Economy/Cost of Living
Industry
Snapshot | Education
Recreation &
Entertainment | Transportation | Geography
& Climate
History | Suggested Reading
List
Over 5.8 million people help to make Missouri the 18th most populous state in the U.S. The largest
cities in the Show Me State are Kansas City, with
a population of over 444,000; Saint Louis,
with a population of over 344,000; Springfield;
Independence; Columbia; and Saint
Joseph. Missouri prides itself on its diverse economy, which relies principally on industry but
includes many other resources.
The Show Me State offers several important agricultural products from its nearly 100,000 farms.
Among these are cattle, dairy products, hogs, sorghum, soybeans, corn, hay, oats, barley, tobacco,
rice, wheat, poultry, and eggs. Missouri also shows promise in its emerging wine industry.
Missouri boasts considerable mineral wealth. The state leads the world in lead production.
Additionally, coal, zinc, limestone, barite, silica, clay, and Carthage marble round out the top
mineral resources. Timber contributes as another vital natural resource.
Tourism has emerged as an important asset to Missouri’s economy. The Show Me State has plenty to
show for those seeking relaxation in resorts, enjoying the beauty of the Ozarks, visiting the country
music hub Branson, and taking advantage of the state’s several lakes. Additionally, metropolitan hubs
St. Louis and Kansas City provide major urban attractions with distinctly different flavors of East and
West cities.
Industry comprises much of Missouri’s economic wealth. Missouri relies upon the production of
transportation equipment, aerospace technology, electrical equipment, metals manufacturing, chemicals,
manufacture of vending machines, food processing, and beer and beverage production. With its
considerable resources for education, incubators, and industry organizations, Missouri shines as a
Midwestern hub in the biotechnology and life science industry.
In 2005 Missouri had a per capita personal income (PCPI) of $31,231. The 1995-2005 average annual
growth rate of PCPI was 3.8 percent. The average annual growth rate for the nation was 4.1 percent.
Missouri has a homeownership rate of 72.3 percent and an annual unemployment rate of 4.8 percent. The
median family income in 2005 was $41,974 and the cost of living index for key cities in the state
ranks above the national average with Boston and Worcester at 182. Missouri has a 6% personal income
tax at the highest tax bracket and a 4.225% sales tax, with prescription drugs exempt, and a food tax
of 1.225%. Missouri’s overall cost of living is slightly below the national average.
Related Resources:
|
