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State Economy
The United States is one of the largest and most technologically developed countries in the world. The Gross Domestic Product of the country in terms of purchasing power parity of the country has reached at $12.36 trillion (2005 est.).

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Ohio Economy

Agriculture and Industry in Ohio

Ohio economy is a set of human and social activities and institutions related to the production, distribution, exchange and consumption of agriculture and industry goods and services. The balance between Ohio various economic sectors differs largely between various regions and other states in the US.

Ohio Agriculture and Industry

Ohio's real gross state product in 2012 was estimated to be $435,104 which was $247,664 and 132% and 2 times higher than the national state average, $187,440. Ohio has the 8th highest GSP out of the 50 states.

Ohio is located in the heart of the country's industrial region. More than 60 percent of all US households live within 600 miles of Ohio. There is access to strategic waterways, and the state is well served by interstate highways. Ohio has the seventh largest state economy in the US, and ranks third in manufacturing gross state product. The state's factories lead the nation in the production of steel, rubber and plastics, and fabricated metals. Ohio is also a leader in the automotive industry.

As a state economy, Ohio's number one sector is manufacturing at 24%. Service industries make up nearly 20% of the state economy, and financial, insurance and real estate concerns represent around 18%. Ohio is a national leader in research and development, ranking 9th in the number of individuals receiving patents, and 11th in the receipt of research and development grants.

Ohio Agriculture:

Soybeans, dairy products, corn, tomatoes, hogs, cattle, poultry and eggs.

Ohio Industry:

Transportation equipment, fabricated metal products, machinery, food processing, electric equipment.

Ohio is a major producer of machines, tires and rubber products, steel, processed foods, tools, and other manufactured goods. This is not immediately obvious because Ohio specializes in producers goods (goods used to make other goods, such as machine tools, industrial chemicals, and plastic moldings). Nevertheless, there are well known Ohio consumer items including some Procter & Gamble products, Smuckers jams and jellies, and DayGlo.

Ohio is the site of the invention of the airplane, resulting from the experiments of the Wright brothers in Dayton. Production of aircraft in the USA is now centered elsewhere, but a large experimental and design facility, Wright-Patterson Air Force Base has been located near Dayton and serves in the co-ordination of production of US military aircraft. On the base are located Wright Hill and Huffman Prairie, where many of the earliest aerodynamic experiments of the Wright brothers were performed. Ohio today also has many aerospace, defense, and NASA parts and systems suppliers scattered throughout the state.

As part of the Corn Belt, agriculture also plays an important role in the state's economy. There is also a small commercial fishing sector on Lake Erie, and the principal catch is yellow perch. In addition, Ohio's historical attractions, varying landscapes, and recreational opportunities are the basis for a thriving tourist industry. Over 2,500 lakes and 70,000 kilometers of river landscapes are a paradise for boaters, fishermen, and swimmers. Of special historical interest are the Native American archaeological sites- including grave mounds and other sites.

The Bureau of Economic Analysis estimates that Ohio's total state product in 2003 was $403 billion. Per capita personal income in 2003 was $30,129, 25th in the nation. Ohio's agricultural outputs are soybeans, dairy products, corn, tomatoes, hogs, cattle, poultry and eggs. Its industrial outputs are transportation equipment, fabricated metal products, machinery, food processing, and electric equipment.

State Economies
State Economies
A central feature of the US economy is a reliance on private decision-making ("economic freedom") in economic decision-making. This is enhanced by relatively low levels of regulation, taxation, and government involvement, as well as a court system that generally protects property rights and enforces contracts.
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