Boston's Open for Business
The Business Strategy Team helps companies of all sizes that are seeking to relocate, expand, or stay and grow in Boston.
Boston is one of the nation’s oldest big cities, settled almost 400 years ago and the birthplace of the American Revolution. It is also one of the most innovative, global, and forward-thinking cities in the world with a robust talent pool, world class institutions, and thriving startup ecosystem.
The Business Strategy Team focuses on attracting and retaining key industries—such as tech, life science, manufacturing, and the creative economy—and helping businesses of all sizes who are working to grow and scale in Boston. In addition to business development work, our team also includes the Cannabis Equity Program and the Office of Global Affairs.
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Still have questions? Contact:
Economic Opportunity and Inclusion
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1 City Hall Square
Boston, MA 02201
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Are you an company based outside of the United States looking for assistance?
What Companies Are Saying
Why Boston?
What makes Boston competitive compared to other regions of the nation and world? For Mayor Michelle Wu, in this economy and in this moment, it's our collaborative work with the business community to nurture, recruit, and promote top talent—building up our neighborhoods and workforce that any company would consider relocating to join. We are making Boston a home for everyone. We are helping to make Boston the talent capital of the world.
Between 2010 and 2020, Boston’s population grew 13% compared to a national growth rate of just 0.7%. Boston’s 2024 Population was 711,624. According to Boston’s research division, by 2030, Boston will be home to 740,000 residents, an increase of 5.7% from the 2020 population.
Boston has the 7th largest foreign-born population share among major U.S. cities. Its share rose from 15% in 1980 to 28% in 2020. Diverse origins include the Dominican Republic, China, Haiti, Vietnam, El Salvador, Cabo Verde, Colombia, Jamaica, India, and Brazil.
Boston is one of the most racially diverse large cities in the country with significant White, Black, Hispanic, and Asian populations. From 1980 to 2020 Boston’s Asian population share grew from 3% to 11%, and its Hispanic population share grew from 6% to 19%.
Boston’s Gross city product (GCP) in 2024 grew by 0.9% from 2022 and reached $175.8 billion.
Overall payroll employment has fully recovered from the pandemic, and now exceeds pre-pandemic levels. The year 2024 marked an expansionary year in employment, which peaked at 684,167 payroll jobs in September.
Unemployment has steadily declined since 2020, stabilizing at approximately 3.0% by late 2022 — a return to pre-pandemic levels. In 2023, unemployment remained low, fluctuating between 3.1% and 3.6%, signaling a strong and stable labor market.
Overall foot traffic levels in Boston, reached 90% of 2019 levels in 2024, coming close to pre-pandemic levels.
Boston is home to approximately 30 colleges and universities—from Harvard to Northeastern to Franklin Cummings Tech. In total, they enrolled approximately 160,000 students in 2024, of whom approximately 94,000 also lived in Boston. This represents a 10% increase from 2019.
Each year thousands of students graduate from Boston colleges and universities ready to enter the workforce. In 2022, Boston institutions conferred 1,552 Associate’s degrees, 21,337 Bachelor’s degrees, 20,616 Master’s degrees, and 4,988 Doctorate degrees.
Boston’s workforce has a high level of educational attainment. Among full-time workers working in Suffolk County, nearly 70% have a Bachelor’s degree or higher, and 31% have a graduate degree.
Education and health services are the metro’s largest employment sectors and one of the areas most concentrated industries, comprising 20% of all jobs.
Ranking third only to Silicon Valley and New York City, Boston is one of the world’s largest and most successful startup ecosystems.
Boston has ranked second in VC funding for Artificial Intelligence (AI) companies in the U.S. since 2020, and remains a top five global hub for AI. (Source: JLL, 2025)
Massachusetts-headquartered companies received $7.89 billion in venture capital (VC) funding in 2024, $220 million more than in 2023, accounting for 28.3% of all national VC investments behind only California (41.6%).
The city of Boston’s innovation hubs lead in regional engagement compared to those in Cambridge or Somerville. Those located in the city of Boston, such as MassRobotics, have 90% occupancy by start-ups, whereas those in Cambridge and Somerville are at approximately 70% occupancy. And in 2024, Boston surpassed the city of Cambridge in VC Funding haul–$2.3 billion versus $2.2 billion.
Tourism and the leisure and hospitality sectors returned to at or near pre-pandemic levels in 2025.
Total passenger volume at Logan Airport exceeded 2022 levels throughout 2023, and exceeded 2019 levels in both October and November. March 2024 domestic passengers were above March 2022 levels, and just 3.4% below March 2019 levels.
Modern convention facilities and more than 60,000 hotel rooms in the area support events of all sizes. Hotel occupancy rates in Boston exceeded 2022 rates every month of 2023. In October, the month when hotel occupancy in Boston typically peaks, 89% of Boston hotel rooms were occupied in 2023, just shy of the 91% occupancy rate recorded in 2019.
With significant international interest, led by visitors from the UK, Germany, China and India, 27.9% of international travelers came to MA for business or professional purposes.
Boston has an abundance of outdoors and recreation spaces from the Boston Common to Franklin Park, historic sites along the Freedom Trail, world class cultural institutions including the Museum of Fine Arts and the Institute of Contemporary Art, and vibrant neighborhoods from Chinatown to Nubian Square.
Boston is second among American cities in the number of arts and cultural organizations per capita.
Boston ranks first among cities with over 500,000 residents for its low gun homicide rate in the first half of 2024.
Boston is home to six Fortune 500 headquarters, including State Street, Vertex, Liberty Mutual, Wayfair, Eversource, and American Tower.
Boston features more than 100 million square feet of Class A Office space across the metro, housing firms of all types. Recent headquarters that relocated to Boston include the LEGO Group, Dynatrace, and Hasbro.
Among the industry agglomerations that give the area its own flavor, several shoe companies have US headquarters in the Boston area, including New Balance, Converse, Clarks, Puma, and Reebok.
Three of the nation's largest Real Estate Investment Trust companies (REITs) – American Tower, BXP, and Stag Industrial – are based in Boston. Boston is the largest city in the region and the center of New England’s economy. Its importance to the region is shown by its role as a generator of jobs and tax revenues.
Boston is part of the Life Sciences Corridor alongside Cambridge, Somerville, and Quincy and represents the largest Life Sciences Cluster in the world. Boston itself boasts more than 500 life science companies. The broader Greater Boston area is a major hub for the industry, housing nearly 1,000 biotechnology companies.
Industry giants such as Vertex and Gingko Bioworks have their headquarters in Boston. Many foreign-based firms such as Servier and CRISPR, as well as companies based in other parts of the US (Eli Lilly, Merck) also have large research operations in Boston.
In addition to the institutional research labs based in Boston’s colleges and hospitals, Boston is home to more than 16 million square feet of commercial life science lab space by the end of 2024, one of the largest concentrations in the country.
Boston’s world-renowned healthcare infrastructure includes Massachusetts General Hospital, one of the world’s best hospitals, and the Longwood Medical and Academic Area, including top cancer centers, medical schools, hospitals, and research and development centers
Among the thousands of hospitals reviewed, US News and World Report placed three local facilities (Brigham and Women’s Hospital, Massachusetts General Hospital, and Boston Children’s Hospital) onto its 2024-25 Honor Roll, due to strong performances in many categories.
In the Longwood Medical and Academic Area (LMA), there are 21 medical, academic, and research institutions that employ 73,000 people. More than 24,000 students attend schools/programs in the district. This area received $1.3 billion in NIH funding in FY 2024, which is higher than NIH funding in 44 individual US States.
Notable occupiers in the district include Dana-Farber Cancer Institute, Harvard Medical School, Simmons University, Massachusetts College of Art and Design, Merck Research Laboratories, and the Boston Children’s Hospital.
Anchored by over 250,000 workers, the Boston metro has one of the nation’s largest and most diverse tech-focused economies, filling millions of square feet of office space. The market features companies focused on robotics, AI, cybersecurity, big data, social media, healthtech, fintech, climate tech, ecommerce, and SAAS.
While many west coast companies like Microsoft, Google, Autodesk, Amazon, Oracle, and Facebook have a sizable presence in the region, there are plenty of homegrown companies that are also making an impact in the city. That list includes the likes of CarGurus, Wayfair, Toast, DraftKings, Rapid7, WHOOP, Klaviyo, Analog Devices.
Boston is an emerging leader in the Climate Tech economy, and there are over 340 climate tech companies headquartered in the region, the most per capita nationwide. These include companies like Schneider Electric, USEFULL, ArkeaBio, Innovasea, IndigoAg, and more.
Boston is home to nation leading industry incubators and accelerators supporting emerging tech companies in a range of cutting edge industries including MassRobotics and MassChallenge in the Seaport, Cambridge Innovation Center and Venture Guides in Downtown, and Suffolk Technologies in Newmarket.
Boston is home to a wide range of industrial establishments, from large-scale logistics hubs and advanced manufacturing plants to smaller construction firms and wholesale distributors. Many of these businesses are clustered in key industrial areas such as the Newmarket Square District, the Raymond L. Flynn Marine Park, and along major freight corridors, reflecting the importance of access to transportation infrastructure, industrial zoning, and proximity to regional markets.
Connection to the greater New England region, nation, and beyond via a network of rail terminals, highways, waterways and airports. Freight networks operate well in Boston; I-93 and the South Boston Bypass Road serve regional connections. There is easy movement of goods in and around the Boston region, including Port of Boston's Paul W. Conley Container Terminal.
There are more than 4,000 industrial businesses in Boston that employ more than 65,000 people. Boston’s industrial sector contributed 7.9% of the city’s Real Gross City Product (GCP) spanning mining, utilities, construction, manufacturing, wholesale trade, transportation and warehousing, Boston’s industrial sector is robust and diversified. Today, it continues to evolve—integrating new technologies, adapting to global supply chain dynamics, and contributing critical infrastructure to the region’s growth.
Creative industries support the employment of 70,000 workers in Boston. Of these, 35,905 are jobs that are directly related to the creative industry and 34,095 are indirect or jobs due to the creative industry. New England has an especially high concentration of artists compared to the U.S., with a 20-percent higher prevalence of artists in its employment base.
Creative industries contribute about $15 billion in GCP to Boston’s economy in creative industries in Boston provide about $0.49 billion in state income taxes to the Massachusetts.
Boston hosts over 500 arts and culture events per year. The city is home to 16 major museums and nine historic districts. There are over 500 pieces of public art in Boston.
Economic Indicators & Reports
Site Selection Support
Site Selection SupportFrom Downtown Crossing to Dorchester Avenue, Boston is filled with unique commercial hubs for all industry types. Reach out to us to learn about office or lab spaces, industrial spaces within our Back Streets, or storefront retail opportunities. We are happy to connect you with both our external and internal partners for support with you in the site selection process.
fosters the continued commercial strength of the Back Bay area.
20 nonprofit organizations creating, building, and sustaining healthy commercial districts.
an organization dedicated to revitalizing and enhancing the Downtown Boston neighborhood.
supports the maintenance, operations, and future enhancements of The Rose Kennedy Greenway.
an organization dedicated to promoting Massachusetts as a prime location for business growth and expansion.
a non-profit organization dedicated to revitalizing and enhancing the Newmarket area.
Local and State Tax Credits and Incentives
Tax Credits and IncentivesThe Commonwealth of Massachusetts offers various incentives, all of which can be found here or on the Commonwealth's Tax Incentive Program Website.
advance the City's economic development and housing goals.
state and local tax incentives in exchange for full-time job creation, job retention, and private investment commitments.
a 10% R&D Tax Credit that can increase by collaborating with a local college or university.
provides tax incentives for life sciences research and development, commercialization and manufacturing.
for investors interested in funding early-stage companies engaged in life sciences.
facilitates a clean energy transition that meets the state’s climate goals.
for DOR-registered manufacturers.
materials, tools, fuel, machinery, and replacement parts may qualify.
when assessing apportionment taxes for manufacturers, Massachusetts single weights sales.
supports capital equipment purchases and connects manufacturing and non-profit partners.
offers grants for Workforce training.
helps employers reduce the risk of injury and illness to workers and promote safe and healthy conditions.
General Business Resources
Regardless of your industry or size, Boston offers a dynamic environment and thriving ecosystem, making it an ideal city to launch or grow your business.
Interested in getting in touch with us? Contact Alia Forrest at alia.forrest@boston.gov.
AIM are advisors, advocates, and network-builders working to improve the economy.
The Greater Boston Chamber of Commerce are a convener and advocate of the region.
MOBD Regional Directors connect your company to the resources it needs to thrive in Massachusetts.
MOITI promotes trade and investment with global partners.
Massachusetts Business Roundtable brings together CEOs and Senior Executives representing large employers.
Massachusetts Competitive Partnership is a small group of business leaders who work together.
Life Sciences and Healthcare Resources
Boston boasts more than 500 life science companies and has a world-renowned healthcare infrastructure.
Interested in getting in touch with us? Contact Shanice Wallace and shanice.wallace@boston.gov.
The Mass Life Sciences Center serves as the hub of the world’s life sciences ecosystem
MassBio’s mission is to advance Massachusetts’ leadership in the life sciences.
MassChallenge is the global network for innovators working to solve massive challenges.
Tech and AI Resources
The Boston metro has one of the nation’s largest and most diverse tech-focused economies.
Interested in getting in touch with us? Contact Shanice Wallace and shanice.wallace@boston.gov.
Mass Innovation Network nurtures, supports, recognizes, and publicizes innovation and start-ups.
Mass CEC supports hundreds of innovative companies.
MassTech supports business formation and growth in the state’s technology sector.
MassChallenge connects startups, experts, corporations, and communities.
MassRobotics is the world’s largest independent robotics hub.
Startup Boston connects the Greater Boston and New England startup community.
Light Industrial Resources
Boston is home to a wide range of industrial establishments, from large-scale logistics hubs and advanced manufacturing plants to smaller construction firms and wholesale distributors.
Interested in getting in touch with us? Contact Jeanne Dasaro at jeanne.dasaro@boston.gov.
The Back Streets program helps light industrial and commercial companies grow throughout Boston's neighborhoods.
MassDevelopment offers financing, real estate, and community development solutions to grow businesses.
FORGE helps innovators with physical products navigate the journey from prototype to commercialization and impact.
Massport connects Massachusetts and New England to the world.
The Urban Manufacturing Alliance (UMA) is a national coalition of manufacturing practitioners working together.
Creative Economy Resources
Boston is home to a wide range of industrial establishments, from large-scale logistics hubs and advanced manufacturing plants to smaller construction firms and wholesale distributors.
Interested in getting in touch with us? Contact Jeanne Dasaro at jeanne.dasaro@boston.gov.
MOAC enhances the quality of life, the economy, and the design of the City through the arts.
The Arts & Business Council of Massachusetts empowers artists and organizations.
MASSCreative advocates for a more equitable, inclusive, and resourced creative sector for everyone in Massachusetts
The Mass Cultural Council partners with artists, communities, and organizations to unleash the power of culture.
NEFA invests in artists and communities.
Companies That Chose Boston
Companies in Boston-
Still have questions? Contact:
Economic Opportunity and Inclusion
-
1 City Hall Square
Boston, MA 02201
-
Are you an company based outside of the United States looking for assistance?
