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The 2000 Census reported 152,082 residents in Springfield, contributing to the 1.5 million residents in what is known as the Springfield-Hartford (Connecticut) metropolitan area. Its proximity to Hartford is Springfield's economic saving grace. As Springfield's local businesses felt the downturn of the '90s digital economy, the Massachusetts city lured powerful, long-standing insurance companies from the Connecticut region.
Springfield is the celebrated birthplace of basketball, the location of the first American-owned motorcycle manufacturer, and the hometown of Dr. Seuss. The reported median income in Springfield is $29,922, well below the national average of $46,242.
The 20th-century decline of Massachusetts' textile and manufacturing sectors hit Springfield especially hard. The local economy struggled along for decades as companies pulled out of western Massachusetts, one after the other. Residents caught a break in 2004 when the state answered Springfield's plea to appoint a Finance Control Board to oversee expenditures and balance the budget. Top Springfield employers now include:
- MassMutual
- Western Massachusetts Hospital
- Amherst College
- Mount Holyoke College
- Holyoke Mall
The greater Springfield area is home to the famous five colleges of western Massachusetts: Smith College, Hampshire College, Amherst College, Mount Holyoke College, and the University of Massachusetts, Amherst.
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