Economy & Results

Thanks to Ohio’s public sector leadership, our state’s economy continues to thrive.

Ohio’s Economy

Ohio has a generational opportunity to fulfill a vision to become a magnet for the doers and disruptors in business. Ohio is an economic center of excellence at the center of our nation.

• Ohio’s real GDP grew in each quarter of 2021 and has recorded six straight quarters of growth dating back to pre-pandemic levels.
• Ohio added more than 99,000 private sector jobs. This is the most private job growth since 1997.
• Data shows Ohio’s unemployment rate trended downward or held steady for the entire year. At year’s end, the unemployment rate fell to 4.5%.

The New Destination for Companies Expanding From the Coasts

The pandemic sparked a generational opportunity to lure businesses to Ohio from high-tax, high-cost states. For coastal companies, Ohio offers an attractive business climate to scale profitably.

Coastal states have historically been an ideal place for startups, business expansion, and families. These sought-after areas, however, are losing their pull as housing prices increase and crucial industries, like technology hubs, look to expand elsewhere.

Ohio holds onto its midwestern charm. No wonder Ohio ranks second in Forbes’ quality of life metric thanks to low living costs, short commutes, and a plethora of top-rated colleges and cultural and recreational opportunities.

Ohio’s Economy

In Ohio, people don’t have to choose between a successful professional life and a fulfilling personal life. Ohio’s composite cost of living index is lower than the national and regional average, and Ohio ranks #1 in affordability under the U.S. News Opportunity Rankings. Ohio represents the best of what our country has to offer: an unmatched quality of life, diverse communities, and a thriving hub for education, culture, and sports.

• The state is easily accessible to much of the U.S. and Canada, just a one-day drive from 60% of the two countries’ populations.
• Ohio has 10 major rail yards and 13 intermodal terminals — the second-highest number in the U.S. — and has the fifth-largest number of freight railroads in the nation. The state ranks third in total rail miles in the U.S. Ohio has four Class 1 rail-based suppliers: CSX, Norfolk Southern, Canadian Pacific, and Canadian National.
• Ohio has seven commercial air carrier airports and 91 general aviation airports. You can access nearly 75% of the U.S. and Canadian financial services industry within a two-hour flight.
• Ohio has nine commercial ports on Lake Erie and multiple terminals along the Ohio River. It is the only Midwest state with a direct shipping route to Europe.

A Record Setting Year

In 2021, JobsOhio projects and investments reversed pandemic-related job declines. Aggregate employment in JobsOhio’s 10 sectors was fully recovered to pre-pandemic levels. Business activity was strong on all fronts, with the state hitting all-time highs for results like new jobs created and payroll attracted. These targeted sectors are resilient, and we expect to see continued growth over the coming months.

Ohio’s diverse industries drive future investment and job growth. In 2021, JobsOhio continued to focus on 10 target industries with high productivity, wages, and economic impact that represent the strength of our state. After the challenges presented by COVID-19, our targeted sectors were resilient. The 10 sectors made up 36% of Ohio’s gross state product, 28% of its payroll, and 21% of its jobs.