The 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.
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).
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Famous quotes containing the word economy:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (18171862)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kindno matter how ultimately profitable or otherwise successful some of them might prove to bethere is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
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