The economy of the state of Indiana is reflected in its gross state product in 2017 of 359 billion US dollars and revenue per capital of 44,165 US dollars.
A high percentage of Indiana’s income comes from manufacturing. Indiana has been the largest steelmaking state in the U.S. since 1975, with the Calumet region in northwest Indiana being the largest single steelmaking region in the U.S. accounting for 27% of all U.S. steel production. Indiana is also the second largest auto manufacturing state. Other Indiana activities include pharmaceutical and medical devices, automobiles, electrical equipment, transportation equipment, chemical products, rubber, petroleum and coal products, and factory machinery.
Since the early 1990s, Indiana has displaced its economy from heavy industry to services (such as banking, insurance, healthcare, education, financial services, information technology) and high-tech manufacturing. Manufacturing employed 516,000 workers in 2016, up from 696,000 in 2000 and almost 750,000 in 1969, but up from 424,000 in 2009 in the depths of the Great Recession. Heavy industry, such as oil and steel, still threatens a significant part of the GPR of the states, but other industries, such as electrical goods, medical equipment and pharmaceuticals, have also grown recently. However, the rate increase in Indiana has lagged behind other states, and Indiana has fallen from 20th in personal income during the 1960s to 39th in 2017.