|
|
| Montanaxl » Montana Cities » Economy of Montana |
|
Economy of Montana |
|
|
|
Over the years the economy of Montana has developed. The main reason for this development is the fact that it has been receptive to various kinds of changes. There are various new ideas that have come up which has been accepted both by the government of Montana as well as by the people of Montana. All these has led to the progressions of the economy of Montana.
The main factor on which the economy of Montana is based is agriculture. The various important items of agriculture includes barley, wheat, oats, sugar beets, seed potatoes, rye, cherries, and honey. Other than this, sheep ranching and cattle also forms important part of the economy of Montana. Minerals also form important part of the economy of Montana.
|
|
Coal, gold, silver, vermiculite as well as talc are important minerals extracted from Montana. Tourism also plays an important role in the economy of Montana. There are various tourist spots which has generated interests among the people. So people from various parts of the world visit Montana. There are a large number of hotels and restaurants which helps to accommodate the tourists. This all in turn helps to gain revenue for the country.
The organization which does all the research work in this field is the Bureau of Economic Analysis. According to the analysis of this organization, the Gross Domestic Product of Montana is $26 billion. The per capita personal income of Montana in the year 2005 was $29,387. The state has also ranked 39th in the nation in terms of average per capita personal income.
One of the important part of economy of Montana is the income tax. Income tax plays an important role in earning of revenue. There are 7 tax brackets in Montana. But Montana does not levy any sales tax on goods. The houses are also exempted from the property taxes. Property taxes are generally levied on farm machinery, livestocks, automobiles, heavy equipments, trucks, business equipments and other items.
|
|
|
|
|
|
