when it needs to and that can keep taxes under control. The stability of the state's financial status also means that there is opportunity for the state to invest in business.
The state of Massachusetts is regularly voted as the best state in the country for new and existing businesses to find necessary operating capital. The lending environment in Massachusetts is extremely dynamic, and the investment scene for businesses of all sizes is extremely active as well.
Working and Living in Massachusetts
For 2013, Forbes Magazine voted Massachusetts to have the best quality of life in the entire country. This is a score based on the cost of living, the low crime levels, the low cost of necessities such as gas and food, and the accessibility to quality housing.
When you choose to locate your company in Massachusetts, you will have a wide variety of desirable locations to choose from such as Boston, Burlington and Cambridge. Many of the state's busiest metropolitan areas are surrounded by suburbs that are regularly voted as the very best in the country. When it comes to giving your valued employees a reason to stay with your company, the state of Massachusetts is an attractive incentive.
The state of Massachusetts offers many benefits for business owners. The state has a strong public education system, a very active convention industry, and the people are some of the friendliest in the country. It is the New England state with a great deal to offer you, your company, and your employees as well.