Ohio’s Economy
As a result of economic development success, Ohio is on a roll.
The Big Picture
JobsOhio works closely with state, regional, and local leaders coordinating Ohio’s economic development activity, and as a result, Ohio is smashing records. Ohio is one of three states nationally that has increased economic diversity ten years in a row.
IN 2022
- Ohio gained over 83,000 private jobs, continuing positive momentum.
- Average unemployment for the year reached 4.0%, the lowest average for all years in the last decade.
- Ohio saw 179,636 new business filings — the second highest in state history.
- Ohio’s Foreign Direct Investment projects brought in a record number of jobs - 7,575 total.
Ohio’s economy continues to rank highly.
#2
Automotive Manufacturing in the U.S. (Business Facilities Magazine)
#2
Top State to Do Business: Infrastructure (CNBC)
#3
Top State to Do Business: Access to Capital (CNBC)
#4
Top State to Do Business: Cost of Doing Business (CNBC)
#6
Business Climate (Site Selection)
#8
Most Diversified Economy in the U.S. (Moody's Analytics)
The Bottom Line
Businesses are leaving the coasts to reduce costs, improve efficiencies, and pursue long-term returns in Ohio.
Coastal states have historically been ideal for entrepreneurs. However, these once sought-after areas are losing their appeal. Companies are looking to reset supply chains and rebuild inventory amid continuing global disruptions. Plus, high tax rates, housing costs, and strict regulations have made it challenging to live, work, and do business there. Companies from around the country are now taking a hard look at moving to Ohio. The fundamentals are solid — think overall business climate, favorable tax situation, pro-business regulatory environment, and a workforce that is skilled and plentiful. But it’s not just a bottom-line decision. Companies and their employees locate in Ohio because of a lower cost of living and a higher quality of life. This trend is expected to continue in the coming years as Ohio positions itself at the epicenter of multiple key industries.
Some of The Companies Moving to Ohio
All of the growth we’ve seen since 2019.
48
New Companies
$1.08B
New Payroll
$24.68B
Capital Investment
60
Projects
13,597
New Jobs