FHA Loans in Indiana
About This State and its People, Places, and Industries
Indiana is a U.S. state, the 19th admitted to the Union. It is located in the Great Lakes Region, and with approximately 6.3 million residents, is ranked 16th in population and 17th in population density. Indiana is ranked 38th in land area, and is the smallest state in the continental US west of the Appalachian Mountains. Its capital and largest city is Indianapolis, the largest of any state capital east of the Mississippi River.Indiana has several metropolitan areas with populations greater than 100,000 as well as a number of smaller industrial cities and small towns. It is home to several major sports teams and athletic events including the NFL's Indianapolis Colts, the NBA's Indiana Pacers, the Indianapolis 500 motorsports race (which is the largest single-day sporting event in the world). Residents of Indiana are known as Hoosiers, but the origin of the term is unknown. Many explanations are given, including the humorous ones of James Whitcomb Riley stating that Indiana pioneers would yell out "Who's there?" in the wilderness or "Whose ear?" after a brawl. The state's name means "Land of the Indians", or simply "Indian Land". This name dates back to at least the 1760s and was first used by Congress when the Indiana Territory was incorporated in 1800, before which it had been part of the Northwest Territory.
Prior to this, Indiana had been inhabited by varying cultures of indigenous peoples and historic American Indians for thousands of years. Angel Mounds State Historic Site, one of the best preserved ancient earthwork mounds sites in the United States, can be found in Southwestern Indiana near Evansville.
In 2000, Indiana had a work force of 3,084,100. The total gross state product in 2005 was US$214 billion in 2000 chained dollars. Indiana's per capita income, as of 2005, was US$31,150. A high percentage of Indiana's income is from manufacturing. The Calumet region of northwest Indiana is the largest steel producing area in the U.S. Indiana's other manufactures include pharmaceuticals and medical devices, automobiles, electrical equipment, transportation equipment, chemical products, rubber, petroleum and coal products, and factory machinery.
Despite its reliance on manufacturing, Indiana has been much less affected by declines in traditional Rust Belt manufactures than many of its neighbors. The explanation appears to be certain factors in the labor market. First, much of the heavy manufacturing, such as industrial machinery and steel, requires highly skilled labor, and firms are often willing to locate where hard-to-train skills already exist. Second, Indiana's labor force is located primarily in medium-sized and smaller cities rather than in very large and expensive metropolises. This makes it possible for firms to offer somewhat lower wages for these skills than would normally be paid. Firms often see in Indiana a chance to obtain higher than average skills at lower than average wages.
Indiana is home to the international headquarters of pharmaceutical company Eli Lilly in Indianapolis, the state's largest corporation, as well as the world headquarters of Mead Johnson Nutritionals in Evansville Overall, Indiana ranks fifth among all U.S. states in total sales and shipments of pharmaceutical products and second highest in the number of biopharmaceutical related jobs.
Indiana is located within the U.S. Corn Belt and Grain Belt. The state has a feedlot-style system raising corn to fatten hogs and cattle. Along with corn, soybeans are also a major cash crop. Its proximity to large urban centers, such as Indianapolis and Chicago, assure that dairying, egg production, and specialty horticulture occur. Other crops include melons, tomatoes, grapes, mint, popping corn, and tobacco in the southern counties. Most of the original land was not prairie and had to be cleared of deciduous trees. Many parcels of woodland remain and support a furniture-making sector in the southern portion of the state.
Indiana's economy is considered to be one of the most business-friendly in the U.S. This is due in part to its conservative business climate, low business taxes, relatively low union membership, and labor laws. The doctrine of at-will employment, whereby an employer can terminate an employee for any or no reason, is in force.
Indiana has a flat state income tax rate of 3.4%. Many Indiana counties also collect income tax. The state sales tax rate is 7%. Property taxes are imposed on both real and personal property in Indiana and are administered by the Department of Local Government Finance. Property is subject to taxation by a variety of taxing units (schools, counties, townships, cities and towns, libraries), making the total tax rate the sum of the tax rates imposed by all taxing units in which a property is located. However, a "circuit breaker" law enacted on March 19, 2008 limits property taxes to one percent of assessed value for homeowners, two percent for rental properties and farmland and three percent for businesses.
Indiana has an extensive history with auto racing. Indianapolis hosts the Indianapolis 500 mile race over Memorial Day weekend at the Indianapolis Motor Speedway every May. The name of the race is usually shortened to "Indy 500" and also goes by the nickname "The Greatest Spectacle in Racing." The race attracts over 250,000 people every year making it the largest single day sporting event in the world. The track also hosts the Allstate 400 at the Brickyard (NASCAR) and the Red Bull Indianapolis Grand Prix (MotoGP). From 2000 to 2007, it hosted the United States Grand Prix (Formula One). Indiana is also host to two major unlimited hydroplane racing power boat race circuits in the major H1 Unlimited league: Thunder on the Ohio (Evansville, Indiana) and the Madison Regatta (Madison, Indiana).
Indiana has a rich basketball heritage that reaches back to the formative years of the sport itself. Although James Naismith developed basketball in Springfield, Massachusetts, in 1891, Indiana is where high school basketball was born. In 1925, Naismith visited an Indiana basketball state finals game along with 15,000 screaming fans and later wrote "Basketball really had its origin in Indiana, which remains the center of the sport." The 1986 film Hoosiers is inspired by the story of the 1954 Indiana state champions Milan High School.
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