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The economy of West Virginia nominally would be the 62nd largest economy globally behind Iraq and ahead of Croatia according to 2009 World Bank projections, [3] and the 64th largest behind Iraq and ahead of Libya according to 2009 International Monetary Fund projections. [4] The state has a projected nominal GDP of $63.34 billion in 2009 according to the Bureau of Economic Analysis report of November 2010, and a real GDP of $55.04 billion. The real GDP growth of the state in 2009 of .7% was the 7th best in the country. West Virginia's economy accelerated in 2014 with a growth rate of 5.1%, ranking third among the fastest growing states in the United States alongside Wyoming and just behind North Dakota and Texas. [5] In 2021, the state GDP was $72.48 billion, an increase over $69.71 billion in 2021. [6]
Morgantown was ranked by Forbes as the 10th best small city in the nation to conduct business in 2010, [7] then as 73rd in its 2019 "The Best Small Places For Business And Careers" rankings. [8]
West Virginia's unemployment rate in August 2019 was 4.6%, the lowest since the start of the Great Recession. [9] As a result of the COVID pandemic, West Virginia's unemployment rate had risen to 6.1% in December 2020, [10] which, by November 2022, had improved from pre-pandemic levels, reported at 4.1%. [11]
The economy of West Virginia nominally would be the 62nd largest economy globally behind Iraq and ahead of Croatia according to 2009 World Bank projections, [3] and the 64th largest behind Iraq and ahead of Libya according to 2009 International Monetary Fund projections. [4] The state has a projected nominal GDP of $63.34 billion in 2009 according to the Bureau of Economic Analysis report of November 2010, and a real GDP of $55.04 billion. The real GDP growth of the state in 2009 of .7% was the 7th best in the country. West Virginia was only one of ten states in 2009 which grew economically. [12]
In 2009, while per capita income growth fell 2.6% nationally, West Virginia's grew at 1.8%. [13] Through the first half of 2010, exports from West Virginia topped $3 billion, growing 39.5% over the same period from the previous year and ahead of the national average by 15.7%. [13]
Personal income growth in West Virginia during 2013 was only 1.5% - the lowest in the nation - and about half the national average of 2.6%. [14] Overall income growth in West Virginia in the last 30 years has been only 13% (about one-third of the national average of 37%). Wages of the impoverished bottom 1% income earners decreased by 3%, compared to the national average for the bottom 1% income earners which increased 19%. [15]
Morgantown was ranked by Forbes as the #10 best small city in the nation to conduct business in 2010. [7] The city is also home to West Virginia University, the 109th best public university according to U.S. News & World Report . [16]
The net corporate income tax rate is 6.5%, while business costs are 13% below the national average. [17] [18]
The Appalachian Regional Commission was formed in 1965 to aide economic development in the Appalachian region, which was lagging far behind the rest of the nation on most economic indicators. The Appalachian region as defined by the Commission includes 420 counties in 13 states, including all 55 counties in West Virginia, the only state whose entire territory is covered by the Appalachian Regional Commission. The Commission gives each county one of five possible economic designations - distressed, at-risk, transitional, competitive, or attainment - with "distressed" counties being the most economically endangered and "attainment" counties being the most economically prosperous. These designations are based primarily on three indicators - three-year average unemployment rate, market income per capita, and poverty rate. [19]
In 2003, West Virginia had a three-year average unemployment rate of 5.7%, compared with 5.5% nationwide. In 2002, West Virginia had a per capita market income of $17,856, compared with $26,420 nationwide. In 2000, West Virginia had a poverty rate of 17.9%, compared to 12.4% nationwide. Fifteen counties in West Virginia were designated "distressed," and sixteen counties were designated "at-risk." No county received the "attainment" designation, and only two - Jefferson and Putnam - were designated "competitive." Nineteen counties were designated "transitional," meaning they lagged behind the national average on one of the three key indicators. McDowell County had West Virginia's highest poverty rating (and the third highest in the entire Appalachian region), with 37.7% of its residents living below the poverty line. Kanawha County had West Virginia's highest per capita income at $25,170, and Monongalia had West Virginia's lowest unemployment rate at 2.7%. [19]
The largest employers in West Virginia are WVU Medicine; Walmart; CAMC Health; Mountain Health Network; Kroger; Lowe's; Contura Energy; Mon Health; American Consolidated Natural Resources and Mylan Pharmaceuticals. [20]
Through 2008, 45,284 West Virginians were employed in advanced technology industries, which made up 5.6% of the economic establishments in the state. Through 2007, roughly 5.11% of the total population or 91,998 citizens of the state aged 25–44 held bachelor's degrees or higher. West Virginia receives annually around $261 million in federal Research and development (R&D) funds, ranking 34th in the nation. Private establishments receiving the most federal R&D contracts in 2009 were Fairmont-based Prologic, Inc., Security Assistance Corporation, Ridgeley-based Alliant Techsystems, Inc., Berkeley Springs-based STS International, and the Fairmont-based West Virginia High Technology Consortium Foundation (HTC). [21]
The state is home to federal institutions such as the portions of the National Energy Technology Laboratory and Forestry Science Laboratory in Morgantown, the Leetown Science Center and National Center for Cool and Cold Water Aquaculture in Leetown, National Radio Astronomy Observatory in Green Bank, the Forest Service Timber and Watershed Laboratory in Parsons, the Appalachian Farming Systems Research Center in Beckley, West Virginia District Office of Water Resources in Charleston, and Department of Veterans Affairs R&D units in Clarksburg and Huntington. [22]
West Virginia University is home to research institutions such as the Blanchette Rockefeller Neurosciences Institute, Robert C. Byrd Cancer Research Laboratory, Center for Identification Technology Research, and the National Research Center for Alternative Fuels, Engines and Emissions.
The Mid-Atlantic Technology, Research and Innovation Center, or MATRIC, is headquartered in South Charleston.
In December 2010, the West Virginia Higher Education Policy Commission began a $23 million renovation of a research park formerly home to Dow Chemical. [23]
The state has one of the nation's highest concentrations of chemical supply and generic pharmaceutical industries aided by the presence of corporations such as Germany-based BASF and Bayer, DuPont, PPG Industries, Dow Chemical Company, Mylan, founded in White Sulphur Springs, and Texas-based Alcon. [24]
West Virginia's economy depends heavily on its mineral resources so the declining coal production and low energy prices in recent years have hurt the state's economy. Mining safety and ecological concerns are also major challenges to West Virginia, which still produces the majority of the coal used in the U.S. [25]
West Virginia is considered a national energy hub, leading the nation in net interstate electricity exports and underground coal mine production, [26] [27] while experiencing a growing natural gas industry as a result of the Great Shale Gas Rush. Overall, it produces 15% of the nation's fossil fuel energy. [27] The state's underground natural gas storage represents 6% of the nation's total, and overall it has 5.1 billion cubic feet of natural gas reserves through 2008 estimates. [26] [27]
West Virginia was one of the first states to engage in drilling for oil. Small to medium oil and natural gas fields still exist and are scattered mostly in the Allegheny Plateau and the Cumberland Plateau in an arc throughout the western part of state. The state produces around 180,000 barrels of oil per month, with 23 million barrels of reserves through 2008 estimates. [26]
The state has a growing renewable energy portfolio, anchored by chemical and biodiesel manufacturer AC & S, based in Nitro. [27]
Through 2009 Columbus-based American Electric Power was the fifth largest employer in the state, followed by Consolidation Coal Company at #9, Allegheny Energy Service Corporation #19, Eastern Associated Coal Corporation #31, Columbia Gas Transmission Corporation #40, Hobet Mining, LLC #45, Spartan Mining Company #48, and Elk Run Coal Company, Inc. #50. [28]
As of 2017, the coal industry accounted for 2% of state employment. [29]
Coal is one of the state's primary natural resources, first discovered in the state in 1742. The industry employs 30,000 West Virginians directly, resulting in $2 billion in wages and a $3.5 billion economic impact. [30]
West Virginia coal exports declined 40% in 2013, representing a decrease of $2.9 billion in export sales. [31]
West Virginia is the largest coal producer east of the Mississippi River, and accounts for 10% of the nation's production. It leads the nation in coal production from underground mines, and has the nation's second largest reserves behind Wyoming. [26]
West Virginia has an annual 13 million barrel coal-to-liquid fuel production capacity. [32]
It has an extensive network of railroads, and much of the coal is transported by rail. The railways were once one of the largest customers for coal to drive the steam locomotives, but these have been replaced by diesel locomotives. Coal is rarely used now for home heating. Most coal today is used by power plants to produce electricity, both in West Virginia, and in other eastern states.
The state has a growing renewable energy portfolio, anchored by chemical and biodiesel manufacturer AC & S, based in Nitro. [27] The National Research Center for Alternative Fuels, Engines and Emissions is located in Morgantown.
Mountaineer Wind Energy Center located in Preston County and Tucker County was the first wind farm built in the state in 2002. The Beech Ridge Wind Farm is a $300 million, 119 turbine project currently under construction in Greenbrier County. The Mount Storm Wind Farm is located in Grant County and operates 132 turbines.
West Virginia is home to several hydroelectric facilities, including Honeywood Dam on the Potomac River, Cheat Lake Dam in Monogalia County, and Summersville Dam on the Gauley River.
Google has invested in research exploration of the state's geothermal reserves. [33]
Major aerospace employers in the state include Pratt and Whitney located in Bridgeport, Lockheed Martin in Clarksburg, United Technologies in Union, Canada-based Bombardier Aerospace in Bridgeport, Alliant Techsystems, FCX Systems in Morgantown, and FMW Composite Systems and Aurora Flight Sciences of West Virginia in Bridgeport. [34]
In 2009, West Virginia University Healthcare alone had an economic impact of $2.2 billion on the state and was the #23 employer. [36] West Virginia United Health System was the #2 employer in 2009, ahead of Charleston Area Medical Center at #3, St. Mary's Hospital #7, Cabell Huntington Hospital, Inc. #12, Wheeling Hospital #14, and Camden-Clark Memorial Hospital #24.
In 2008, public higher education institutions had a $7.9 billion economic impact on the state, creating 40,600 employment positions. [37] Private higher education institutions had a $345 million economic impact on the state in 2004, creating 6,258. [38]
Along the western edges of the state the large rivers of the mid-continent erode a distance into the hills and it is here, in the west, that some dense pockets of heavy industry appear. In the Kanawha River Valley near Charleston and along the southern Ohio River Valley near Huntington chemicals predominate, attracted by a readily available labor force and access by barge carriers. Metallurgy, especially steel, has been predominant in the northern panhandle due to a spill-over effect from the traditional center of the US steel industry in Pittsburgh.
The state is a global chemical hub, cited by the Council of American States in Europe as one of North America's premier destinations, [39] with the presence of DuPont, Germany-based Bayer and Stockmeier Kunststoffe GmbH; a subsidiary of Japan-based Kureha, Ashland Specialty Chemical, Flexsys, and Brazil-based Braskem S.A. West Virginia has 80% community acceptance from the chemical industry nationwide, one of the highest in the nation. [39] The chemicals industry accounts for one-fifth of manufacturing sector jobs and nearly 40% of the manufacturing sector's economic output in West Virginia. [40]
West Virginia is home to steel and metal companies such as Luxembourg-based ArcelorMittal in Weirton, Steel of West Virginia Inc. in Huntington, Russia-based Severstal in Wheeling, Japan-based Nisshin Inc. in Wheeling, Follansbee Steel in Follansbee, Special Metals Corporation in Huntington, and Swanson Industries in Morgantown. [41] In December 2010, Russia-based Mechel announced plans to construct a new $12 million coal processing plant in McDowell County. [42]
It is home to one of the highest concentration of resin producers in the world. [43] General Electric Plastics is located in Washington.
The FBI's Criminal Justice Information Services Division is located in Clarksburg, NASA's Independent Verification and Validation Facility in Fairmont, and the U.S. Department of Treasury's Bureau of the Public Debt is located in Parkersburg.
Between 1990 and 2004, the state experienced $1 billion in investment in the sector and 1500+ new employment positions. It is home to major automotive operations such as Japan-based Toyota in Buffalo, and others including Diamond Electric in Eleanor since 1996 [44] (in 2014 Diamond moved their North American headquarters to West Virginia), [45] NGK Spark Plugs in Sissonville, and Italy-based Sogefi and Japan-based Okuno International in Prichard. [18]
West Virginia's largest manufacturing employer is Viatris, followed by Toyota, Northrop Grumman and several other Fortune 500 companies that operate facilities in West Virginia, [46] with Owens & Minor [47] Clorox [48] and Commercial Metals Company breaking ground and expanding into the state during 2022. [49]
In December 2010, Ohio-based Macy's announced plans to construct a 1.3 million square foot, $150 million distribution center in Berkeley County, creating 1,900 jobs. [50] Manufacturing operations also include Homer Laughlin China Company in Newell, Blenko Glass Company in Milton, Champion Industries in Huntington, Gabriel Brothers in Morgantown, MTR Gaming Group is Chester, and PNGI Charles Town Gaming.
Major media entities in the state include Marquee Cinemas, which operates theatres from Connecticut to Florida, West Virginia Media Holdings, West Virginia Radio Corporation in Morgantown, West Virginia MetroNews, and Ogden Newspapers in Wheeling, which operates publications from Hawaii, Florida, Minnesota and to New York.
Terradon Communications Group, located in Poca, is a leader in website design and development, with clients including Whirlpool International. [51] Others include Texas-based Aegis Group.
In 2010, tourism generated an economic impact of $4.27 billion and 44,400 employment positions. Major tourist attractions include state's premier skiing destinations such as Snowshoe Mountain, Canaan Valley, Winterplace Ski Resort, Oblebay Resort, Elk River Touring Center, and White Grass Ski Touring Center. Other attractions include the Huntington Museum of Art, the Mountain Quest Institute in Pocahontas County, Avampato Discovery Museum in Charleston, the Oglebay Institute in Wheeling, West Virginia State Wildlife Center in French Creek, Greenbrier Resort, Pete Dye Golf Club, Samuel Taylor Suit Cottage, Blennerhassett Island Historical State Park, Moncove Lake State Park, Camden Park in Huntington, West Virginia Zoo, West Virginia wine, Prickett's Fort State Park, Blackwater Falls State Park, the Mountaineer Race Track & Gaming Resort in Chester, Mardi Gras Casino and Resort near West Virginia, Wheeling Island Racetrack & Gaming Center, Hollywood Casino-Charlestown, the Scottish Heritage Festival in Bridgeport, Italian Heritage Festival, Vandalia Gathering in Charleston, Appalachian String Band Music Festival, West Virginia Coal Festival in Madison, the Johnny Johnson Blues and Jazz Festival, the Music in the Mountains Bluegrass Festival, the Appalachian Festival in Raleigh County, and the BBQ & Bluegrass Festival.
Farming is practiced throughout West Virginia, but in a form different from large extensive cash-crop agriculture elsewhere in the USA. The modal average farm size is a smallish 154 acres. [52] Family and single-owner operation worked 92.7% of the farms, and an astounding 96.9% were totally or partly owned by the operator. On the other hand, only 50.5% of the state's farmers considered farming to be their primary occupation, with a significant number of hours worked elsewhere each year. The rural poverty rate in West Virginia is 20.4%, five points higher than the urban poverty rate.
This description of farming portrays an independent and self-sufficient base of small land owners, but also a significant amount of rural poverty.
As can be expected in a rugged terrain, raising animals was far more important than growing vegetative crops. Income from animals exceeded income from plants by about 7 to 1, with much of the non-animal income derived from sales of fodder. The chief animals raised were cattle and chickens.
In the ridge and valley area along the eastern border near Virginia's Shenandoah Valley, subsidiary valleys are wide and there are some belts of rich soil which are extensively farmed. In 2002, all of the top five counties by agricultural dollar value were located near the eastern Virginia border.
In traditional frontier agriculture there was much gathering of wild "greens" and other vegetation to supplement the diet. One area where this practice is still significant is the gathering of wild North American ginseng, often for the Asian market. Wild gathered ginseng contributed about $2 million in 2000 to the West Virginia economy, a figure larger than many conventional cultivated vegetable and fruit crops. Other wild greens, such as sour dock, lambs quarters, and wild leek (or "ramps") are also still gathered by many for table use, although today more on the basis of avocation or keeping up traditions than out of necessity.
Forestry-based industries employ 15,600 West Virginians through major corporations such as Atlanta-based Georgia Pacific in Mount Hope, Seattle-based Weyerhauser in Heaters, North Carolina-based Coastal Lumber with several locations throughout the state, Virginia-based American Woodmark in Moorefield, and Pittsburgh-based Babcock Lumber Company with multiple locations throughout the state
Due to the rural demographics in West Virginia, the state isn't dominated by any major U.S. banks. In fact, the only Big Four bank with any retail banking presence in the state is JP Morgan Chase, and only in the Charleston area. Wesbanco is the largest bank in the state, [53] and the only major bank with a presence throughout the state. City National Bank (West Virginia) also has a significant presence in several areas in West Virginia. Other major banks in the state, but only in certain areas, include Chase, Fifth Third Bank in Charleston and PNC Financial Services in Morgantown.
The economy of Bulgaria functions on the principles of the free market, having a large private sector and a smaller public one. Bulgaria is an industrialised high-income country according to the World Bank, and is a member of the European Union (EU), the World Trade Organization (WTO), the Organization for Security and Co-operation in Europe (OSCE) and the Organization of the Black Sea Economic Cooperation (BSEC). The Bulgarian economy has experienced significant growth (538%), starting from $13.15 billion and reaching estimated gross domestic product (GDP) of $86 billion or $203 billion, GDP per capita of $31,148, average gross monthly salary of 2,009 leva, and average net monthly salary of $2,102 (2022). The national currency is the lev, pegged to the euro at a rate of 1.95583 leva for 1 euro. The lev is the strongest and most stable currency in Eastern Europe.
The economy of Germany is a highly developed social market economy. It has the largest national economy in Europe, the third-largest by nominal GDP in the world, and fifth by GDP (PPP). Due to a volatile currency exchange rate, Germany's GDP as measured in dollars fluctuates sharply. In 2017, the country accounted for 28% of the euro area economy according to the International Monetary Fund (IMF). Germany is a founding member of the European Union and the eurozone.
The economy of Kyrgyzstan is heavily dependent on the agricultural sector. Cotton, tobacco, wool, and meat are the main agricultural products, although only tobacco and cotton are exported in any quantity. According to Healy Consultants, Kyrgyzstan's economy relies heavily on the strength of industrial exports, with plentiful reserves of gold, mercury and uranium. The economy also relies heavily on remittances from foreign workers. Following independence, Kyrgyzstan was progressive in carrying out market reforms, such as an improved regulatory system and land reform. In 1998, Kyrgyzstan was the first Commonwealth of Independent States (CIS) country to be accepted into the World Trade Organization. Much of the government's stock in enterprises has been sold. Kyrgyzstan's economic performance has been hindered by widespread corruption, low foreign investment and general regional instability. Despite those issues, Kyrgyzstan is ranked 70th on the ease of doing business index.
The gross domestic product (GDP) of Niger was $16.617 billion US dollars in 2023, according to official data from the World Bank. This data is based largely on internal markets, subsistence agriculture, and the export of raw commodities: foodstuffs to neighbors and raw minerals to world markets. Niger, a landlocked West African nation that straddles the Sahel, has consistently been ranked on the bottom of the Human Development Index, at 0.394 as of 2019. It has a very low per capita income, and ranks among the least developed and most heavily indebted countries in the world, despite having large raw commodities and a relatively stable government and society not currently affected by civil war or terrorism. Economic activity centers on subsistence agriculture, animal husbandry, re-export trade, and export of uranium.
The economy of Ukraine is an emerging, lower-middle income, mixed economy located in Eastern Europe. It grew rapidly from 2000 until 2008 when the Great Recession began worldwide and reached Ukraine. The economy recovered in 2010 and continued improving until 2013. From 2014 to 2015, the Ukrainian economy suffered a severe downturn, with GDP in 2015 being slightly above half of its value in 2013. In 2016, the economy again started to grow. By 2018, the Ukrainian economy was growing rapidly, and reached almost 80% of its size in 2008.
West Virginia is a state in the Southern and Mid-Atlantic regions of the United States. It borders Pennsylvania to the north and east, Maryland to the east and northeast, Virginia to the southeast, Kentucky to the southwest, and Ohio to the northwest. West Virginia is the 10th-smallest state by area and ranks as the 12th-least populous state, with a population of 1,793,716 residents. The capital and most populous city is Charleston with a population of 49,055.
Charleston is the capital and most populous city of the U.S. state of West Virginia and the seat of Kanawha County. Located at the confluence of the Elk and Kanawha rivers, the city had a population of 48,864 at the 2020 census and an estimated population of 48,018 in 2021. The Charleston metropolitan area had 210,605 residents in 2020.
McDowell County is a county in the U.S. state of West Virginia. As of the 2020 census, the population was 19,111. Its county seat is Welch. McDowell County is the southernmost county in the state. It was created in 1858 by the Virginia General Assembly and named for Virginia Governor James McDowell. It became a part of West Virginia in 1863, when several Union-affiliated counties seceded from the state of Virginia during the American Civil War. McDowell County is located in the Cumberland Mountains, part of the Appalachia region.
The economy of India has transitioned from a mixed planned economy to a mixed middle-income developing social market economy with notable public sector in strategic sectors. It is the world's fifth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP); on a per capita income basis, India ranked 139th by GDP (nominal) and 127th by GDP (PPP). From independence in 1947 until 1991, successive governments followed Soviet model and promoted protectionist economic policies, with extensive Sovietization, state intervention, demand-side economics, natural resources, bureaucrat driven enterprises and economic regulation. This is characterised as dirigism, in the form of the Licence Raj. The end of the Cold War and an acute balance of payments crisis in 1991 led to the adoption of a broad economic liberalisation in India and indicative planning. Since the start of the 21st century, annual average GDP growth has been 6% to 7%. The economy of the Indian subcontinent was the largest in the world for most of recorded history up until the onset of colonialism in early 19th century.
Massey Energy Company was a coal extractor in the United States with substantial operations in West Virginia, Kentucky and Virginia. By revenue, it was the fourth largest producer of coal in the United States and the largest coal producer in Central Appalachia. By coal production weight, it was the sixth largest producer of coal in the United States.
The Environment of West Virginia encompasses terrain and ecosystems ranging from plateaus to mountains. Most of West Virginia lies within the Appalachian mixed mesophytic forests ecoregion, while the higher elevations along the eastern border and in the panhandle lie within the Appalachian-Blue Ridge forests.
Transport in the U.S. state of West Virginia is handled by the West Virginia Department of Transportation (WVDOT) which employs more than 6,000 in West Virginia.
The Friends of Coal Bowl is the name given to the Marshall–West Virginia football rivalry. It is an American college football rivalry game played by the Marshall Thundering Herd football team of Marshall University and the West Virginia Mountaineers football team of the West Virginia University. The game was sponsored by the Friends of Coal, a coal industry trade group. Planned to be a seven-year series, the Friends of Coal Bowl was organized by the West Virginia Coal Association at the urging of West Virginia Governor Joe Manchin.
The economy of the Commonwealth of Virginia is well balanced with diverse sources of income. From the Hampton Roads area to Richmond and down to Lee County in the southwest includes military installations, cattle, tobacco and peanut farming in Southside Virginia. Tomatoes recently surpassed soy as the most profitable crop in Virginia. Tobacco, peanuts and hay are also important agricultural products from the commonwealth. Wineries and vineyards in the Northern Neck and along the Blue Ridge Mountains also have become increasingly popular. Northern Virginia hosts software, communications, consulting, defense contracting, diplomats, and considerable components of the professional government sector. As of the 2000 census, Virginia had the highest number of counties and independent cities (15) in the top 100 wealthiest jurisdictions in the United States based upon median income, in addition, Virginia tied with Colorado as having the most counties (10) in the top 100 based on per capita income. Loudoun and Fairfax counties in Northern Virginia have the highest and second highest median household income, respectively, of all counties in the United States as of 2017.
Industry is 39.4% of China's gross domestic product (GDP) in 2022. In 2007, industry contributed 46.7 percent of GDP in 2010 and occupied 27 percent of the workforce. In 2015, the manufacturing industrial sectors contributed to 40% of China's GDP. The manufacturing sector produced 44.1 percent of GDP in 2004 and accounted for 11.3 percent of total employment in 2006.
The economy of Ohio nominally would be the 20th largest global economy behind Turkey and ahead of Switzerland according to The World Bank as of 2022. The state had a GDP of $822.67 billion in 2022, which is 3.23% of the United States total, ranking 7th in the nation behind Pennsylvania and ahead of Georgia. In 2013, Ohio was ranked in the top ten states for best business climate by Site Selection magazine, based on a business-activity database. The state was edged out only by Texas and Nebraska for the 2013 Governor's Cup award from the magazine, based on business growth and economic development.
China has an upper middle income, developing, mixed, socialist market economy incorporating industrial policies and strategic five-year plans. It is the world's second largest economy by nominal GDP, behind the United States, and the world's largest economy since 2016 when measured by purchasing power parity (PPP). Due to a volatile currency exchange rate, China's GDP as measured in dollars fluctuates sharply. China accounted for 19% of the global economy in 2022 in PPP terms, and around 18% in nominal terms in 2022. Historically, China was one of the world's foremost economic powers for most of the two millennia from the 1st until the 19th century. The economy consists of public sector enterprises, state-owned enterprises (SOEs) and mixed-ownership enterprises, as well as a large domestic private sector and openness to foreign businesses in their system. Private investment and exports are the main drivers of economic growth in China, but the Chinese government has also emphasized domestic consumption. Post-1978 economic reforms China's average GDP growth has been over 10% annually for over three decades. And in certain years, GDP growth even exceeded 13% annually. Though in recent years, their growth has significantly plummeted.
The economy of the state of Indiana is reflected in its gross state product in 2017 of US$359 billion and per capita income of $44,165. A high percentage of Indiana's income is from manufacturing. Indiana has been the largest steel producing state in the U.S. since 1975, with the Calumet Region of northwest Indiana being the largest single steel producing area in the U.S., accounting for 27% of all U.S. steel production. Indiana is also the 2nd largest auto manufacturing state. Indiana's other manufactures include pharmaceuticals and medical devices, automobiles, electrical equipment, transportation equipment, chemical products, rubber, petroleum and coal products, and factory machinery.