Ohio Moves Up to #12 in CNBC’s America’s Top States for Business Report
Published: Thu Jul 13 2023
The State of Ohio successfully accelerated its strong economic momentum, business attraction, and innovative economic development investments to earn an overall rank of #12 in CNBC’s “Top States for Business 2023” study of state competitiveness in the battle for business and jobs. JobsOhio’s record-setting year of project wins, workforce readiness, and inclusive development initiatives helped reinforce Ohio’s compelling growth opportunities and move the state firmly into the elite ranks of the “Top States for Business.”
CNBC’s 2023 report evaluated all 50 states on 86 metrics across 10 broad categories of competitiveness. Ohio ranked #3 for Cost of Living, #4 for Cost of Doing Business, #6 for Infrastructure, and #5 for Access to Capital.
"Ohio’s jump in state rankings is a testament to our pro-business policies and strategic investments in Ohio’s workforce, innovation hubs, housing, and education,” said Governor Mike DeWine. "Ohio is not just on the move, we're at the forefront of economic opportunities. This momentum will be accelerated by the two-year state budget bill I just signed, which includes $3 billion in income tax cuts and phases out the CAT tax on most businesses. As we continue to implement sound fiscal strategies and business-friendly policies, we will further solidify Ohio’s position as a premier place for businesses to thrive."
In the past year, Ohio secured the #2 ranking nationally for megaprojects, demonstrating the state’s ability to attract and retain large-scale investments. The state’s $86B biennial state operating budget has been strategically designed to attract, retain, and upskill talent, obtain more sites for projects, and invest more broadly in innovation, underscoring Ohio’s commitment to growth and competitiveness.
“Ohio has come a long way over the past few decades, and now we are one of the best states in the country to do business,” said Ohio Lt. Governor Jon Husted. “There are no surprises in the report. We are an affordable place to live and do business, but as I have said many times, our biggest challenge will be supplying an educated and skilled workforce to meet the needs of our growing economy.”
Ohio garnered 296 total projects in this past year, four of which are megaprojects. These project wins will bring a record-shattering $31.56 billion in new capital investment to the state and are expected to generate more than 26,000 high-paying, highly sought-after jobs. The achievements of 2022 have been further amplified in 2023. Amazon recently announced plans to invest $7.8 billion to build data center operations in central Ohio. This megaproject investment by Amazon closely follows Intel's record-setting $20 billion commitment from last year to build two advanced semiconductor factories in New Albany.
“JobsOhio exists to empower world-class corporations, entrepreneurs, and talented individuals to build their businesses and careers in Ohio,” said J.P. Nauseef, president and CEO of JobsOhio. “Our advocacy and investments in partnership with the State enable sustainable economic growth and a better quality of life for all Ohioans through the power and dignity of work.”
“Ohio is a state that thinks ahead,” Mr. Nauseef added. “We developed a 5-year Strategic Plan of investment and engagement in 2018 that continues to yield the positive results Ohioans deserve, and we are committed to keeping the wins coming!”
The JobsOhio Strategic Plan includes four principal pillars:
- JobsOhio’s Talent and Workforce Strategy combines forward-thinking talent attraction, growth, retention, and support to empower world-class corporations, entrepreneurs, and individuals to build successful businesses and careers in Ohio.
- JobsOhio’s Site Strategy leverages its extensive network of utility providers, brokers, permitting agencies, and economic development professionals to meet each business’s real estate and project needs, all while maintaining confidentiality for prospective organizations.
- JobsOhio’s Innovation Strategy includes Research and Development Center Grants, Growth Capital, and three major Innovation Districts in Cincinnati, Cleveland and Columbus designed to catalyze the work of Ohio’s leading academic and healthcare institutions and create a sustainable hub of ideas, infrastructure, and talent.
- JobsOhio’s Inclusion Strategy ensures that Ohio’s smaller and mid-sized cities can compete while exhibiting their unique cultures and attractions. By driving investment and job creation into distressed areas, residents can explore new opportunities and communities can realize their full potential.
For details on the CNBC Top States for Business in 2023 study, visit this link.
To review JobsOhio’s 2022 Annual Report and 2023 Strategic Plan, visit this link.