Do you want to move to USA to live and look for job opportunities? If YES, here is every detail you need to live, work or start a business in USA as a foreigner.
The United States of America (USA), which is commonly known as the United States (U.S. or US) or America, is a country that comprises of 50 states, a federal district, five major self-governing territories, and various possessions. With a landmass of 3.8 million square miles (9.8 million km2), the United States is the world’s third or fourth largest country by total area and is slightly smaller than the entire continent of Europe, which is 3.9 million square miles (10.1 million km2).
With a population of over 327 million people, the U.S. is the third most populous country. The capital is Washington, D.C., and the most populous city is New York City. Most of the country is located contiguously in North America between Canada and Mexico.
The United States is the world’s oldest surviving federation. It is a federal republic and a representative democracy. The United States is a founding member of the United Nations, World Bank, International Monetary Fund, Organization of American States (OAS), and other international organizations.
The United States is a highly developed country, with the world’s largest economy by nominal GDP and second-largest economy by PPP, accounting for approximately a quarter of global GDP. The U.S. economy is largely post-industrial, characterized by the dominance of services and knowledge-based activities, although the manufacturing sector remains the second-largest in the world.
The United States is the world’s largest importer and the second-largest exporter of goods, by value. Although its population is only 4.3 percent of the world total, the U.S. holds 31 percent of the total wealth in the world, the largest share of global wealth concentrated in a single country.
The United States has a capitalist mixed economy, which is fueled by abundant natural resources and high productivity. According to the International Monetary Fund, the U.S. GDP of $16.8 trillion constitutes 24 percent of the gross world product at market exchange rates and over 19 percent of the gross world product at purchasing power parity (PPP).
Every Detail You Need to Live, Work and Start a Business in USA
a. 50 Best Small Business ideas & Opportunities in USA – Starting a business isn’t a luxury but a necessity for anyone whose aim in life is to make good money and become a millionaire fast. This is one of the reasons why you have got to look at starting a business in the United States of America. The ground is so fertile and there are loads of people to patronize you. Here are some very lucrative business ideas to look at:
b. Starting a Profitable Business in USA as a Foreigner – Conversely, there are countless business ideas that you can act on in order to make good money from this country. Every day more than ever before, millionaires are being made. A tiny though that has been developed into a business idea have gone ahead to make people popular and well known all around the world. You too can become that millionaire if you start a trade.
c. 20 Best Cities in USA to Start a Business and Succeed – If you are in the United States and you are looking for the best city to start a business in the country, you are not alone as this is quite a popular dilemma. Depending on the business you want to set up, we have lined up for you cities that rank well based of different criteria when it comes to setting up a business in the Unites States.
d. 20 Best Cities in USA to Enjoy your Retirement Life – If you are fortunate enough to earn a good paycheck as an employee or an entrepreneur, it is very important that you make plans on the most ideal city to retire to. The truth is that there are cities that are quite suitable for people to retire to without breaking the bank, and above all live within their means while enjoying their retirement.
e. 50 Best Small Business ideas Aimed at Hispanics – A business that is specifically targeted at Hispanics, and takes their cultural and language needs into consideration is bound to be highly successful especially in states with a large Hispanic community. If you are looking for lucrative business ideas that cater to the Hispanic community, these are a few ideas to consider:
e. 50 Business Opportunities in USA for Immigrants from India – Indians are doing exceptionally well in ICT, medicine, education and research and restaurants in America.
Presently, there are Indian-American CEOs of Fortune 500 companies and according to a report recently released by Forbes, Indians start more companies than any other immigrant groups in six states around the country. So, if you are an Indian immigrant in the US looking to start a business of your own, here are business ideas you can choose from;
f. 50 Best Franchise Opportunities in USA and Their Cost – The most famous yet most lucrative U.S. based franchise is McDonald’s, bringing in just under 91 billion U.S. dollars in sales. Following McDonald’s was 7-Eleven, collecting 85 billion U.S. dollars in sales. Asides from these two franchises, there are other franchise businesses that have gained quite a lot of popularity in the United States. Some of these franchises include;
Job Opportunities and Business ideas According to States in USA
- Population: 4,887,871 (2018 estimate)
- Capital: Montgomery
- Major Cities: Birmingham, Huntsville and Mobile
A great deal of Alabama’s economic growth since the 1990s has been due to the state’s expanding automotive manufacturing industry. Located in the state are Honda Manufacturing of Alabama, Hyundai Motor Manufacturing Alabama, Mercedes-Benz U.S. International, and Toyota Motor Manufacturing Alabama, as well as their various suppliers.
Since 1993, the automobile industry has generated more than 67,800 new jobs in the state. Alabama currently ranks 4th in the nation for vehicle exports. Automakers accounted for approximately a third of the industrial expansion in the state in 2012. The eight models produced at the state’s auto factories totaled combined sales of 74,335 vehicles for 2012.
According to the U.S. Bureau of Economic Analysis, the 2008 total gross state product was $170 billion, or $29,411 per capita. Alabama’s 2012 GDP increased 1.2 percent from the previous year. The single largest increase came in the area of information. In 2010, per capita income for the state was $22,984. This is indeed one of the reasons why an investor should consider investing in Alabama.
- Population: 710,249
- Capital: Juneau
- Major Cities: Anchorage, Fairbanks and Badger
The oil and gas industry dominates the Alaskan economy, with more than 80 percent of the state’s revenues derived from petroleum extraction. Alaska’s main export product (excluding oil and natural gas) is seafood, primarily salmon, cod, Pollock and crab.
Its per capita personal income for 2007 was $40,042, ranking 15th in the nation. According to a 2013 study by Phoenix Marketing International, Alaska had the fifth-largest number of millionaires per capita in the United States, with a ratio of 6.75 percent.
To finance state government operations, Alaska depends primarily on petroleum revenues and federal subsidies. This allows it to have the lowest individual tax burden in the United States. It is one of five states with no state sales tax, one of seven states that do not levy an individual income tax. This is indeed a good reason why an investor should consider investing in Alaska.
- Population: 7,171,646 (2018 estimate)
- Capital: Phoenix
- Major Cities: Tucson, Mesa and Chandler
The services sector is a thriving industry in Arizona and education and health services, Professional and business services leads the park.
The 2011 total gross state product was $259 billion. This figure gives Arizona a larger economy than such countries as Ireland, Finland, and New Zealand. The composition of the state’s economy is moderately diverse; although health care, transportation and the government remain the largest sectors.
The state’s per capita income is $40,828, ranking 39th in the U.S. The state had a median household income of $50,448, making it 22nd in the country and just below the U.S. national mean. This is indeed one of the reasons why an investor should consider investing in Arizona.
- Population: 3,013,825 (2018 estimate)
- Capital: Little Rock
- Major Cities: Fort Smith, Fayetteville and Springdale
The agriculture sector is the most thriving sector in Arkansas. it remains a major part of the state’s economy, ranking 13th in the nation in the value of products sold. The state is the U.S.’s largest producer of rice, broilers, and turkeys, and ranks in the top three for cotton, pullets, and aquaculture (catfish). Forestry remains strong in the Arkansas Timberlands, and the state ranks fourth nationally and first in the South in softwood lumber production.
Arkansas’s economy has evolved and diversified. The state’s gross domestic product (GDP) was $119 billion in 2015. Six Fortune 500 companies are based in Arkansas, including the world’s #1 retailer, Walmart; Tyson Foods, J.B. Hunt, Dillard’s, Murphy USA, and Windstream. The per capita personal income in 2015 was $39,107.
According to CNBC, Arkansas ranks as the 20th best state for business, with the 2nd-lowest cost of doing business, 5th-lowest cost of living, 11th best workforce, 20th-best economic climate, 28th-best educated workforce, 31st-best infrastructure and the 32nd-friendliest regulatory environment. This is indeed one of the reasons why an investor should consider investing in Arkansas.
- Population: 39,557,045 (2018 estimate)
- Capital: Sacramento
- Major Cities: Los Angeles, San Diego and San Jose
California’s economy is dependent on trade and international related commerce accounts for about one-quarter of the state’s economy. In 2008, California exported $144 billion worth of goods, up from $134 billion in 2007 and $127 billion in 2006. Computers and electronic products are California’s top export, accounting for 42 percent of all the state’s exports in 2008.
One major reason why any investor should consider investing in California is that the state’s economy ranks among the largest in the world. As of 2018, the gross state product (GSP) was $3.0 trillion ($76,000 per capita), the largest in the United States.
California is responsible for 1/7 of the United States’ approximate $20 trillion gross domestic product (GDP). California’s nominal GDP is larger than all but 4 countries (the United States, China, Japan and Germany). In terms of Purchasing Power Parity, it is larger than all but 8 countries (the United States, China, India, Japan, Germany, Russia, Brazil and Indonesia).
- Population: 5,695,564 (2018 estimate)
- Capital: Denver
- Major Cities: Colorado Springs, Lakewood and Aurora
Colorado has significant hydrocarbon resources. According to the Energy Information Administration, Colorado hosts seven of the Nation’s 100 largest natural gas fields, and two of its 100 largest oil fields. Conventional and unconventional natural gas output from several Colorado basins typically account for more than 5 percent of annual U.S. natural gas production.
Colorado’s oil shale deposits hold an estimated 1 trillion barrels (160 km3) of oil—nearly as much oil as the entire world’s proven oil reserves; the economic viability of the oil shale, however, has not been demonstrated.
CNBC’s list of “Top States for Business for 2010” has recognized Colorado as the third-best state in the nation, falling short to only Texas and Virginia. Median Annual Household Income in 2016 was $70,666, 8th in the nation. Per capita personal income in 2010 was $51,940, ranking Colorado 11th in the nation. This is indeed one of the reasons why an investor should consider investing in Colorado.
- Population: 3,572,665 (2018 estimate)
- Capital: Hartford
- Major Cities: Bridgeport, New Haven and Stamford
Finance and insurance is Connecticut’s largest industry, according to the U.S. Census Bureau, generating 16.4 percent of gross domestic product (GDP) in 2009. Major financial industry employers include The Hartford, Travelers, Cigna, Aetna, Mass Mutual, People’s United Financial, Royal Bank of Scotland, UBS Bridgewater Associates, and GE Capital.
Separately, the real estate industry accounted for an additional 15 percent of economic activity in 2009, with major employers including Realogy and William Raveis Real Estate. The total gross state product for 2012 was $229.3 billion, up from $225.4 billion in 2011. Connecticut’s per capita personal income in 2013 was estimated at $60,847, the highest of any state.
According to a 2013 study by Phoenix Marketing International, Connecticut had the third-largest number of millionaires per capita in the United States, with a ratio of 7.32 percent. This is indeed one of the reasons why an investor should consider investing in Connecticut.
- Population: 967,171 (2018 estimate)
- Capital: Dover
- Major Cities: Wilmington, Delaware City and Harrington
The financial services industry is of course the most thriving industry in Delaware. The banking sector with banks like Bank of America, M&T Bank, JPMorgan Chase, Citigroup, and Deutsche Bank lead the park.
One of the reasons why an investor should consider investing in Delaware is because, according to a 2013 study by Phoenix Marketing International, Delaware had the ninth-largest number of millionaires per capita in the United States, with a ratio of 6.20 percent. More than 50 percent of all U.S. publicly traded companies and 63 percent of the Fortune 500 are incorporated in Delaware.
The state’s attractiveness as a corporate haven is largely because of its business-friendly corporation law. In Delaware, there are more than a million registered corporations, meaning there are more corporations than people. This is indeed one of the reasons why an investor should consider investing in Delaware.
- Major Cities:
- Population: 21,299,325 (2018 estimate)
- Capital: Tallahassee
- Major Cities: Jacksonville, Miami and Orlando
The five largest sectors of employment in Florida are: trade, transportation, and utilities; government; professional and business services; education and health services; and leisure and hospitality. In output, the five largest sectors are: finance, insurance, real estate, rental, and leasing, followed by professional and business services; government and government enterprises; educational services, health care, and social assistance; and retail trade.
One of the major reasons why an investor should consider investing in Florida is the fact that the economy ranks among the largest in the world. As of 2018, the gross state product (GSP) is about $1.0 trillion, the fourth largest economy in the United States. Florida is responsible for 5.0 percent of the United States’ approximate $20.9 trillion gross domestic product (GDP). As of 2018, Florida’s nominal GDP is larger than all but 15 countries.
- Population: 10,519,475 (est. 2018)
- Capital: Atlanta
- Major Cities: Augusta, Columbus, Macon, and Savannah
The Aviation industry is the most thriving industry in Georgia. Hartsfield-Jackson Atlanta International Airport, the world’s busiest airport as measured by both passenger traffic and aircraft traffic, is located in Georgia. Also, the Port of Savannah is the fourth largest seaport and fastest-growing container seaport in North America, importing and exporting a total of 2.3 million TEUs per year.
Georgia’s 2018 total gross state product was $602 billion. For years, Georgia as a state has had the highest credit rating by Standard & Poor’s (AAA) and is one of only 15 states with a AAA rating. If Georgia were a stand-alone country, it would be the 28th largest economy in the world, based on data from 2005. This is indeed one of the reasons why an investor should consider investing in Georgia.
- Population: 1,420,491 (2018 estimate)
- Capital: Honolulu
- Major Cities: Hilo; Kāneʻohe; Kailua; Pearl City; Waipahu; Kahului; Kailua-Kona. Kīhei; and Līhuʻe.
Since statehood in 1959, tourism has been the largest industry, contributing 24.3 percent of the gross state product (GSP) in 1997, despite efforts to diversify. Tourism is an important part of the Hawaiian economy. In 2003, according to state government data, there were over 6.4 million visitors, with expenditures of over $10 billion, to the Hawaiian Islands.
The state’s gross output for 2003 was US$47 billion; per capita income for Hawaii residents in 2014 was US$54,516. According to a 2013 study by Phoenix Marketing International, Hawaii had the fourth-largest number of millionaires per capita in the United States, with a ratio of 7.2 percent. This is indeed one of the reasons why an investor should consider investing in Hawaii.
- Population: 1,754,208 (2018 estimate)
- Capital: Boise
- Major Cities: Meridian, Nampa and Idaho Falls
Idaho is an important agricultural state, producing nearly one-third of the potatoes grown in the United States. All three varieties of wheat, dark northern spring, hard red, and soft white are grown in the state. Nez Perce County is considered a premier soft white growing locale.
Today, Idaho’s largest industry is the science and technology sector. It accounts for over 25 percent of the state’s revenue and over 70 percent of the state’s exports. Idaho’s industrial economy is growing, with high-tech products leading the way.
In 2014, Idaho emerged as the second most small business friendly state, ranking behind Utah, based on a study drawing upon data from over 12,000 small business owners. This is indeed one of the reasons why an investor should consider investing in Idaho.
- Population: 12,741,080 (2018 estimate)
- Capital: Springfield
- Major Cities: Chicago, Aurora and Joliet
Illinois is one of the nation’s manufacturing leaders, boasting annual value added productivity by manufacturing of over $107 billion in 2006. As of 2011, Illinois is ranked as the 4th-most productive manufacturing state in the country, behind California, Texas, and Ohio.
The dollar gross state product for Illinois was estimated to be US$880 billion in 2018. The state’s 2018 per capita gross state product was estimated to be around $70,000, and its per capita personal income was estimated to be US$41,411 in 2009. This is indeed one of the reasons why an investor should consider investing in Illinois.
- Population: 6,691,878 (2018 estimate)
- Capital: Indianapolis
- Major Cities: Evansville, Fort Wayne and Jeffersonville
A high percentage of Indiana’s income is from manufacturing. According to the Bureau of Labor Statistics, nearly 17 percent of the state’s non-farm workforce is employed in manufacturing, the highest of any state in the U.S. The state’s five leading exports were motor vehicles and auto parts, pharmaceutical products, industrial machinery, optical and medical equipment, and electric machinery.
In 2016, Indiana was home to seven Fortune 500 companies with a combined $142.5 billion in revenue. Columbus-based Cummins, Inc., Indianapolis-based Eli Lilly and Company and Simon Property Group were recognized in Fortune publication’s “2017 World’s Most Admired Companies List,” ranking in each of their respective industries. This is indeed one of the reasons why an investor should consider investing in Indiana.
- Population: 3,156,145 (2018 estimate)
- Capital: Des Moines
- Major Cities: Omaha, Davenport and Sioux City
While Iowa is often viewed as a farming state, agriculture is a relatively small portion of the state’s diversified economy, with manufacturing, biotechnology, finance, insurance services, and government services contributing substantially to Iowa’s economy. This economic diversity has helped Iowa weather the late 2000s recession better than most states, with unemployment substantially lower than the rest of the nation.
CNBC’s list of “Top States for Business in 2010” has recognized Iowa as the sixth best state in the nation. Scored in 10 individual categories, Iowa was ranked 1st when it came to the “Cost of Doing Business”; this includes all taxes, utility costs, and other costs associated with doing business.
Iowa was also ranked 10th in “Economy”, 12th in “Business Friendliness”, 16th in “Education”, 17th in both “Cost of Living” and “Quality of Life”, 20th in “Workforce”, 29th in “Technology and Innovation”, 32nd in “Transportation” and the lowest ranking was 36th in “Access to Capital”. This is indeed one of the reasons why an investor should consider investing in Iowa.
- Population: 2,913,123 (2018 estimate)
- Capital: Topeka
- Major Cities: Wichita, Overland Park and Topeka
Nearly 90 percent of Kansas’ land is devoted to agriculture. The state’s agricultural outputs are cattle, sheep, wheat, sorghum, soybeans, cotton, hogs, corn, and salt. As of 2018, there were 59,600 farms in Kansas, 86 (0.14 percent) of which are certified organic farms.
The average farm in the state is about 770 acres (more than a square mile), and in 2016, the average cost of running the farm was $300,000. The Bureau of Economic Analysis estimates that Kansas’s total gross domestic product in 2014 was US$140,964 billion. This is indeed one of the reasons why an investor should consider investing in Kansas.
- Population: 4,454,189 (2018 estimate)
- Capital: Frankfort
- Major Cities: Louisville, Lexington and Bowling Green
Kentucky produces 95 percent of the world’s supply of bourbon whiskey, and the number of barrels of bourbon being aged in Kentucky (more than 5.7 million) exceeds the state’s population. Bourbon has been a growing market – with production of Kentucky bourbon rising 170 percent between 1999 and 2015. In 2019, the state had over 50 distilleries for bourbon production. Kentucky exports reached a record $22.1 billion in 2012, with products and services going to 199 countries.
Kentucky contains two of the twenty U.S. Federal Penitentiaries – USP Big Sandy (in the east in Martin County near Inez) and USP McCreary (in the south in McCreary County in the Daniel Boone National Forest). The total gross state product for 2016 was $197 billion, 28th in the nation. Its per-capita personal income was US$38,926. This is indeed one of the reasons why an investor should consider investing in Kentucky.
- Population: 4,684,333 (2018 estimate)
- Capital: Baton Rouge
- Major Cities: New Orleans, Shreveport and Lafayette
New Orleans, Shreveport, and Baton Rouge are home to a thriving film industry. State financial incentives since 2002 and aggressive promotion have given Louisiana the nickname “Hollywood South”. Because of its distinctive culture within the United States, only Alaska is Louisiana’s rival in popularity as a setting for reality television programs.
One of the reasons why an investor should consider investing in New Orleans is the fact that the total gross state product in 2010 for Louisiana was US$213.6 billion, placing it 24th in the nation. Its per capita personal income is $30,952, ranking 41st in the United States. In 2014, Louisiana was ranked as one of the most small business friendly states, based on a study drawing upon data from over 12,000 small business owners.
- Population: 1,335,907 (2018 estimate)
- Capital: Augusta
- Major Cities: Portland, Lewiston and Bangor
Tourism and outdoor recreation play a major and increasingly important role in Maine’s economy. The state is a popular destination for sport hunting (particularly deer, moose and bear), sport fishing, snowmobiling, skiing, boating, camping and hiking, among other activities.
The Bureau of Economic Analysis estimates that Maine’s total gross state product for 2010 was $52 billion. Its per capita personal income for 2007 was US$33,991, 34th in the nation. This is indeed one of the reasons why an investor should consider investing in Maine.
- Population: 6,052,177 (2018 estimate)
- Capital: Annapolis
- Major Cities: Baltimore, Howard and Montgomery
Maryland is a major center for life sciences research and development. With more than 400 biotechnology companies located there, Maryland is the fourth-largest nexus in this field in the United States. Institutions and government agencies with an interest in research and development located in Maryland include the Johns Hopkins University, the Johns Hopkins Applied Physics Laboratory, more than one campus of the University System of Maryland, Goddard Space Flight Center, etc.
The Bureau of Economic Analysis estimates that Maryland’s gross state product in 2016 was $382.4 billion. According to the U.S. Census Bureau, Maryland households are currently the wealthiest in the country, with a 2013 median household income of $72,483 which puts it ahead of New Jersey and Connecticut, which are second and third respectively. This is indeed one of the reasons why an investor should consider investing in Maryland.
- Population: 6,859,819 (2018 estimate)
- Capital: Boston
- Major Cities: Cambridge, Springfield and Worcester
Sectors vital to the Massachusetts economy include higher education, biotechnology, information technology, finance, health care, tourism, manufacturing, and defense. The Route 128 corridor and Greater Boston continue to be a major center for venture capital investment, and high technology remains an important sector. In recent years, tourism has played an ever-important role in the state’s economy, with Boston and Cape Cod being the leading destinations.
CNBC’s list of “Top States for Business for 2014” has recognized Massachusetts as the 25th-best state in the nation for business, and for the second year in a row the state was ranked by Bloomberg as the most innovative state in America.
According to a 2013 study by Phoenix Marketing International, Massachusetts had the sixth-largest number of millionaires per capita in the United States, with a ratio of 6.73 percent. This is indeed one of the reasons why an investor should consider investing in Massachusetts.
- Population: 9,962,311 (2018 estimate)
- Capital: Lansing
- Major Cities: Detroit, Grand Rapids and Sterling Heights
As of 2002, Michigan ranked fourth in the U.S. in high tech employment with 568,000 high tech workers, which includes 70,000 in the automotive industry. Michigan typically ranks third or fourth in overall Research & development (R&D) expenditures in the United States.
Its research and development, which includes automotive, comprises a higher percentage of the state’s overall gross domestic product than for any other U.S. state. The state is an important source of engineering job opportunities. The domestic auto industry accounts directly and indirectly for one of every ten jobs in the U.S.
One major reason why an investor should consider investing in Michigan is the fact that that the U.S. Bureau of Economic Analysis estimated Michigan’s Q3 2018 gross state product to be $538 billion, ranking 14th out of the 50 states.
- Population: 5,576,606 (2018 estimate)
- Capital: St. Paul
- Major Cities: Minneapolis, Bloomington, Brooklyn Park and Rochester
Although less than one percent of the population is now employed in the agricultural sector, it remains a major part of the state’s economy, ranking sixth in the nation in the value of products sold. The state is the U.S.’s largest producer of sugar beets, sweet corn, and green peas for processing, and farm-raised turkeys.
Minnesota is also a large producer of corn and soybeans, and has the most food cooperatives per capita in the United States. Forestry remains strong, including logging, pulpwood processing and paper production, and forest products manufacturing.
Minnesota’s per capita personal income in 2008 was $42,772, the tenth-highest in the nation. Its three-year median household income from 2002 to 2004 was $55,914, ranking fifth in the U.S. and first among the 36 states not on the Atlantic coast. This is indeed one of the reasons why an investor should consider investing in Minnesota.
- Population: 2,984,100 (2018 estimate)
- Capital: Jackson
- Major Cities: Lena, Hancock and Harrison
In 2012, Mississippi had the sixth largest gambling revenue of any state, with $2.25 billion. The federally recognized Mississippi Band of Choctaw Indians has established a gaming casino on its reservation, which yields revenue to support education and economic development.
Before Hurricane Katrina struck the Gulf Coast, Mississippi was the second-largest gambling state in the Union, after Nevada and ahead of New Jersey. An estimated $500,000 per day in tax revenue was lost following Hurricane Katrina’s severe damage to several coastal casinos in Biloxi in August 2005.
The Bureau of Economic Analysis estimates that Mississippi’s total state product in 2010 was $98 billion. GDP growth was .5 percent in 2015 and is estimated to be 2.4 in 2016 according to Dr. Darrin Webb, the state’s chief economist, who noted it would make two consecutive years of positive growth since the recession. This is indeed one of the reasons why an investor should consider investing in Mississippi.
- Population: 6,113,532 (2018 estimate)
- Capital: Jefferson City
- Major Cities: Kansas City, Springfield and St. Louis
Major industries include aerospace, transportation equipment, food processing, chemicals, printing/publishing, electrical equipment, light manufacturing, financial services and beer. Missouri also has a growing science, agricultural technology and biotechnology field. Monsanto, one of the largest biotech companies in America, is based in St. Louis.
The U.S. Department of Commerce’s Bureau of Economic Analysis estimated Missouri’s 2016 gross state product at $299.1 billion, ranking 22nd among U.S. states. Per capita personal income in 2006 was $32,705, ranking 26th in the nation. This is indeed one of the reasons why an investor should consider investing in Missouri.
- Population: 1,050,493 (2018 estimate)
- Capital: Helena
- Major Cities: Billings, Missoula and Great Falls
Montana is a relative hub of beer microbrewing, ranking third in the nation in number of craft breweries per capita in 2011. Significant industries exist for lumber and mineral extraction; the state’s resources include gold, coal, silver, talc, and vermiculite. Tourism is also important to the economy, with over 10 million visitors a year.
The Bureau of Economic Analysis estimates Montana’s state product in 2014 was $44.3 billion. Per capita personal income in 2014 was $40,601, 35th in the nation. This is indeed one of the reasons why an investor should consider investing in Montana.
- Population: 1,920,076 (2018 estimate)
- Capital: Lincoln
- Major Cities: Omaha, North Platte and Lincoln
Nebraska has a large agriculture sector, and is a major producer of beef, pork, corn (maize), soybeans, and sorghum. Other important economic sectors include freight transport (by rail and truck), manufacturing, telecommunications, information technology, and insurance.
One of the reasons why an investor should look towards investing in Nebraska is that the Bureau of Economic Analysis estimates of Nebraska’s gross state product in 2010 was $89.8 billion. Per capita personal income in 2004 was $31,339, 25th in the nation.
- Population: 2,998,039 (2018 estimate)
- Capital: Carson City
- Major Cities: Las Vegas, Reno, Lake Tahoe, and Laughlin
The economy of Nevada is tied to tourism (especially entertainment and gambling related), mining, and cattle ranching. Nevada’s industrial outputs are tourism, mining, machinery, printing and publishing, food processing, and electric equipment. The Bureau of Economic Analysis estimates Nevada’s total state product in 2018 to be $170 billion.
The Bureau of Economic Analysis estimates Nevada’s total state product in 2018 was $170 billion. The state’s per capita personal income in 2018 was $43,820, ranking 35th in the nation. This is indeed one of the reasons why an investor should consider investing in Nevada.
- Population: 1,342,795 (2018 estimate)
- Capital: Concord
- Major Cities: Manchester, Merrimack and Lebanon
The state’s largest economic sectors in 2018, based on contribution to GDP, are: 15 percent real estate and rental and leasing; 13 percent professional business services; 12 percent manufacturing; 10 percent government and government services; and 9 percent health care and social services.
New Hampshire today has a broad-based and growing economy, with a state GDP growth rate of 2.2 percent in 2018. The Bureau of Economic Analysis estimates that New Hampshire’s total state product in 2018 was $86 billion, ranking 40th in the United States. Median household income in 2017 was $74,801, the fourth highest in the country (including Washington, DC). This is indeed one of the reasons why an investor should consider investing in New Hampshire.
- Population: 9,005,644 (2018 estimate)
- Capital: Trenton
- Major Cities: Newark, East Rutherford and Princeton
New Jersey’s economy is multifaceted, but is centered on the pharmaceutical industry, biotechnology, information technology, the financial industry, chemical development, telecommunications, food processing, electric equipment, printing, publishing, and tourism.
New Jersey’s per capita gross state product in 2008 was $54,699, second in the U.S. and above the national per capita gross domestic product of $46,588. Its per capita income was the third highest in the nation with $51,358. In 2018, New Jersey had the highest number of millionaires per capita in the United States (approximately 9 percent of households), according to a study by Phoenix Marketing International.
The state is ranked second in the nation by the number of places with per capita incomes above national average with 76.4 percent. Nine of New Jersey’s counties are among the 100 wealthiest U.S. counties. This is indeed one of the reasons why an investor should consider investing in New Jersey.
- Population: 2,088,070 (2018 estimate)
- Capital: Santa Fe
- Major Cities: Albuquerque, Rio Rancho, Belen and Raton
Oil and gas production, tourism, and federal government spending are important drivers of the state economy. State government has an elaborate system of tax credits and technical assistance to promote job growth and business investment, especially in new technologies.
New Mexico provides a number of economic incentives to businesses operating in the state, including various types of tax credits and tax exemptions. Most of the incentives are based on job creation. New Mexico law allows governments to provide land, buildings, and infrastructure to businesses to promote job creation.
The state provides financial incentives for film production. This is indeed one of the reasons why an investor should consider investing in New Mexico especially if you are interested in the film production industry.
- Population: 19,849,399 (2018 estimate)
- Capital: Albany
- Major Cities: New York City, Buffalo and Rochester
New York City remains the largest global center for trading in public equity and debt capital markets, driven in part by the size and financial development of the U.S. economy. New York also leads in hedge fund management; private equity; and the monetary volume of mergers and acquisitions.
Several investment banks and investment managers headquartered in Manhattan are important participants in other global financial centers. New York is also the principal commercial banking center of the United States.
New York’s gross state product in 2018 was $1.7 trillion. If New York State were an independent nation, it would rank as the 11th largest economy in the world. Anchored by Wall Street in the Financial District of Lower Manhattan, New York City has been called both the most economically powerful city and the leading financial center of the world. This is indeed one of the reasons why an investor should consider investing in New York.
- Population: 10,273,419 (2018 estimate)
- Capital: Raleigh
- Major Cities: Charlotte, Greensboro and Durham
The state has a very diverse economy because of its great availability of hydroelectric power, its pleasant climate, and its wide variety of soils. North Carolina is the leading U.S. state in production of flue-cured tobacco and sweet potatoes, and comes second in the farming of pigs and hogs, trout, and turkeys. In the three most recent USDA surveys (2002, 2007, 2012), North Carolina also ranked second in the production of Christmas trees.
North Carolina has 15 metropolitan areas, and in 2010 was chosen as the third-best state for business by Forbes Magazine, and the second-best state by Chief Executive Officer Magazine.
Since 2000, there has been a clear division in the economic growth of North Carolina’s urban and rural areas, and North Carolina’s urban areas have enjoyed a prosperous economy with steady job growth, low unemployment, and rising wages. This is why an investor should consider investing in North Carolina.
- Population: 755,393 (2018 estimate)
- Capital: Bismarck
- Major Cities: Fargo, Grand Forks and Minot
Agriculture is North Dakota’s largest industry, although petroleum, food processing, and technology are also major industries. Its growth rate is about 4.1 percent. According to the Bureau of Economic Analysis, the economy of North Dakota had a gross domestic product of $55.180 billion in the second quarter of 2018.
The per capita income was $34,256, when measured from 2013-2017 by the United States Department of Commerce. The three-year median household income from 2013–2017 was $61,285. This is indeed one of the reasons why an investor should consider investing in North Dakota.
- Population: 11,658,609 (2018 estimate)
- Capital: Columbus
- Major Cities: Canton, Mansfield, Wooster, Lima, and Van Wert
The manufacturing and financial activities sectors each compose of 18.3 percent of Ohio’s GDP, making them Ohio’s largest industries by percentage of GDP. Ohio has the third largest manufacturing workforce behind California and Texas. Ohio has the largest bioscience sector in the Midwest, and is a national leader in the “green” economy. Ohio is the largest producer of plastics, rubber, fabricated metals, electrical equipment, and appliances.
In 2010, Ohio was ranked No. 2 in the country for best business climate by Site Selection magazine, based on a business-activity database. The state has also won three consecutive Governor’s Cup awards from the magazine, based on business growth and developments.
The Small Business & Entrepreneurship Council ranked the state No. 10 for best business-friendly tax systems in their Business Tax Index 2009, including a top corporate tax and capital gains rate that were both ranked No. 6 at 1.9 percent. Ohio was ranked No. 11 by the council for best friendly-policy states according to their Small Business Survival Index 2009.
- Population: 3,930,864 (2018 estimate)
- Capital: Oklahoma City
- Major Cities: Tulsa, Norman and Broken Arrow
Oklahoma is host to a diverse range of sectors including aviation, energy, transportation equipment, food processing, electronics, and telecommunications. Oklahoma is an important producer of natural gas, aircraft, and food. The state ranks third in the nation for production of natural gas, is the 27th-most agriculturally productive state, and also ranks 5th in production of wheat.
Four Fortune 500 companies and six Fortune 1000 companies are headquartered in Oklahoma, and it has been rated one of the most business-friendly states in the nation, with the 7th-lowest tax burden in 2007. This is indeed one of the reasons why an investor should consider investing in Oklahoma.
- Population: 4,142,776 (2018 estimate)
- Capital: Salem
- Major Cities: Portland, Eugene and Gresham
Oregon is one of four major world hazelnut growing regions, and produces 95 percent of domestic hazelnuts in the United States. While the history of the wine production in Oregon can be traced to before Prohibition, it became a significant industry beginning in the 1970s. In 2005, Oregon ranked third among U.S. states with 303 wineries.
As of 2015, Oregon ranks as the 17th highest in median household income at $60,834. The gross domestic product (GDP) of Oregon in 2013 was $219.6 billion, a 2.7 percent increase from 2012; Oregon is the 25th wealthiest state by GDP.
In 2003, Oregon was 28th in the U.S. by GDP. The state’s per capita personal income (PCPI) in 2013 was $39,848, a 1.5 percent increase from 2012. Oregon ranks 33rd in the U.S. by PCPI, compared to 31st in 2003. The national PCPI in 2013 was $44,765. These are reasons to invest in Oregon.
- Population: 12,805,537 (2018 estimate)
- Capital: Harrisburg
- Major Cities: Philadelphia, Pittsburgh and Scranton
Philadelphia is home to six Fortune 500 companies, with more located in suburbs like King of Prussia; it is a leader in the financial and insurance industry. One of the good reasons why an investor should consider investing in Pennsylvania is that in 2018, the state total gross state product (GSP) of $803 billion ranks the state 6th in the nation.
If Pennsylvania were an independent country, its economy would rank as the 19th-largest in the world. On a per-capita basis, Pennsylvania’s 2016 per-capita GSP of $50,665 (in chained 2009 dollars) ranks 22nd among the 50 states.
- Population: 1,059,639 (2018 estimate)
- Capital: Providence
- Major Cities: Warwick, Cranston and Pawtucket
Health services are Rhode Island’s largest industry. Second is tourism, supporting 39,000 jobs, with tourism-related sales at $4.56 billion (adjusted to inflation) in the year 2000. The third-largest industry is manufacturing. Its industrial outputs are submarine construction, shipbuilding, costume jewelry, fabricated metal products, electrical equipment, machinery, and boatbuilding. Rhode Island’s agricultural outputs are nursery stock, vegetables, dairy products, and eggs.
The headquarters of Citizens Financial Group is located in Providence, the 14th largest bank in the United States. The Fortune 500 companies CVS Caremark and Textron are based in Woonsocket and Providence, respectively. FM Global, GTECH Corporation, Hasbro, American Power Conversion, Nortek, and Amica Mutual Insurance are all Fortune 1000 companies that are based in Rhode Island.
- Population: 5,024,369 (2018 estimate)
- Capital: Columbia
- Major Cities: Charleston, North Charleston and Mount Pleasant
The services industry is the most thriving industry in South Carolina. The service sector accounts for 83.7 percent of the South Carolina economy. According to the U.S. Bureau of Economic Analysis, South Carolina’s gross state product (GSP) in current dollars was $97 billion in 1997 and $153 billion in 2007.
Its per-capita real gross domestic product (GDP) in chained 2000 dollars was $26,772 in 1997 and $28,894 in 2007; that represents 85 percent of the $31,619 per-capita real GDP for the United States overall in 1997, and 76 percent of the $38,020 for the U.S. This is indeed one of the reasons why an investor should consider investing in South Carolina.
- Population: 869,666 (2018 estimate)
- Capital: Pierre
- Major Cities: Sioux Fall, Rapid City and Aberdeen
The service industry is the largest economic contributor in South Dakota. This sector includes the retail, finance, and health care industries. Citibank, which was the largest bank holding company in the United States at one time, established national banking operations in South Dakota in 1981 to take advantage of favorable banking regulations.
CNBC’s list of “Top States for Business for 2010” recognized South Dakota as the seventh best state in the nation. In July 2011, the state’s unemployment rate was 4.7 percent. This is indeed one of the reasons why an investor should consider investing in South Dakota.
- Population: 6,715,984 (2018 estimate)
- Capital: Nashville
- Major Cities: Memphis, Knoxville and Chattanooga
Tourism contributes billions of dollars every year to the state’s economy and Tennessee is ranked among the Top 10 destinations in the US. In 2014, a record of 100 million people visited the state resulting in $17.7 billion in tourism related spending within the state, an increase of 6.3 percent over 2013; tax revenue from tourism equaled $1.5 billion.
According to the U.S. Bureau of Economic Analysis, in 2011 Tennessee’s real gross state product was $233.997 billion. In 2003, the per capita personal income was $28,641, 36th in the nation, and 91 percent of the national per capita personal income of $31,472. In 2004, the median household income was $38,550, 41st in the nation, and 87 percent of the national median of $44,472. This is indeed one of the reasons why an investor should consider investing in Tennessee.
- Population: 28,304,596 (2018 estimate)
- Capital: Austin
- Major Cities: Houston, San Antonio, and Dallas.
Texas has the most farms and the highest acreage in the United States. The state is ranked No. 1 for revenue generated from total livestock and livestock products. It is ranked No. 2 for total agricultural revenue, behind California.
At $7.4 billion or 56.7 percent of Texas’s annual agricultural cash receipts, beef cattle production represents the largest single segment of Texas agriculture. This is followed by cotton at $1.9 billion (14.6 percent), greenhouse/nursery at $1.5 billion (11.4 percent), broilers at $1.3 billion (10 percent), and dairy products at $947 million (7.3 percent).
As of 2018, Texas had a gross state product (GSP) of $1.8 trillion, the second highest in the U.S. Its GSP is greater than the GDPs of Canada, Russia, South Korea and Spain, which are the world’s 10th-, 11th-, 12th- and 13th-largest economies, respectively.
In 2010, Site Selection Magazine ranked Texas as the most business-friendly state in the nation, in part because of the state’s three-billion-dollar Texas Enterprise Fund. Texas has the joint-highest number of Fortune 500 company headquarters in the United States, along with California.
In 2010, there were 346,000 millionaires in Texas, constituting the second-largest population of millionaires in the nation. Texas’s economy is the fourth-largest of any country subdivision globally, behind England (as part of the UK), California, and Japan’s Kantō region. These are reasons why an investor should consider investing in Texas.
- Population: 3,101,833 (2018 estimate)
- Capital: Salt Lake City
Major industries of Utah include: mining, cattle ranching, salt production, and government services. In eastern Utah petroleum production is a major industry. Near Salt Lake City, petroleum refining is done by a number of oil companies. In central Utah, coal production accounts for much of the mining activity.
According to the 2007 State New Economy Index, Utah is ranked the top state in the nation for Economic Dynamism, determined by “the degree to which state economies are knowledge-based, globalized, entrepreneurial, information technology-driven and innovation-based”. In 2014, Utah was ranked number one in Forbes’ list of “Best States For Business”. This is one of the reasons why an investor should consider investing in Utah.
- Population: 623,657 (2018 estimate)
- Capital: Montpelier
- Major Cities: Burlington, Warren and Brattleboro
An important and growing part of Vermont’s economy is the manufacture and sale of artisan foods, fancy foods, and novelty items trading in part upon the Vermont “brand,” which the state manages and defends. As of 2015, GlobalFoundries was the largest private employer in the state and provides jobs to 3,000 employees at its plant in the village of Essex Junction within Chittenden County.
A 2010 University of Connecticut study reported that Vermont, Rhode Island, and New Hampshire tied as the most costly states in the U.S. for manufacturers.
In 2015, Vermont was ranked by Forbes magazine as the 42nd best state to do business. It was 32nd in 2007, and 30th in 2006. According to the 2010 U.S. Bureau of Economic Analysis report, Vermont’s gross state product (GSP) was $26 billion. This is indeed one of the reasons why an investor should consider investing in Vermont.
- Population: 8,470,020 (2018 estimate)
- Capital: Richmond
- Major Cities: Virginia Beach, Norfolk and Chesapeake
Virginia has the highest concentration of technology workers of any state, and the fourth-highest number of technology workers after California, Texas, and New York. Computer chips became the state’s highest-grossing export in 2006, surpassing its traditional top exports of coal and tobacco combined, reaching a total export value of $717 million in 2015.
One of the reasons why an investor should consider investing in Virginia is the fact that the Gross Domestic Product of Virginia was over $510 billion in 2017. According to the Bureau of Economic Analysis, Virginia had the most counties in the top 100 wealthiest in the United States at sixteen counties based upon median income in 2007.
- Population: 7,405,743 (2018 estimate)
- Capital: Olympia
- Major Cities: Seattle, Spokane and Tacoma
Washington ranks second in the United States in the production of wine, behind only California. By 2006, the state had over 31,000 acres (130 km2) of vineyards, a harvest of 120,000 short tons (109,000 t) of grapes, and exports going to over 40 countries around the world from the state’s 600 wineries.
While there are some viticultural activities in the cooler, wetter western half of the state, the majority (99 percent) of wine grape production takes place in the desert-like eastern half.
A good reason why an investor should consider investing in Washington is the fact that the state has a relatively strong economy, with a total gross state product of $569.449 billion in 2018, placing it 10th in the nation and growing by 5.7 percent per year—the fastest rate in the United States.
- Population: 1,815,857 (2018 estimate)
- Capital: Charleston
- Major Cities:
Tourism contributed $4.27 billion to the state’s economy and employed 44,400 people in 2010, making it one of the state’s largest industries. Many tourists, especially in the eastern mountains, are drawn to the region’s notable opportunities for outdoor recreation.
Morgantown was ranked by Forbes as the #10 best small city in the nation to conduct business in 2010. The net corporate income tax rate is 6.5 percent while business costs are 13 percent below the national average.
The U.S. Bureau of Economic Analysis reported that in 2014, West Virginia’s economy grew twice as fast as the next fastest growing state East of the Mississippi River, ranking third alongside Wyoming and just behind North Dakota and Texas among the fastest growing states in the United States. This is indeed one of the reasons why an investor should consider investing in Wyoming.
- Population: 5,795,483 (2018 estimate)
- Capital: Madison
- Major Cities: Milwaukee, Green Bay and Kenosha
The economy of Wisconsin is driven by manufacturing, agriculture, and health care. The state’s economic output from manufacturing was $48.9 billion in 2008, making it the tenth largest among states in manufacturing. Manufacturing accounts for about 20 percent of the state’s gross domestic product, a proportion that is third among all states.
In 2010, Wisconsin’s gross state product was $248.3 billion, making it 21st among U.S. states. The per capita personal income was $35,239 in 2008. This is indeed one of the reasons why an investor should consider investing in Wisconsin.
- Population: 579,315 (2018 estimate)
- Capital: Cheyenne
- Major Cities: Casper, Laramie and Gillette
The mineral extraction industry and travel and tourism sectors are the main drivers behind Wyoming’s economy. The federal government owns about 50 percent of its landmass, while 6 percent is controlled by the state. Total taxable values of mining production in Wyoming for 2001 was over $6.7 billion.
The tourism industry accounts for over $2 billion in revenue for the state. One good reason why an investor should consider investing in in Wyoming is that, according to the 2012 United States Bureau of Economic Analysis report, Wyoming’s gross state product was $38.4 billion.