Mississippi
Median Household Income:$ 36,919
Population:297,8512 (20 lowest)
Unemployment:10.7% (4 highest)
Percentage Below Poverty:22.6% (highest)
Mississippi is the poorest state in the U.S., equal to only about Maryland's half that of Maryland, has shown a downward trend every year, reaching a peak in 2007. It recently dropped another $2,677. Not only does it have the highest poverty rate, but 7.8 percent of households have incomes of less than $10,000 While unemployment is declining in most U.S. states, in 2010 2011, Mississippi rose 0.2, one of two states to increase.
Expanded Information
Mississippi's Economy
Agriculture
Mississippi is traditionally an agricultural state with its vast, fertile land, high percentage of forests (more than 50%), and a temperate, pleasant climate that allows for cultivation in all seasons. Traditionally an agricultural state, it was once a major producer of U.S. cotton (it was the fifth wealthiest state in the nation before the U.S. Civil War due to its abundance of cotton).
The main crops now include soybeans, cotton and rice. With its vast coastline and rivers, Missouri is rich in aquatic resources, with well-developed fisheries, shrimping and poultry raising. Natural resources such as oil, natural gas, lignite, limestone, and hardwood and softwood forests are abundant.
Industry
Industry mainly includes wood processing, furniture manufacturing, food processing, shipbuilding, tourism, craft manufacturing and metallurgy, etc. The oil refinery located in the Gulf Coast area is one of the largest in the world. Missouri has the nation's largest high-voltage electrical testing laboratory, one of only three forest products application testing laboratories in the United States is located in Missouri.
Missouri is expanding its economy by developing high-tech industries such as electronics, telecommunications and aerospace research, and by establishing three foreign trade zones, which offer incentives such as tariff reductions and exemptions, trade show merchandise, low overhead, and excellent logistics and warehousing services.
Foreign Trade
According to the U.S. Department of Commerce, in 2012, Missouri's foreign trade totaled about $32.5 billion, of which about $11.8 billion was exported, a year-on-year increase of 7.8 percent, accounting for 0.8 percent of the nation's total exports. The largest exports, in order of value, were crude oil and coal products ($4 billion), chemical products ($1.7 billion), computer and electronic products ($1 billion), transportation equipment ($1 billion) and paper products ($760 million).
Imports totaled about $20.7 billion in 2012, up 1 percent from a year earlier, and accounted for 0.9 percent of total U.S. imports. Major imports included oil and gas products ($11.4 billion), transportation equipment ($1.4 billion), machinery and equipment ($1.2 billion), electrical equipment and accessories ($1.2 billion), and computers and electronic products ($1.1 billion).
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