Boston is the capital of the Commonwealth of Massachusetts. A global city, Boston is placed among the top 30 most economically powerful cities in the world. The Greater Boston metropolitan area has the sixth-largest economy in the country and 12th-largest in the world. Boston’s colleges and universities have a significant effect on the regional economy. Boston attracts more than 350,000 college students from around the world, who contribute more than $5 billion annually to the city’s economy. The area’s schools are major employers and attract industries to the city and surrounding region. The city is home to a number of technology companies and is a major hub for biotechnology. Boston receives the highest absolute amount of annual funding from the National Institutes of Health of all cities in the United States. The city is considered highly innovative due the presence of academia, access to venture capital and large number of high-tech companies. Lastly, Boston is a major seaport along the United States’ East Coast and the oldest continuously operated industrial and fishing port in the Western Hemisphere.