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Economy - overview:
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Pennsylvania's 2005 total gross state product (GSP) of $430.31 billion ranks the state 6th in the nation. If Pennsylvania were an independent country, its economy would rank as the 17th largest in the world, ahead of Belgium, but behind the Netherlands. On a per-capita basis, though, Pennsylvania's per-capita GSP of $34,619 ranks 26th among the 50 states. Neighboring Delaware was tops, with $56,447, and Mississippi's $23,851 puts it last.
Philadelphia in the southeast corner and Pittsburgh in the southwest corner are urban manufacturing centers, with the "t-shaped" remainder of the state being much more rural; this dichotomy affects state politics as well as the state economy. Philadelphia is home to 10 Fortune 500 companies, with more located in suburbs like King of Prussia; it's a leader in the financial and insurance industry. Pittsburgh is home to 6 Fortune 500 companies, including U.S. Steel, PPG Industries and H.J. Heinz. In all, Pennsylvania is home to 49 Fortune 500 companies.
States cannot thrive by "taking in each other's laundry", but manufacturing imports money and jobs from the rest of the world. Pennsylvania's factories and workshops manufacture 16.1% of the Gross State Product (GSP); only 10 states are more industrialized. While Educational Services is only 1.8% of the state's GSP, that's twice the national average; only Massachusetts, Rhode Island and Vermont outrank Pennsylvania. Although Pennsylvania is known as a coal state, mining only amounts to 0.6% of the state's economy, compared to 1.3% for the country as a whole.
Pennsylvania ranks 19th overall in agricultural production, but 3rd in christmas trees and layer chickens, 4th in nursery and sod, milk, corn for silage, and horse production. Only about 9,600 of the state's 58,000 farmers have sales of $100,000 or more, and with production expenses equalling 84.9% of sales, most not only have a net farming income below the $19,806 that marks poverty for a family of four, but are liable for a 12.4% self-employment tax as well. The average farmer is 53 and getting older, as young Pennsylvanians find low farming income a tough row to hoe.
Pennsylvania draws 2.1% of the Gross State Product from Accommodation and Food Services. Only Connecticut, Delaware and Iowa have lower numbers, and Nevada gets a whopping 14.2% of their GSP that way. Philadelphia draws tourists to see the Liberty Bell, Independence Hall, the Franklin Institute and the steps of the Philadelphia Museum of Art, while The Poconos attract honeymooners, golfers and fishermen, and the Delaware Water Gap appeals to boaters, hikers, and nature lovers.
The state government launched an extensive tourism campaign in 2003 under the direction of the Pennsylvania Department of Community and Economic Development. An extensive website has been established to promote visits to the state.
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