Business Climate

A Business Friendly Approach

Ohio is the birthplace of some of the world’s greatest inventions – the airplane, the lightbulb, the traffic light and even Superman. Today, as the country rebounds from an unprecedented crisis, Ohio continues to benefit from that innovative spirit in addition to the decisive interventions that helped to mitigate the impact on our state’s businesses and the economy.

Ohio offers a welcoming business climate that attracts global investment and fosters growth in businesses large and small. Ohio’s simplified tax structure, central location, and affordable cost of doing business are catalysts for economic diversification and prosperity.

Fast Facts

• With a Gross State Product (GSP) of $675 billion in 2020, Ohio is the 7th largest economy in the U.S., and ranks 3rd in manufacturing gross domestic product
• Ohio’s economy is ranked 21st worldwide
• In 2020, 171,073 new businesses were created in Ohio, compared to just 80,273 in 2010
• JobsOhio sector real GDP growth is 30.4 percent from 2010-2019, more than the Region (19.2 percent) and the country (28 percent)
• The state’s Common Sense Initiative has created a jobs-friendly regulatory environment
• Accelerated environmental permitting process takes 180 days or less
• Ohio has enjoyed stable ratings from Moody’s, S&P, and Fitch of Aa1/AA+/AA+ for more than 20 years
• Ohio ranks No. 10 in CNBC's 2021 America’s Top States for Business; No. 2 in cost of doing business, and No. 7 in access to capital