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Economy - overview:
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The 2003 total gross state product was $132 billion. The per capita income for the state was $26,505 in 2003. Alabama's agricultural outputs include poultry and eggs, cattle, plant nursery items, peanuts, cotton, grains such as corn and sorghum, vegetables, milk, soybeans, and peaches. Although known as "The Cotton State", Alabama ranks in the top ten in national cotton production.
Alabama's quarter depicting famous resident Helen Keller along with the longleaf pine branch and Magnolia blossoms from the 50 State Quarters program. Alabama's industrial outputs include iron and steel products (including cast-iron and steel pipe); paper, lumber, and wood products; mining (mostly coal); plastic products; cars and trucks; and apparel. Also, Alabama produces aerospace and electronic products, mostly in the Huntsville area, which is home of the NASA George C. Marshall Space Flight Center and the US Army Missile Command, headquartered at Redstone Arsenal.
Also, the city of Mobile is a busy seaport on the Gulf of Mexico, and with inland waterway access to the Midwest via the Tennessee-Tombigbee Waterway.
Alabama levies a 2, 4 or 5 percent personal income tax, depending upon the amount earned and filing status. The state's sales general tax rate is 4 percent. The collection rate could be substantially higher, depending upon additional city and county sales taxes. The corporate income tax rate is currently 6.5%.
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