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With a population of roughly 6.2 million people, Indiana ranks 14th among the states in population
size. Indianapolis is the state’s
largest city, with a population of over 780,000. Additional larger cities include Fort Wayne, Evansville, South Bend,
and Gary.
Indiana’s economy relies upon both industry and agriculture. Important agricultural products in the
Hoosier state include corn, hogs, soybeans, cattle, dairy products, wheat, oats, rye, tomatoes, onions,
poultry, and eggs.
The Hoosier State relies heavily upon its natural resources. Indiana produces much of the building
limestone in the U.S. Other valuable minerals include coal, natural gas, stone, sand, and clay.
Timber is another natural commodity.
Industry has historically provided Indiana with an economic backbone. Strong industries in the
state include steel, electric equipment, chemical products, and machinery. Also important are
transportation equipment such as automobile parts, mobile homes, recreational vehicles, buses, and
farm machinery. Pharmaceuticals and life science industry products are also valuable to the Hoosier
State.
Indiana also boasts a highly educated workforce, with over 25 percent being employed in professional
or technical fields.
In 2005, Indiana ranked 27th in the U.S. in median household income at $43,993 and fourth in per
capita income (PCPI) at $31,150. The average annual growth rate of PCPI between 1995 and 2005 was 3.8
percent, compared to the average annual growth rate for the nation at 4.1 percent. The Hoosier State
boasts a home ownership rate of 75 percent. Its unemployment rate is 5.1 percent. Indiana’s top
bracket of personal income tax is 3.4 percent; the state levies a sales tax of 6 percent. Indiana’s
cost of living is slightly lower than the national average.
Indiana’s abundant resources and skilled professionals promise to contribute to a burgeoning sector
in biotechnology and life science.
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