State trade fact sheets - Massachusetts

Manulife’s John Hancock is Global Icon

John Hancock ($480 billion of assets), the U.S. division of Toronto-based Manulife, employs over 1,100 people in Massachusetts and is one of the United States' most recognized brands. The 2018 recipient of AIM's President's trophy for leadership in the Commonwealth of Massachusetts, John Hancock offers a broad range of financial products to individuals and corporations. Equally important, as the lead sponsor of the Boston Marathon, John Hancock plays a major role in bringing global elite athletes and the world's attention to Massachusetts each April. Nearly one quarter of the Marathon runners —  approximately 7,000 — hail from close to 100 countries outside the U.S.

Canadian Innovation in the Hub

In 2013, the Consulate General of Canada launched its Canadian Technology Accelerator in Boston program: CTA@Boston. CTA Boston is an award-winning federal accelerator program that connects selected Canadian IT and Life Science companies to U.S. customers, strategic partners and investors and provides them with high-impact advisory services. Clients work out of the Cambridge Innovation Center (CIC) for the 5-month program. CTA@Boston contributes to the local economy through its residence at the CIC, and participating companies bring new technologies, partnerships, ideas, energy, expertise that further enrich Massachusetts' thriving technology and innovation ecosystem. Awarded global recognition for the Accelerator Program of the Year Award from the International Business Innovation Association, in the first five years, the CTA@Boston has managed 105 Canadian companies who have since raised $69 million in capital, developed over 300 new strategic partnerships and created close to 400 new jobs.

Canadian-Owned Companies Support Massachusetts Jobs

In 2019, 516 Canadian-owned companies operated in the Commonwealth of Massachusetts. These companies created over 37,000 jobs in Massachusetts, while the Commonwealth exported over $5 billion of goods and services to Canada. According to the Bureau of Labor Statistics data, the average salary in Massachusetts is $63,910. This means that Canadian-owned businesses are directly responsible for $2.4 billion in salary dollars.

Canadian-owned companies, including John Hancock, SunLife, TD Bank and MFS are clearly major contributors to Massachusetts' economy employing MA residents in every sector of the economy, paying taxes locally and contributing to the local economy through these salary dollars.