New England Economic Statistics and Economic Relationship ...

New England Economic Statistics and Economic Relationship with Japan

As of July, 2019

Massachusetts

(1) Major Statistics A. Population: 6,902,149 (2018 estimate; increase of 0.6% since 2017), number 15 among U.S. States and the District of Columbia (Source: U.S. Bureau of Economic Analysis/2018 Census Data Estimate) B. State Current Dollar GDP (2018): $567.25 billion, number 10 among U.S. States and the District of Columbia (Source: U.S. Bureau of Economic Analysis) C. Per Capita Income (2018): $70,073, number 3 among U.S. States and the District of Columbia (Source: U.S. Bureau of Economic Analysis) D. Unemployment Rate (May 2019): 3.0%, number 42 among U.S. States and the District of Columbia (Source: U.S. Bureau of Labor Statistics) E. Number of Eligible Employed Workers in Workforce (May 2019, Seasonally Adjusted): 3,726,985, increase of 1.6% since May 2018 (Source: U.S. Bureau of Labor Statistics)

(2) Industries & Companies A. Major Industries: Life Sciences (Pharmaceutical, Biotech, Medical Devices), Knowledge Economy (Computers, Technology, Law, Scientific Research, Economic Consulting), High-Tech (Computer Software, Communication Devices), Finance (Asset Management, Venture Capital, Insurance, Investment Banking, Real Estate)

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Source: U.S. Bureau of Economic Analysis

B. Major Companies: Fortune 500 Companies headquartered in Massachusetts: 16 Companies

Name

General Electric (Boston)

Liberty Mutual Insurance Group Massachusetts Mutual Life Insurance

TJX

Fortune 500 Rank

16

75

84

85

Headquarters Boston Boston

Springfield Framingham

Raytheon

114

Waltham

Revenue ($ billions)

120.3 42.7 39.3 39.0 27.1

Industry Type

Industrial Machinery Insurance: Property & Casualty (Stock) Insurance: Life, Health (Mutual) Specialty Retailers:

Apparel Aerospace &

Defense

-2-

Thermo Fisher Scientific

124

Biogen

235

BJ's Wholesale Club

245

State Street Corp.

247

Global Partners

254

Boston Scientific

319

Eversource Energy

358

Keurig Dr Pepper

409

Waltham

Cambridge Westborough

Boston Waltham Marlborough Springfield Burlington

Scientific,

24.4

Photographic and

Control Equipment

13.5

Pharmaceuticals

13.0

General Merchandisers

13.0

Commercial Banks

12.7

Wholesalers: Diversified

9.8

Medical Products & Equipment

8.4

Utilities: Gas and Electric

7.4

Beverages

American Tower

410

Wayfair

446

Boston Boston

Analog Devices

472

Norwood

(Source: Fortune 5002019 Edition)

7.4

Telecommunications

6.8

Internet Services and Retailing

Semiconductors and

6.2

Other Electronic

Components

(3) Economic Statistics Related to Japan (Source: U.S. Department of Commerce, Census Bureau, Foreign Trade Statistics)

A. Massachusetts' Exports in 2018 (Total: $27.140 billion, decrease of 1.5% since 2017)

Major export partner countries: 1) Canada, 2) China, 3) Mexico, ... 5) Japan Value of exports to Japan: $1.487 billion (increase of 16% since 2017) Major exports to Japan: Computer and Electronic Goods, Miscellaneous Manufactured Commodities, Machinery (except electrical), Chemicals, etc.

Massachusetts' Top Export Partners in 2018

Rank 1 2 3 4

Country Canada China Mexico Germany

Exports ($ Millions) 2,964 2,640 2,511 1,952

2017-2018 Change -1.6% 14.6% -2.0% 7.3%

2017 Rank 1 3 2 5

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5

Japan

1,487

16.0%

7

Exports to Japan

Year Exports ($ Millions) Change from prior year

2011 2012 2013 2014 2015 2016 2017 2018

2,044 1,993 1,763 1,858 1,476 1,400 1,279 1,487

-0.1% -2.5% -11.6% 5.4% -20.6% -5.2% -8.6% 16.0%

B. Massachusetts' Imports in 2018 (Total: $35.488 billion, increase of 2.8% since 2017)

Major import partner countries: 1) Canada, 2) China, 3) Mexico, ... 6) Japan Value of Imports to Japan: $2.100 billion (increase of 18.7% since 2017) Major imports from Japan: Transportation Equipment, Chemicals, Computer and Electronic Products, Machinery (except electrical) etc.

Massachusetts' Top Import Partners from 2018

Rank Country Imports ($ Millions) 2017-2018 Change 2017 Rank

1 Canada

7,331

6.8%

1

2 China

5,231

14.1%

2

3 Mexico

3,402

-8.7%

3

4 Ireland

2,199

-7.9%

4

5 Germany

2,140

8.0%

5

6 Japan

2,100

18.7%

7

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Imports from Japan

Year Imports ($ Millions) Change from prior year

2011 2012 2013 2014 2015 2016 2017 2018

876 926 863 935 1,231 2,043 1,769 2,100

15.0% 5.7% -7.3% 8.3% 31.7% 90.7% -24.8% 18.7%

C. Number of Japanese-Owned Companies in Massachusetts: 205 D. Number of Employees in Japanese-Owned Businesses in Massachusetts: 12,128

Source: Consulate General of Japan in Boston Annual Survey (Oct. 2018), U.S. Bureau of Economic Analysis

(4) Contact Information for International Trade Assistance in Massachusetts

A. State Agencies Executive Office of Housing & Economic Development Office of International Trade and Investment

B. U.S. Department of Commerce Boston Export Assistance Center

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