The Bureau of Economic Analysis estimates that Maryland gross state product in 2004 was US$228 billion. According to the U.S. Census Bureaus 2007 American Community Survey released August 28, 2007 Maryland is currently the richest state in the country, with a median household income of $65,144 which puts it ahead of New Jersey and Connecticut, which are second and third respectively. Two of Maryland counties, Howard and Montgomery, are the third and seventh wealthiest counties in the nation respectively. Also, the states poverty rate of 7.8% is the lowest in the country. Per capital personal income in 2006 was US$43,500, 5th in the nation. Average household income in 2002 was US$53,043, also 5th in the nation.
Maryland economic activity is strongly concentrated in the tertiary service sector, and this sector, in turn, is strongly influenced by location. One major service activity is transportation, centered around the Port of Baltimore and its related rail and trucking access. The port ranked 10th in the U.S. by tonnage in 2002 (Source: U.S. Army Corps of Engineers, “Waterborne Commerce Statistics”. Although the port handles a wide variety of products, the most typical imports are raw materials and bulk commodities, such as iron ore, petroleum, sugar, and fertilizers, often distributed to the relatively close manufacturing centers of the inland Midwest via good overland transportation. The port also receives several different brands of imported motor vehicles and is the number two auto port in the U.S.
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