A Business-Friendly Approach Promotes Innovation and Growth in Ohio
Ohio is the birthplace of some of the world’s greatest inventions – the airplane, the lightbulb, the traffic light and even Superman. Today, Ohio combines that innovative spirit with a friendly business environment that attracts global investment and fosters growth. Ohio’s simplified tax structure, central location and affordable cost of doing business are catalysts for ongoing economic diversification and prosperity.
In Ohio, the speed of business is how we do business. Make Ohio home.
- $2.7 billion budget reserve
- 7th largest economy in the U.S., 21st worldwide
- The state’s Common Sense Initiative has created a jobs-friendly regulatory environment
- Accelerated environmental permitting process takes 180 days or less
- No corporate income or profits tax
- No tax on products sold outside of Ohio
- No tax on machinery and equipment investments
- No tax on R&D investments
- Only one state business tax – the Commercial Activity Tax (0.26%)
- From 2012-2017, Ohio cut taxes by $4.9 billion – the largest tax cut by total in the U.S.
|Security and Source of Funds||Fitch Ratings||Moody's||Standard & Poor's|
|General Obligation, General Revenue Funds|
Higher Education, Common Schools, Coal Development, Conservation Projects, Infrastructure Improvement, Job Ready Site Development, Natural Resources, Third Frontier Research and Development, and Veterans Compensation
|General Obligation, Highway User Receipts|
Highway Capital Improvements
|Special Obligation, General Revenue Funds|
Cultural and Sports Capital Facilities, Mental Health Capital Facilities, Parks and Recreation Capital Facilities, State Facilities (Administrative Building Projects, Adult Correctional Building Projects and Juvenile Correctional Building Projects)
|Special Obligation, Highway User Receipts|
State Facilities (Transportation Building Projects and Highway Safety Building Projects)
|Federal Transportation Grants, State Highway Infrastructure/ Grant Anticipation Revenue Vehicle (GARVEE)|
Major New State Infrastructure Project (GARVEE)
|State Credit Enhancement, General Revenue Funds|
Two-year Community and Technical Colleges
Ohio’s economy consists of thriving industries that reflect the Midwest’s industrial leadership and continued innovation. JobsOhio executes strategies around Ohio’s biggest industries and industries showing growth: advanced manufacturing, aerospace and aviation, automotive, energy and chemicals, financial services, food and agribusiness, healthcare, information technology, and logistics and distribution.
Foreign Direct Investment
For international companies seeking access to the U.S. market, Ohio is an advantageous location. Ohio’s welcoming culture, low cost of doing business, reliable and affordable energy, and skilled workforce make the state an appealing choice for international investors.
The Rise of Ohio — A Midwest Leader in Economic Growth
"Ohio’s economy is firing on all cylinders and remains an outperformer among its Midwest peers." – Moody’s, October 2018
Ohio is leading the Midwest in economic competitiveness. Growth in Ohio’s private sector gross state product, jobs and wages have outpaced regional states in recent years. The momentum only grew stronger in 2018 with Ohio adding more private sector jobs than any other state in the region. Additionally, Ohio's global engagement has supported a significant increase in jobs from foreign direct investment (FDI) – up 21 percent over the last five years.
The strong foundation Ohio offers – including record budget reserves, a strong credit rating and a favorable tax climate for businesses – appeals to business decision makers. Investments in talent development initiatives and industries that will continue to diversify Ohio’s economy address concerns that companies face today and will allow them to continue choosing Ohio in the future.
Ohio’s growth trajectory continues to garner national accolades. These are a sample of the recognition Ohio received in 2018:
- Ernst & Young's 2018 U.S. Investment Monitor ranks Ohio No. 1 in the nation in jobs and projects.
- Site Selection ranks Ohio No. 4 for state business climate, up from No. 9 in 2011.
- Chief Executive ranks Ohio No. 9 in its Best States for Business rankings, up from 41 in 2011.
Area Development ranks Ohio in the top 10 for competitive labor environment, leading workforce development programs, shovel-ready sites program, and favorable utility rates.
Ohio’s continued growth is a testament to the efforts of public and private entities across the state. These successes prove that Ohio continues to be a great state for business.
JobsOhio Focus Industries Continue to Outperform
JobsOhio sectors continue on a growth trajectory in gross state product for the private sector that significantly outpaced the U.S. and regional states over the past seven years.
The JobsOhio sector focus has helped fuel the private sector growth in Ohio. The state is becoming more resilient, and in order to continue to foster this growth, JobsOhio will undertake a targeted approach to support of the needs of growth businesses.
Additionally, Ohio’s venture capital (VC) funding broke the $1 billion mark in 2018 for the first time (ranks No. 8), with a 150 percent increase over 2017. Increased VC funding translates into more early stage company growth, primarily in technology and healthcare.
According to Columbus Business First and CB Insights, each of the top five deals in 2018 were larger than the biggest ones of 2017 and 2016.
The Reshoring Institute: Ohio Economic and Incentive Analysis
The Reshoring Institute provides information, research and support for companies looking to bring manufacturing back to the U.S. The institutehas put together the Ohio Economic and Incentive Analysis profile for companies looking for the most suitable location for manufacturing. The profile contains an in-depth overview of tax incentives, grants, loans and other important state economic metrics to aid reshoring companies in these difficult decisions.
Contact us to learn more about Ohio