Boston is the capital and largest city of the Commonwealth of Massachusetts. Boston MA also serves as county seat of Suffolk County. The largest city in New England, Boston covers 48 square miles, had an estimated population of 645,966 in 2014; thus, making it the 24th largest city in the United States. The city is the anchor of a substantially larger metropolitan area called Greater Boston, which is home to 4.5 million people and the tenth-largest metropolitan area in the country. Greater Boston as a commuting region is home to 7.6 million people. It is the sixth-largest Combined Statistical Area in the United States.
Of the 30 most economically powerful cities in the world, Boston MA continually ranks in the list. Encompassing $363 billion, the Greater Boston metropolitan area has the sixth-largest economy in the country and 12th-largest in the world.
Boston’s colleges and universities have a significant effect on the regional economy. Boston attracts more than 350,000 college students from around the world, who contribute more than $4.8 billion annually to the city’s economy. The area’s schools are major employers and attract industries to the city and surrounding region. The city is home to a number of technology companies and is a hub for biotechnology. The Milken Institute rates Boston as the top life sciences cluster in the country. Boston receives the highest amount of annual funding from the National Institutes of Health of all the cities in the United States. Boston MA possesses the reputation of a highly innovative city because of the presence of academia, access to venture capital, and the presence of many high-tech companies.
Tourism comprises a large part of Boston’s economy, with 21.2 million domestic and international visitors spending $8.3 billion in 2011. Because of Boston’s status as a state capital, the government is another major component of the city’s economy. Along the United States East Coast, the oldest continuously operated fishing port is Boston MA
Other important industries in Boston MA are financial services — especially mutual funds, banks, venture capital firms and insurance companies. Boston-based Fidelity Investments helped popularize the mutual fund in the 1980s, and thus, Boston possesses the recognition of a top financial city in the United States. The city is home to three major convention centers and of course the Red Sox baseball team:
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