Indiana, meaning the "Land of the Indians," is a Midwestern state of the United States.
Economy
The total gross state product in 2003 was US$214 billion. Indiana's per capita income, as of 2003, was US$28,783.
Indiana is located within the Corn Belt, and the state's agricultural methods and principal farm outputs reflect this: a feedlot-style system raising corn to fatten hogs and cattle. Soybeans are also a major cash crop. The state's nearness to large urban centers, such as Chicago, Illinois, also assures that much dairying, egg production, and specialty horticulture occur. Specialty crops include melons (southern Wabash Valley), tomatoes (concentrated in central Indiana), grapes, and mint (Source: USDA crop profiles). In addition, Indiana is a significant producer of tobacco. Most of the original land was not prairie and had to be cleared of deciduous trees. Many isolated parcels of woodland remain, and much of the southern, hilly portion is heavily forested (a condition which supports a local furniture-making sector in that part of the state).
A high percentage of Indiana's income is from manufacturing. The Calumet region of northwest Indiana is the largest steel producing area in the U.S., and this activity also requires that very large amounts of electric power be generated. Indiana's other manufactures include automobiles, electrical equipment, transportation equipment, chemical products, rubber, petroleum and coal products, and factory machinery. In addition, Indiana has the international headquarters of pharmaceutical company Eli Lilly as well as the headquarters of Mead Johnson Nutritionals, a division of Bristol-Myers Squibb. Elkhart, in the north, has also had a strong economic base of pharmaceuticals, though this has changed over the past decade with the closure of Whitehall Laboratories in the 1990s and the planned drawdown of the large Bayer complex, announced in late 2005.
Despite its reliance on manufacturing, Indiana has been much less affected by declines in traditional Rust Belt manufactures than many of its neighbors. The explanation appears to be certain factors in the labor market. First, much of the heavy manufacturing, such as industrial machinery and steel, requires highly skilled labor, and firms are often willing to locate where hard-to-train skills already exist. Second, Indiana's labor force is located primarily in medium-sized and smaller cities rather than in very large and expensive metropolises. This makes it possible for firms to offer, and labor accept, somewhat lower wages for these skills than would normally be paid. In other words, firms often see in Indiana a chance to obtain higher than average skills at lower than average wages for those skills, which often makes location in the state desirable. (Source for basic manufacturing facts in the above two paragraphs is generally McCoy and McNamara, "Manufacturers in Indiana," Purdue University Center for Rural Development, Research Paper 19, July 1998.)
In mining, Indiana is probably best known for its decorative limestone from the southern, hilly portion of the state, especially from around Bedford (the home area of Apollo I astronaut Gus Grissom). One of the many public buildings faced with this stone is The Pentagon, and after the attack of September 11, 2001, a special effort was made by the mining industry of Indiana to replace those damaged walls with as nearly identical type and cut of material as the original facing. There are also large coal mines in the southern portion of the state. Like most Great Lakes states, Indiana has small to medium operating petroleum fields; the principal location of these today is in the extreme southwest, though operational oil derricks can be seen on the outskirts of Terre Haute.
Indiana's economy is considered to be one of the most business-friendly in the U.S. This is due in part to its conservative business climate, low business taxes, and many labor laws that have remained unchanged since the 1800s, emphasizing the supremacy of employer/management. The doctrine of at-will employment, whereby an employer can terminate an employee for any or no reason, is firmly ensconced in Indiana. Unions in Indiana are among the weakest in the U.S. and it is difficult for unions to organize. Workers' Compensation payouts are the lowest in the United States.
Source: http://en.wikipedia.org/
