Economy
See also: Kansas locations by per capita incomeThe Bureau of Economic Analysis estimates that the total GDP in 2008 was $122.7 billion, making it the United States's 32nd highest state by GDP. Per capita personal income in 2008 was $35,013. As of January 2010, the state's unemployment rate is 6.4%.
The agricultural outputs of the state are cattle, sheep, wheat, sorghum, soybeans, cotton, hogs, corn, and salt. Eastern Kansas is part of the Grain Belt, an area of major grain production in the central United States. The industrial outputs are transportation equipment, commercial and private aircraft, food processing, publishing, chemical products, machinery, apparel, petroleum and mining.
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Kansas ranks 8th in U.S. oil production. Production has experienced a steady, natural decline as it becomes increasingly difficult to extract oil over time. Since oil prices bottomed in 1999, oil production in Kansas has remained fairly constant, with an average monthly rate of about 2.8 million barrels (450,000 m3) in 2004. The recent higher prices have made carbon dioxide sequestration and other oil recovery techniques more economical.
Kansas ranks 8th in U.S. natural gas production. Production has steadily declined since the mid-1990s with the gradual depletion of the Hugoton Natural Gas Field—the state's largest field which extends into Oklahoma and Texas. In 2004, slower declines in the Hugoton gas fields and increased coalbed methane production contributed to a smaller overall decline. Average monthly production was over 32 billion cubic feet (0.9 km³).
The Kansas economy is also heavily influenced by the aerospace industry. Several large aircraft corporations have manufacturing facilities in Wichita and Kansas City, including Spirit AeroSystems, Boeing, Cessna, Learjet, and Hawker Beechcraft (formerly Raytheon).
Major company headquarters in Kansas include the Sprint Nextel Corporation (with world headquarters in Overland Park), Embarq (with national headquarters in Overland Park), YRC Worldwide (Overland Park), Garmin (Olathe), Payless Shoes (national headquarters and major distribution facilities in Topeka), and Koch Industries (with national headquarters in Wichita).
Read more about this topic: Politics Of Kansas
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get a good job, but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (18171862)
“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 (18721933)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (18121870)