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10 Ways Ohio Is Accelerating Business Innovation and Growth
This Midwestern U.S. state is one of the best places to start, grow, or relocate a business. Here's why.
Your business's location can foster growth and success or it can hold you back from doing your best work. When starting up, smart entrepreneurs look for access to top-tier talent, infrastructure and airports, access to funding, and a good quality of life; all of which are easy to find in Ohio.
Ohio is home to some of the world's most innovative companies. Thriving businesses in manufacturing, aviation, logistics and distribution, automotive, and other industries are proud to call Ohio home.
The reasons to do business in Ohio are clear. Here are 10 fast facts that illustrate the appeal of Ohio's business environment to ambitious entrepreneurs, corporations, and businesses of all shapes and sizes.
1. Startups are hot. A total of 156,600 new businesses have been created through September 2021. New business filings through September of this year show a 21 percent increase over the first nine months of 2020 (129,697).
2. Business is strong. With a Gross State Product of $675 billion in 2020, Ohio is the 7th largest economy in the U.S.
3. The economy holds its own on the world stage. Ohio's economy is ranked 21st worldwide.
4. Thanks in no small part to manufacturing. Ohio ranks 3rd in the U.S. for manufacturing gross domestic product.
5. Life is affordably good. Ohio was ranked the #1 Most Affordable State (2020). Among the top 10 big cities that are the easiest and most affordable for buying a home (2021), Cleveland ranks #2 and Toledo comes in at #3.
6. Taxes are simple. In Ohio, there's no state corporate income or profits tax, no tax on products sold outside of the state, no state tax on machinery and equipment investments, no state tax on R&D investments, and there's only one state business tax—the Commercial Activity Tax (0.26 percent).
7. Regulations are being simplified, too. The state's Common Sense Initiative has reviewed nearly 15,000 state agency regulations and identified 60 percent of those regulations as potential obstacles to Ohio businesses. Those regulations were either amended or rescinded.
8. Ohio businesses get funding. Through Q3 2021, Ohio raised more than $2.01B—a new record. This number is more than Michigan and Indiana combined and second in the Midwest only to Illinois.
9. It has a consistent bond rating. Ohio has enjoyed stable ratings from Moody's, S&P, and Fitch of Aa1/AA+/AA+ for more than 20 years.
10. Sustainability is a priority. Ohio recently ranked #7 among U.S. states regarding sustainability. Among U.S. metro areas, Toledo, Ohio, ranked #1.
Click here to learn more about why Ohio is one of the best places to start, grow, or relocate a business.