Ohio

Ohio is the 34th largest state by area in the U.S., it is the 7th-most populous with nearly 11.5 million residents.  The population density of Ohio ranks ninth among all U.S. states.

In 2009, Ohio was ranked #4 in the country for best business climate by Site Selection magazine, based on a business-activity database. The state has also won three consecutive Governor’s Cup awards from the magazine, based on business growth and developments.  As of 2007, Ohio’s gross domestic product (GDP) was $466 billion.  This ranks Ohio’s economy as the seventh-largest of all fifty states and the District of Columbia.

The Small Business & Entrepreneurship Council ranked the state #10 for best business-friendly tax systems in their Business Tax Index 2009, including a top corporate tax and capital gains rate that were both ranked #6 at 1.9%.  Ohio was ranked #11 by the council for best friendly-policy states according to their Small Business Survival Index 2009.  The Directorship’s Boardroom Guide ranked the state #13 overall for best business climate, including #7 for best litigation climate.  Forbes ranked the state #8 for best regulatory environment in 2009.  Ohio has 5 of the top 115 colleges in the nation, according to U.S. News and World Report’s 2010 rankings, and was ranked #8 by the same magazine in 2008 for best high schools.

The manufacturing and financial activities sectors each compose 18.3% of Ohio’s GDP, making them Ohio’s largest industries by percentage of GDP.  Ohio has the largest bioscience sector in the Midwest, and is a national leader in the “green” economy. Ohio is the largest producer in the country of plastics, rubber, fabricated metals, electrical equipment, and appliances.

By employment, Ohio’s largest sector is trade/transportation/utilities, which employs 1,010,000 Ohioans, or 19.4% of Ohio’s workforce, while the health care and education sector employs 825,000 Ohioans (15.8%).  Government employs 787,000 Ohioans (15.1%), manufacturing employs 669,000 Ohioans (12.9%), and professional and technical services employs 638,000 Ohioans (12.2%).  Ohio’s manufacturing sector is the third-largest of all fifty United States states in terms of gross domestic product.  Fifty-nine of the United States’ top 1,000 publicly traded companies (by revenue in 2008) are headquartered in Ohio, including Procter & Gamble, Goodyear Tire & Rubber, AK Steel, Timken, Abercrombie & Fitch, and Wendy’s.