Time and again Ohio is listed near the top of business-friendly states by key publications, which is why the Tax Foundation’s relatively low ranking for Ohio for 2021 stands out in stark contrast. By taking a closer look at the criteria and the weighted factors in the Tax Foundation’s methodology, some light is shed on the potential flaws in their analysis.
Ohio’s tax policy is about results, not philosophies and Ohio has made great strides in creating a pro-business climate and tax structure.
Rankings continue to support why Ohio is a great state for business. While there are different and varied factors that contribute to each ranking, there are consistencies that support why Ohio is higher on lists than it has been in previous years. Matt Waldo explores the areas where Ohio has improved as well as where Ohio’s opportunities remain.
Ohio’s unique set of assets help it stand out when companies seek to relocate or expand in the state.
Since the early 2000s, a significant shift has occurred in pulling VC funding away from the West Coast. Where is the funding going? It’s heading to the Midwest, and Ohio is leading the way. Ohio is earning national attention for its thriving and continuously growing startup environment.
JobsOhio leverages the findings of the McKinsey & Company independent performance assessment to set goals. By employing sound strategies and taking smart, calculated risks, JobsOhio and its economic development partners across the state are striving to better serve companies and Ohio.
Each year, JobsOhio takes the time to reflect on its current performance in order to build future capability. In 2018, JobsOhio had its best year yet for performance. JobsOhio had many wins and opportunities made for Ohio. Yet it also had some losses and learned from them.
During the creation of JobsOhio, a business-minded approach was taken to prioritize how the organization would work for the benefit of the state. By focusing on multiple industries, JobsOhio’s efforts have helped to strengthen Ohio’s economy and make it more resilient.
Ohio’s tax climate is extremely favorable to businesses, especially smaller businesses and it is better to do what will have proven positive results rather than make assumptions. The success of businesses in Ohio is evidence that Ohio’s tax system is working.
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