Economy
See also: List of Pennsylvania counties by per capita income and List of Pennsylvania locations by per capita incomePennsylvania's 2010 total gross state product (GSP) of $570 billion ranks the state 6th in the nation. If Pennsylvania were an independent country, its economy would rank as the 18th largest in the world. On a per-capita basis, Pennsylvania's per-capita GSP of $39,830 ranks 29th among the 50 states.
Philadelphia in the southeast corner, Pittsburgh in the southwest corner, Erie in the northwest corner, Scranton-Wilkes-Barre in the northeast corner, and Allentown-Bethlehem-Easton in the east central region are urban manufacturing centers. Much of the Commonwealth is rural; this dichotomy affects state politics as well as the state economy. Philadelphia is home to six 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 eight Fortune 500 companies, including U.S. Steel, PPG Industries, and H.J. Heinz. In all, Pennsylvania is home to fifty Fortune 500 companies. Erie is also home to GE Transportation Systems, which is the largest producer of train locomotives in the United States.
As in the US as a whole and in most states, the largest private employer in the Commonwealth is Wal-Mart, followed by the University of Pennsylvania.
As of April 2012, the state's unemployment rate is 7.4%.
Read more about this topic: Demographics Of Pennsylvania
Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)