There are many industries in the state. The largest include agriculture, oil and natural gas extraction, finance, insurance, and real estate. For example, the state is home to the Philadelphia Stock Exchange, which was first established in 1790. Services, which include retail trade and wholesale commerce, is the second-largest industry in the state. Manufacturing, which includes chemicals and furniture, is the third largest industry in the state. These industries are responsible for much of the state’s GDP, but they do not account for all jobs.
Agriculture
Pennsylvania’s agriculture generates a lot of the state’s revenue and provides many jobs. Pennsylvania is the fourth-largest producer of food in the U.S., supplying markets from New England to the Mississippi River. Pennsylvania produces a variety livestock products including dairy cattle, beef cattle and sheep. Among livestock products, milk and eggs are among the state’s most important exports. Additionally, the state grows a variety of fruits and vegetables, including apples, pears, and hay.
The Pennsylvania Department of Agriculture reports that nearly half of all farms produce less than $10,000,000 a year. Another 7% of the state’s agricultural product sales come from farms making less than $500,000 a year. Comparatively, only 6% of Pennsylvania’s farms earn more than $500,000,000 a year. The state’s agricultural economy is strong, ranking nationally at 14th in terms of number of producers and 19th for total agricultural products sold. According to USDA data Pennsylvania is the Northeast’s most agricultural state.
Extraction of oil and gas
Oil and gas extraction contributed almost $40.5 billion to the state’s economy in 2019. This amount generated nearly 188,000 jobs and supported 6.1 percent of the commonwealth’s total employment. The industry also provided $14.2 billion in direct and indirect labor income, according to a report by the American Petroleum Institute. Pennsylvania ranks second in the nation in the production of natural gas, following Texas. Despite these high numbers of employment, the state’s economy faces many challenges, including a declining economy.
The oil and gas industry in Pennsylvania is large and diverse. From small family-owned operations to multinational corporations, Pennsylvanians make good money through oil and gas extraction. The industry has produced enough natural gas to supply all of the state’s electricity and fuel needs for about 2.5 years. It’s also a plentiful source of renewable energy. Pennsylvania’s gas production has increased over the past few years.
Finance, insurance and real estate group
The state’s monthly economic update contains links to recent reports and articles. This issue of the Monthly Economic Update examines the effects of federal stimulus programs, including the elimination or phase-out of income-based SNAP benefits. This study shows that income-based phase-out will lead to a punitive cliff. The report also highlights changes to state incentive programs.
The state’s economy is based on many different industries. Mining coal is one of the most important industries in the state. Pennsylvania is the only state that mines anthracite coal. It also produces limestone, which is used in roadbeds and cement. Other mineral-based industries include natural gas, petroleum, and sand and gravel. Retail and community services is the state’s third-largest industry. This includes restaurants, department shops, hotels and automobile dealerships.
Services
The state of Pennsylvania is home to several industries, which make up the largest source of income in the state. Leading among them are the community, business, and personal services industries, which encompass several important businesses. These businesses include hotels, professional sports franchises, private health care, and private health care. The state also boasts several leading engineering and law firms. The finance, insurance, and real estate industry is also a significant contributor to the state’s economy, and is supported by large banks and holding companies based in Philadelphia. The state is also home to the Philadelphia Stock Exchange, which began operation in 1790.
In April, the Independent Fiscal Office (IFO) published its latest economic reports and analysis, including an analysis of the impact of recent federal stimulus programs on the state economy. It also published its latest preliminary and updated revenue estimates, 2020 and 2021. These estimates consider the effects of federal stimulus money on state employment and the state’s minimum wage. The office also presented a brief presentation to the Pennsylvania School Boards Association and addressed questions raised by the group during a budget hearing.
