Translation Services in Boston – Economic Profile

With a population of about four million people Boston is the largest city in New England and among the ten largest metropolitan areas in the United States. Today, the former manufacturing center is the economic and cultural heart of the New England region and a hub for higher education, medical research and health care. Its major economic sectors include education and research, finance, technology and biotechnology.

Boston ranks among the top financial cities in the US, and the FIRE sector (Finance, Insurance and Real Estate) is of great importance to the city’s economy. It is the location of companies such as Fidelity Investments and the former John Hancock Insurance company (which is now part of Canadian Manulife Financial) as well as the regional headquarters of the Bank of America and the Sovereign Bank.

Boston is also a center for management consulting and home to the Boston Consulting Group, Monitor Group, and Bain & Company as well as major corporations such as Liberty Mutual insurance, Gillette and Teradyne.

In addition, the Massachusetts State capital is the seat of state authorities and federal agencies such as the United States Court of Appeals for the First Circuit, the United States Court for the District of Massachusetts and the Federal Reserve Bank of Boston.

Boston features four international convention centers including the Hynes Convention Center and the World Trade Center, and with close to 18 million visitors each year, Boston is a major tourist destination.

In addition, Boston is one of the most important and prestigious centers for higher education and research, not only in the United States but on a global level. It features more than 100 institutions of higher education including Harvard University, Boston University, the Massachusetts Institute of Technology (MIT), Boston College, Tufts University and Suffolk University and has been attracting students and scientists from all over the world.

A great number of university-affiliated medical and research facilities are concentrated in Boston; these include the Harvard Medical School, the Harvard School of Public Health, the Massachusetts General Hospital, and the Dana Faber Cancer Institute. The city’s educational institutions are not only its most important employers; they have also been a magnet attracting high-tech industries and biotechnology companies such as Millennium Pharmaceuticals, Merck & Co., Millipore, Genzyme and many more.

Boston’s ethnic profile has been shaped by waves of European immigrants throughout the 19th and 20th century. The largest single ethnic groups are formed by descendants of Irish (16%) and Italian (8%) settlers. Other groups represented are West Indians and Vietnamese. Today the city’s population is made up of 25% African Americans and 15.5% Hispanics.

Boston’s international business activities, its concentration of educational, medical and research institutions as well as its diverse population create a significant demand for multi-lingual services, including written translation services as well as conference interpreting for many of the international conventions held in the city.

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