page_title: Economy of Ohio
section_title: Overview
hierarchical_section_title: Economy of Ohio / Overview
caption_attribution_description: English: Downtown, Cincinnati, OH, USA Русский: Даунтаун (центр города), Цинциннати, Огайо, США
context_page_description: The economy of Ohio nominally would be the 21st largest global economy behind Saudi Arabia and ahead of Argentina according to the 2017 International Monetary Fund GDP estimates. The state had a GDP of $656.19 billion in 3rd quarter of 2017, up from $517.1 billion in 2012, and up from $501.3 billion in 2011, according to the Bureau of Economic Analysis. In 2013, Ohio was ranked in the top ten states for best business climate by Site Selection magazine, based on a business-activity database. The state was edged out only by Texas and Nebraska for the 2013 Governor's Cup award from the magazine, based on business growth and economic development. A new report by the Quantitative Economics and Statistics Practices of Ernst & Young in conjunction with the Council On State Taxation, ranks Ohio as third in the nation for friendliest tax environment. The study, "Competitiveness of state and local business taxes on new investment," provides a state-by-state comparison of tax liabilities. The top five states ranked with the lowest effective tax rate on new investment are: Maine; Oregon; Ohio; Wisconsin; and Illinois.
context_section_description: The economy of Ohio nominally would be the 25th-largest global economy behind Sweden and ahead of Nigeria according to the 2013 World Bank projections, and the 24th-largest global economy behind Sweden and ahead of Norway according to the 2013 International Monetary Fund projections. According to the Bureau of Economic Analysis, the state had a projected GDP of $526.1 billion in 2013, up from $517.1 billion in 2012, and up from $501.3 billion in 2011.
  A new report by the Quantitative Economics and Statistics Practices (QUEST) of Ernst & Young in conjunction with the Council On State Taxation (COST), ranks Ohio third in the nation for friendliest tax environment. The study, entitled "Competitiveness of state and local business taxes on new investment," provides a state-by-state comparison of tax liabilities. The Top 5 states ranked with the lowest effective tax rate on new investment are: (1) Maine (3.0%), (2) Oregon (3.8%), (3) Ohio (4.4%), (4) Wisconsin (4.5%), and (5) Illinois (4.6%). In 2013, Ohio was ranked in the Top 10 among states with the best business climate by Site Selection magazine, based on a business-activity database. The state was edged out by Texas and Nebraska for the 2013 Governor's Cup award from the magazine, based on business growth and economic development.  Ohio was ranked No. 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 and #7 for best litigation climate. Forbes ranked it #8 for best regulatory environment in 2009.  Ohio was also ranked No. 8 by the U.S. News and World Report in 2008 for best high schools. Overall, the state's schools were ranked No. 5 in the nation in 2010. However, by 2016 the state's high school rankings had slipped to #11 according to U.S. News and World Report, and #22 overall in quality by Education Week in 2017. The year ending July 2011 saw the state being ranked fourth in the nation in job creation behind Texas, California, and New York. By 2016, the state wasn't ranked within the top 10 for job growth, and between 2015 and 2016, the state saw a decrease in job creation of 38,800. Since February 2010, the state was 2.5% below the national average.
  Ohio's private sector consists of 921,000 employers, which hire at least 50.4% of the state's non-farm private workforce. The state has a developing technology sector, and it is home to over 28,000 employers employing roughly 820,000 people; its rate of technology operations is 14% higher than the US average. Between 2006 and 2014, Ohio's employment is expected to grow by 290,700 jobs, or approximately 5.0%. Personal income grew an average of 3.1% in 2008. About 659,900 people are employed in the state's manufacturing sector. Major manufacturing employers in the state include AK Steel, Timken, and Honda. In 2007, foreign-based companies employed 229,500 of Ohio's citizens, led by Japan, the United Kingdom, Germany, France, and Switzerland.
  Ohio's exports constituted 3.2% of total U.S. exports in 2009, with top destinations being Canada at $14.2 billion, followed by Mexico, China, the United Kingdom, Greece, Brazil, Japan, Germany, France, and Australia.  In 2009, the state was ranked as the nation's seventh-largest exporter with $34.1 billion. About 092 companies exported in 2009, with transportation equipment accounting for $9.9 billion, machinery $4.9 billion, chemicals $4.4 billion, and computer and electronics products $2.4 billion.
  As of 2020, Ohio was ranked No. 5 in the nation for Fortune 500 companies with 27, including Cardinal Health (#16), Marathon Petroleum (#22), Kroger (#23), Procter & Gamble (#50), Nationwide Insurance (#74),  Progressive Insurance (#86), Sherwin-Williams (#180), Goodyear Tire and Rubber (#216), L Brands (#248), Fifth Third Bank (#325), Dana (#367) and Owens Corning (#431).
caption: Procter & Gamble headquarters in Cincinnati.
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