Editing Springfield, Massachusetts (section)

==Economy==

{{Pie chart
| thumb = right
| caption = Distribution of Greater Springfield [[New England city and town area|NECTA]] Labor Force (2016)<ref>{{cite web|url=https://factfinder.census.gov/bkmk/table/1.0/en/ACS/16_5YR/C24050/360M300US2578100|title=Industry by Occupation for the Civilian Employed Population 16 Years and Over [Springfield, MA-CT Metropolitan NECTA]|publisher=US Census Bureau|year=2016|access-date=October 9, 2018|archive-url=https://archive.today/20200213125853/https://factfinder.census.gov/bkmk/table/1.0/en/ACS/16_5YR/C24050/360M300US2578100|archive-date=February 13, 2020|url-status=dead}}</ref>
| other = 
| label1 =Nat'l resources & mining
| value1 =1
| color1 =#fdfff7
| label2 =Construction
| value2 =5
| color2 =#008d8c 
| label3 =Manufacturing
| value3 =10
| color3 =#42327c
| label4 =Trade, transportation & utilities
| value4 =18 
| color4 =#ff6600 
| label5 =Information
| value5 =2
| color5 =#282f27
| label6 =Finance & real estate
| value6 =6
| color6 =#981800
| label7 =Professional & business services 
| value7 =8
| color7 =#4d2906
| label8 =Educational & health services
| value8 =33
| color8 =#006f47
| label9 =Leisure & hospitality
| value9 =9
| color9 =#f3d827
| label10 =Other services
| value10 =4
| color10 =#a3c409
| label11 =Government
| value11 =4
| color11 =#c31074
}}
{|class="toc" style="float:left; font-size:90%; text-align:center; margin:1em;"
|-
| colspan="7" style="background:tan;"|Top Springfield companies for 2018<br />(ranked by revenues)<br />''with City and U.S. ranks''<br /><small>Source: ''Fortune 500''<ref name="Fortune_500">{{cite web|url=http://fortune.com/fortune500/list/filtered?hqcity=Springfield|title=Fortune 500 Companies 2018: Who Made The List|website=Fortune|publisher=[[Meredith Corporation]]|access-date=October 1, 2018|archive-date=October 1, 2018|archive-url=https://web.archive.org/web/20181001220509/http://fortune.com/fortune500/list/filtered?hqcity=Springfield|url-status=dead}}</ref></small>
|- style="background:#ccc;"
|| Spfld. || || style="background:#ccc;" | Corporation || || style="background:#ccc;" | US || || style="background:#ccc;" | Revenue<br />(in millions)
|-
| 1 || || [[MassMutual]] || || 93 || || $33,495.4
|-
| 2 || || [[Eversource Energy]] || || 364 || || $7,752
|-
| colspan=7 style="background:tan;"|Top City Employers<br /><small>Source: ''MA Executive Office of Labor<br /> and Workforce Development''</small><ref name="cmwlthemploy">''MA Executive Office of Labor and Workforce Development'': [http://lmi2.detma.org/lmi/Top_employer_list.asp?gstfips=25&areatype=04&gCountyCode=000013 Largest 200 Employers in Hampden County] {{Webarchive|url=https://web.archive.org/web/20170923171547/http://lmi2.detma.org/lmi/Top_employer_list.asp?gstfips=25&areatype=04&gCountyCode=000013 |date=September 23, 2017 }} (2017). Retrieved on May 10, 2017.</ref>
|-
| style="background:#ccc;"|Rank|||| colspan="5" style="background:#ccc;"|Company/Organization||
|-
| 1 || || colspan=5 | [[Baystate Medical Center]]
|-
| 2 || || colspan=5 | [[Smith & Wesson]]
|-
| 3 || || colspan=5 | [[General Dynamics]]
|-
| 4 || || colspan=5 | [[MassMutual]]
|-
| 5 || || colspan=5 | [[Mercy Medical Center (Springfield, Massachusetts)|Mercy Medical Center]]
|-
| 6 || || colspan=5 | [[United States Postal Service|U.S. Postal Service]]
|-
| 7 || || colspan=5 | [[Big Y Foods]]
|-
| 8 || || colspan=5 | [[Courts of Massachusetts|Massachusetts Trial Court]]
|-
| 9 || || colspan=5 | [[Springfield Republican]]
|-
| 10 || || colspan=5 | [[Springfield College]]
|}

Springfield's vicinity to both [[Boston]] and [[New York City]] lends it a location well suited for distribution, and in the past this has played a significant role in its economy. For this reason in the early 20th century it was the largest producer in New England of commercially produced cakes and pastries, and among the largest in bread—with one 1926 estimate of 1.4 million loaves of bread and 14 million breakfast rolls produced in the city on a weekly basis.<ref>{{cite news|title=Proposed Billion Dollar Bakeries Merger Vitally Concerns; Two Local Bakeries Already Linked Up with Big Combines|date=January 17, 1926|page=1|work=Springfield Sunday Republican|location=Springfield, Mass.}}</ref>

Today Springfield's top five industries (in order, by number of workers) are: Education and Health Services; Trade and Transportation; Manufacturing; Tourism and Hospitality; and Professional & Business Services. Springfield is considered to have a "mature economy", which protects the city to a degree during recessions and inhibits it somewhat during bubbles.<ref>{{cite web |author=Jonathan Melle |url=http://jonathanmelleonpolitics.blogspot.com/2007/11/smitty-pignatelli-top-down-politics-of.html |title=Jonathan Melle on Politics: Shitty Pignatelli—Top Down Politics of the BANAL! Also see Denis Guyer & Andrea Nuciforo & Carmen Massimiano |publisher=Jonathanmelleonpolitics.blogspot.com |date=November 10, 2007 |access-date=May 7, 2011 |archive-date=July 8, 2011 |archive-url=https://web.archive.org/web/20110708044455/http://jonathanmelleonpolitics.blogspot.com/2007/11/smitty-pignatelli-top-down-politics-of.html |url-status=live }}</ref> Springfield is considered to have one of America's top emerging multi-cultural markets—the city features a 33% Latino population with buying power that has increased over 295% from 1990 to 2006. As of 2006, more than 60% of Hispanic Springfielders had arrived in the city since 1986.<ref>[http://www.davidsonmediagroup.com/Stations/MAPS/DMG%20Springfield%204-07.pdf] {{webarchive|url=https://web.archive.org/web/20121026061430/http://www.davidsonmediagroup.com/Stations/MAPS/DMG%20Springfield%204-07.pdf|date=October 26, 2012}}</ref>{{Update inline|reason=Figure given by source is 10+ years old.|date=September 2019}}

With 25 universities and colleges within a {{convert|15|mi|km|0|adj=on}} radius from Springfield, including several universities and [[liberal arts colleges]], and more than six institutions within the city itself, the [[Hartford–Springfield]] metropolitan area has been dubbed the [[Knowledge Corridor]] by regional educators, civic authorities, and businessmen—touting its 32 universities and [[liberal arts colleges]], numerous highly regarded hospitals, and nearly 120,000 students. The Knowledge Corridor universities and colleges provide the region with an educated workforce, which yields a yearly GDP of over $100&nbsp;billion—more than at least 16 U.S. States. Hartford–Springfield has become home to a number of [[Biotechnology|biotech]] firms and high-speed computing centers. As of 2009 Springfield ranks as the 24th most important high-tech center in the United States with approximately 14,000 high-tech jobs.<ref>{{Cite news |url=http://www.bizjournals.com/bizjournals/on-numbers/archive/americas-tech-centers.html |title=America's top 100 high-tech centers |first=G. Scott |last=Thomas |date=March 16, 2011 |access-date=June 30, 2011 |archive-date=October 28, 2012 |archive-url=https://web.archive.org/web/20121028220957/http://www.bizjournals.com/bizjournals/on-numbers/archive/americas-tech-centers.html |url-status=live }}</ref>

In 2010,<ref>{{cite web |title=American FactFinder |url=http://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_10_1YR_DP03&prodType=table |archive-url=http://webarchive.loc.gov/all/20160213193529/http://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?pid=ACS_10_1YR_DP03&prodType=table |url-status=dead |archive-date=February 13, 2016 |publisher=United States Census Bureau |access-date=April 14, 2012 }}</ref> the median household income was $35,236. Median income for the family was $51,110. The per capita income was $16,863. About 21.3% of families and 26.8% of the population were below the poverty line, including 40.0% of those under age 18 and 17.5% of those age 65 or over.

===Business headquarters and prominent companies===
{{multiple image
| align             = right
| direction         = vertical
| width             = 200
| header            = 
| image1            = Baystate Medical Center, Springfield MA.jpg
| alt1              = A seven-story brick hospital building with a parking lot
| image2            = Smith & Wesson Mod.29.jpg
| alt2              = A revolver in a wicker basket with two lock cylinders next to it
| image3            = CRRC Orange Line car mockup on display at City Hall Plaza, April 2017.JPG
| alt3              = A subway rail car prototype with orange trim sits on a raised platform a tent with stairs to one entrance and a ramp to the opposite entrance
| caption3          = Hospital network [[Baystate Medical Center]] and gun maker [[Smith & Wesson]] are both headquartered in Springfield, and the largest employers in the city; [[CRRC|CRRC MA]] began production in Springfield in 2018, assembling new [[Orange Line (MBTA)|Orange Line]] cars, as well as filling rail-car contracts for other US cities, including Los Angeles and Philadelphia.<ref>{{cite news|title=Rail car maker CRRC MA to build warehouse at East Springfield factory|date=February 13, 2019|url=https://www.masslive.com/business/2019/02/rail-car-maker-crrc-ma-to-build-warehouse-at-east-springfield-factory.html|publisher=MassLive|last=Kinney|first=Jim|access-date=March 22, 2019|archive-date=March 22, 2019|archive-url=https://web.archive.org/web/20190322143626/https://www.masslive.com/business/2019/02/rail-car-maker-crrc-ma-to-build-warehouse-at-east-springfield-factory.html|url-status=live}}</ref>
}}

The City of Springfield is the economic center of Western Massachusetts. It features the [[Pioneer Valley]]'s largest concentration of retail, manufacturing, entertainment, banking, legal, and medical groups. Springfield is home to the Commonwealth of Massachusetts' largest [[Fortune 100]] company, [[MassMutual]] Financial Group. It is also home to the world's largest producer of handguns, [[Smith & Wesson]], founded in 1852. It is home to [[Merriam Webster]], the first and most widely read American–English dictionary, founded in 1806.

Springfield is also home to the Commonwealth of Massachusetts' third largest employer, [[Baystate Health]], with over 10,000 employees. Baystate is the western campus of [[Tufts University School of Medicine]].<ref>{{cite web |url=http://www.tufts.edu/med/clinicalaffiliates/teachinghospitals/baystate.html |title=Baystate Medical Center—School of Medicine—Tufts University |publisher=Tufts.edu |access-date=April 3, 2011 |archive-url=https://web.archive.org/web/20110417182152/http://www.tufts.edu/med/clinicalaffiliates/teachinghospitals/baystate.html |archive-date=April 17, 2011 |url-status=dead  }}</ref> [[Baystate Health]] is in the midst of a $300&nbsp;million addition; nicknamed "The Hospital of the Future", it is the largest construction project in New England.<ref name="cbs3springfield.com">{{cite web | url=https://www.masslive.com/news/2012/11/new_baystate_emergency_room_to.html | title=Baystate Medical Center readies to open new emergency room with 3 times as much space, helipad | date=November 30, 2012 }}</ref> In addition to Baystate, Springfield features two other nationally ranked hospitals; [[Mercy Medical Center (Springfield)|Mercy Medical]], run by [[Sisters of Providence of Holyoke|The Sisters of Providence]], and [[Shriners Hospital]] for Children. The following companies maintain their headquarters in Springfield:

* The [[American Hockey League]]: the primary development league for the [[National Hockey League|NHL]].
* [[Baystate Health]]: Largest employer and healthcare provider in Western Massachusetts; 3rd largest employer in Massachusetts, constructing the $300&nbsp;million "Hospital of the Future".<ref name="cbs3springfield.com"/>
* [[Big Y]]: a regional supermarket chain that was founded in nearby Chicopee, but is now headquartered in Springfield. Big Y operates more than 50 supermarkets throughout Massachusetts and Connecticut.
* [[Breck Shampoo]]: Founded in Springfield in 1936.
* [[Hampden Bank]]: Founded in Springfield in 1852. Headquartered in Springfield.
* [[Health New England]]
* [[Massachusetts Mutual Life Insurance Company]]: Founded in 1851. MassMutual is the second largest [[Fortune 100]] company based in Massachusetts (2010 list). The corporate headquarters are on State Street.
* [[Merriam Webster|Merriam-Webster]]: Publisher of the original Webster Dictionary<ref>"[http://www.merriam-webster.com/info/contact.htm Contact Us] {{Webarchive|url=https://web.archive.org/web/20100218215830/http://www.merriam-webster.com/info/contact.htm |date=February 18, 2010 }}". [[Merriam-Webster]]. Retrieved on October 27, 2009.</ref>
* [[Peter Pan Bus Lines]]: Headquartered in [[Metro Center, Springfield, Massachusetts|Metro Center]], Peter Pan moved its Springfield terminal and operations to Union Station when renovations were completed in 2017.<ref>{{cite web|url=http://www.masslive.com/business-news/index.ssf/2017/05/peter_pan_agrees_on_union_station_move.html|title=Peter Pan Bus Lines agrees on move to Springfield's Union Station|website=Masslive.com|date=May 9, 2017|access-date=July 12, 2017|archive-date=June 15, 2017|archive-url=https://web.archive.org/web/20170615160711/http://www.masslive.com/business-news/index.ssf/2017/05/peter_pan_agrees_on_union_station_move.html|url-status=live}}</ref>
* [[Smith & Wesson]]: Founded in 1852, Smith & Wesson is America's largest producer of [[handguns]]. The company maintained its corporate headquarters on Roosevelt Avenue in [[East Springfield, Springfield, Massachusetts|East Springfield]] until 2023, when it was moved to Maryville, Tennessee.<ref>{{Cite web |last=Press |first=The Associated |title=With a 'Duck Dynasty' ribbon-cutting, Smith & Wesson ditches western Massachusetts after over 100 years for gun-friendly Tennessee |url=https://fortune.com/2023/10/08/smith-wesson-guns-moves-headquarters-tennessee-from-massachusetts-duck-dynasty/ |access-date=2025-04-30 |website=Fortune |language=en}}</ref> The firm planned to retain many jobs in Massachusetts.<ref>{{Cite web |date=2021-09-30 |title=Citing 'arbitrary and damaging legislation,' Smith & Wesson to move HQ from Springfield to Tennessee |url=https://www.nepm.org/regional-news/2021-09-30/citing-arbitrary-and-damaging-legislation-smith-wesson-to-move-hq-from-springfield-to-tennessee |access-date=2025-04-30 |website=New England Public Media |language=en}}</ref>

===Former companies===
With a history spanning nearly four centuries, Springfield has been home to a number of legacy companies that were household names, including:
* [[Forbes & Wallace]]: Regional department store, closed in 1974
* [[Friendlys|Friendly Ice Cream Corporation]]: Founded in Springfield, headquartered in the Springfield suburb of [[Wilbraham, Massachusetts]].
* ''[[Good Housekeeping]]'': Founded in Holyoke in 1885, and published in Springfield from 1887 to 1911 before being moved to New York City with its purchase by the Hearst Corporation.
* [[Indian Motocycle Manufacturing Company]]: America's first motorcycle brand, was founded by George M. Hendee and C. [[Oscar Hedström]] in Springfield in 1901
* [[Milton Bradley Company]]: American game company established in 1860. Headquartered in Springfield until its relocation to suburban East Longmeadow, Massachusetts.
* Monarch Insurance: Founded in Springfield in 1901, filed for bankruptcy in 1991, soon after completing Springfield's tallest skyscraper, [[Monarch Place]].
* [[Rolls-Royce Limited|Rolls-Royce]]: Rolls-Royce of America Inc. was formed in 1919 to meet the growing U.S. luxury car market. A manufacturing plant was set up on Hendee Street in Springfield, Massachusetts, at the former 'American Wire Wheel Company' building. Over the years, the factory's 1,200 employees produced 1,703 Silver Ghosts and 1,241 Phantoms, with the first Silver Ghost chassis finished in 1921. The [[Wall Street Crash of 1929|1929 stock market crash]] led to the plant's closure in 1931. Springfield is the only place outside [[United Kingdom|Britain]] where Rolls-Royce luxury cars have ever been built.<ref>{{cite web|url=http://rollsroycefoundation.org/rolls-royce-in-america.html|title=Rolls-Royce in America|website=Rolls-Royce Foundation|access-date=October 15, 2017|archive-url=https://web.archive.org/web/20171015150000/http://rollsroycefoundation.org/rolls-royce-in-america.html|archive-date=October 15, 2017|url-status=dead}}</ref>
* [[Sheraton Hotels and Resorts]]: founded in Springfield in 1937 with the purchase of The Stonehaven Hotel, and later the [[Hotel Kimball]].
* [[Springfield Armory]]: Founded by George Washington in 1777; began production of the [[M1 Garand]] in 1936, closed by [[the Pentagon]] in 1968. The current-day [[Geneseo, Illinois]]-based [[Springfield Armory, Inc.]] has no presence in Springfield outside [[brand licensing|licensing the trademark]]. 
* [[Wason Manufacturing Company]], one founded in 1845, large railway livery manufacturer, first mass-producer of a sleeping car; closed 1932