Key Facts
- Per Capita Real GDP
- $32,724 Rank: 39/50 (2007)
- Population
- 6,376,790 Rank: 16/50 (2008)
- Per Capita Personal Income
- $32,526 Rank: 33/50 (2006)
- Unemployment Rate
- 4.50% Rank: 24/50 (2008)
- Business Tax Climate Index
- Rank: 12/50 (2008)
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Indiana: Introduction
Indiana is located in the northern section of the Midwest. The name Indiana means “land of the Indians,” referring to the many Native American inhabitants of the area. Its people however are known as Hoosiers, which is reflected in the state’s nickname, the “Hoosier State”. The origin of this nickname is disputed but has been enthusiastically adopted by Indiana residents, especially fans of University of Indiana athletics.
Indiana’s economy is based primarily on its strong manufacturing sector. The industry gained its roots from the mechanization of agriculture in the 19th century. In the early decades of the 20th century, steel-making was introduced, creating a base that allowed for the automobile manufacturing to gain a strong foothold. Today, Indiana possesses a diversified industrial base which is active in steel refining, tool-making, metalworking, petrochemicals, and pharmaceuticals. Contrary to the declining trend of manufacturing prevalent in many states, Indiana’s manufacturing output has grown steadily in recent years.
In addition to manufacturing, agriculture continues to contribute to the Indiana economy. Much of the state resides in what is called the Corn Belt of America, which stretches from Ohio to eastern Nebraska. Indiana is the fourth largest producer of corn in the nation, and ranks third for soybeans. Indiana’s agriculture industry is also noted for its pork production.
