How US states make their money

Posted by News Express | 30 August 2018 | 791 times

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Who would have guessed that the most profitable industry in the U.S. states of Arkansas, Georgia, Kansas and Kentucky is aerospace?

And what do California, Florida, Idaho, Illinois, Oregon, Virginia and Wisconsin all have in common? The fact that machinery and mechanical appliances are their main economic engines.

Even though California is home to the American film industry and a flourishing wine sector, more of its income comes from machines, machine parts, and mechanical systems.

The personal banking resource, GoBankingRates.com, came up with the most profitable industry in each state after analyzing 2017 data from the U.S. Census Bureau, and found that three industries — aerospace, mineral resources, and machinery — propel the economies of more than half of the states.

Unsurprisingly, car manufacturing drives Michigan, Ohio and Indiana. But the vehicular industry also fuels two states in the American South — Alabama and South Carolina, where the cost of labor is cheaper.

And where’s the beef? In Colorado, Nebraska, South Dakota and Iowa, where meat production is the biggest earner.

Overall, America’s top five most profitable industries include mineral products; aerospace; machinery and mechanical appliances; automotive; and precious metals, stones and jewelry. (VOA)


Source: News Express

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