Economy
Early in its history Kentucky gained recognition for its excellent farming conditions. It was the site of the first commercial winery in the United States (started in present day Jessamine County in 1799) and due to the high calcium content of the soil in the Bluegrass region quickly became a major horse breeding (and later racing) area. Today Kentucky ranks 5th nationally in goat farming, 8th in beef cattle production, and 14th in corn production.
Today Kentucky's economy has expanded to importance in non agricultural terms as well, especially in auto manufacturing, energy fuel production, and medical facilities. As of 2010 24% of electricity produced in the USA depended on either enriched uranium rods coming from the Paducah Gaseous Diffusion Plant (the only domestic site of low grade uranium enrichment), or from the 107,336 tons of coal extracted from the state's two coal fields (which combined produce 4% percent of the electricity in the United States).
Kentucky ranks 4th among U.S. states in the number of automobiles and trucks assembled. The Chevrolet Corvette, Cadillac XLR (2004–2009), Ford Escape, Ford Super Duty trucks, Ford Expedition, Lincoln Navigator, Toyota Camry, Toyota Avalon, Toyota Solara, and Toyota Venza are assembled in Kentucky.
In May 2010, the Army Human Resource Center of Excellence, the largest office building in the state at nearly 900,000-square-feet, opened at Fort Knox. The new complex employees nearly 4,300 soldiers and civilians.
The total gross state product for 2010 was $163.3 billion, 28th in the nation. Its per-capita personal income was US$28,513, 43rd in the nation.
As of July 2012, the state's unemployment rate is 8.3%.
Read more about this topic: Geography Of Kentucky
Famous quotes containing the word economy:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)