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Annual Report 2021

Economy & Results

Ohio's Economy infographic

Strong Leadership Leads to Economic Vibrancy

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.

In 2021

  • 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%.

Awards & Accolades

#1

Most Affordable State (U.S. News)

#1

Manufacturing Workforce in Region (U.S. Bureau Of Labor Statistics)

#2

Cost of Doing Business (CNBC)

#2

Private Weekly Earnings Growth in Region (U.S. Bureau Of Labor Statistics)

#2

Governor's Cup (Site Selection)

#2

5-Year Venture Capital Investment Growth in Region (Pitchbook)

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.

The East and West coasts Come to Ohio

34

New Companies

$388.3M

New Payroll

7,392

Jobs Created

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.

Easily Accessible Location

  • 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.
Maps

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.

2021 Results & Future Themes

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.

Year-Over-Year Statistics

JobsOhio Metrics2021202020192018
Total Projects414307306266
New Jobs29,10419,02122,77027,071
New Jobs Payroll$1.6 Billion$1 Billion$1.2 Billion$1.3 Billion
Retained Jobs75,41639,20852,54269,905
Retained Jobs Payroll$4.5 Billion$2.4 Billion$3.2 Billion$4.2 Billion
Capital Investment$6.9 Billion$7.8 Billion$7 Billion$9.6 Billion

2021 Targeted Industry Results

IndustriesWon ProjectsJobs CreatedCapital Investment ($M)
Logistics & Distribution357,573$962
Advanced Manufacturing1785,819$1,911
Information Technology413,898$1,159
Health Care152,725$852
Food & Agribusiness372,593$1,408
Financial Services172,578$35
Automotive311,473$353
Energy & Chemicals15427$115
Aerospace & Aviation7405$19
Military & Federal7394$54
Other*311,219$62
41429,104$6,930

JobsOhio Targeted Industries are Resilient and Growing

Targeted SectorKey Themes For The Future
Logistics & DistributionE-Commerce, Omni-Channel Distribution, Data Driven Supply Chains
Advanced ManufacturingAdditive/3D Printing, Advanced Materials, Automation/Robotics, Onshoring
Information TechnologyCloud Computing, Data Analytics, Digital Transformation, Cybersecurity
Health CareCutting Edge R&D, Gene Therapy Centers of Excellence, PPE Leadership
Food & AgribusinessComplete Ground-to-consumer Value Chain, Cold Storage
Financial ServicesFinTech, InsurTech, Cost Efficiencies
AutomotiveSmart Mobility, Electrification, Lightweighting
Energy & ChemicalsLeverage World's Lowest Natural Gas Prices, Improved Pipeline Infrastructure
Aerospace & AviationOEM Supply Chains Recovering, eVTOL
Military & FederalSurge in Federal Investment, Advanced Air Mobility Initiatives
Strategic Initiatives
Innovation
Learn More

Guide to Supporting Ohio’s Economic Development

2022 JobsOhio Competitiveness Deck

Download
Ohio pattern

Financials

Statement of Net Position (Unaudited)

Assets12.31.202112.31.2020
Current Assets (Dollars in Thousands)
Cash and Cash Equivalents - Unrestricted - JOBS$15,251$29,509
Cash and Cash Equivalents - Unrestricted - JobsOhio$85,913$83,154
Cash and Cash Equivalents - Restricted - JOBS$212,288$196,762
Cash and Cash Equivalents - Restricted - JobsOhio$10,000$0
Investments at fair value - JobsOhio$732,921$716,806
Inventory - JOBS$91,300$87,913
Loans - current portion - JobsOhio$10,315$9,709
Accounts receivable - JOBS$1,999$1,836
Accounts receivable - JobsOhio$6,246$13,609
Prepaid expenses - JOBS$1,570$1,361
Prepaid expenses - JobsOhio$2,150$3,728
Total Current Assets$1,169,953$1,144,387
Long-Term Assets (Dollars in Thousands)12.31.202112.31.2020
Accounts receivable - long-term - JOBS$58,849$58,293
Loans, net of loss allowance - JobsOhio$121,632$128,701
Other long-term investments - JobsOhio$34,428$7,489
Capital assets, net of accumulated depreciation - JOBS$9,427$4,130
Capital assets, net of accumulated depreciation - JobsOhio$2,769$1,993
Intangible asset - liquor franchise, net of amortization - JOBS$887,751$942,948
Intangible asset - trademark, net of amortization - JOBS$6$5
Intangible asset - trademark, net of amortization - JobsOhio$34$10
Total Long-Term Assets$1,114,896$1,143,569
Total Assets$2,284,849$2,287,956
Deferred Outflow of Resources12.31.202112.31.2020
Deferred outflow on bond defeasance - JOBS$11,632$23,264
Total Deferred Outflow of Resources$11,632$23,264
Current Liabilities (Dollars in Thousands)12.31.202112.31.2020
Accounts payable - JOBS$18,531$16,690
Accounts payable - JobsOhio$6,579$3,863
Accrued liabilities - JOBS$116,773$103,376
Accrued liabilities - JobsOhio$261,055$179,885
Special obligation bonds payable - current portion - JOBS$52,460$51,880
Bond interest payable - JOBS$22,969$23,751
Community bank loan guarantee - current portion - JobsOhio$487$487
Capital Lease Payable - Current portion - JobsOhio$25$23
Total Current Liabilities$478,879$379,955
Long-Term Liabilities (Dollars in Thousands)12.31.202112.31.2020
Special Obligation Bonds Payable - JOBS$1,186,977$1,252,864
Accrued Liabilities - JobsOhio$20,000-
Community Bank Loan Guarantee - JobsOhio$487$487
Port Authority Bond Reserve - JobsOhio$159-
Capital Lease Payable - JobsOhio$39$59
Total Long-Term Liabilities$1,207,662$1,253,410
Total Liabilities$1,686,541$1,633,365
Net Position (Dollars in Thousands)12.31.202112.31.2020
Net Investment in Capital Assets - JOBS$9,427$4,130
Net Investment in Capital Assets - JobsOhio$2,769$1,993
Unrestricted - JOBS($118,616)($106,670)
Unrestricted - JobsOhio$716,360$778,402
Total Net Position$609,940$677,855

Statement of Revenues, Expenses, and Changes in Net Position (Unaudited)

Twelve months ended Twelve months ended 
Operating Revenues 12.31.202112.31.2020 
JOBS (Dollars in Thousands)
Retail net liquor sales$1,353,284$1,341,587
Wholesale net liquor sales$373,514$232,529
Less: wholesale rebates-(4,425)
Distribution center revenue$9,039$8,541
JobsOhio (Dollars in Thousands)12.31.202112.31.2020
Interest Income - loans$4,892$3,074
Fees and other$711$331
Total Operating Revenues$1,741,440$1,581,637
Operating Expenses12.31.202112.31.2020
JOBS (Dollars in Thousands)
Costs of goods sold$1,015,877$923,913
Sales commissions$107,631$105,073
Liquor gallonage taxes$58,497$56,473
Amortization of intangible asset - liquor franchise$55,197$55,197
Service fees$17,514$16,187
Supplemental Payment$137,593$90,685
Other$25,284$13,081
Twelve months ended Twelve months ended 
Operating Expenses12.31.202112.31.2020
JobsOhio (Dollars in Thousands)
Economic development programs $271,376$224,275
Salaries and benefits$20,506$17,304
Professional services$14,615$13,690
Administrative and support$7,726$6,141
Marketing$43,876$12,927
Total Operating Expenses$1,775,692$1,534,946
Operating Income (loss)($34,252)$46,691
Nonoperating Revenues (Expenses) (Dollars in Thousands)12.31.202112.31.2020
Bond interest, net - JOBS($44,144)($44,735)
Investment income - JobsOhio$10,461$22,155
Other, net - JOBS$20($1,298)
Total nonoperating revenues (expenses)($33,663)($23,878)
Change in net position($67,915)$22,813
Net position, beginning of period$677,855$655,042
Net Position, End of Period$609,940$677,855
Report Conclusion