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Economy of Ohio

Economy of Ohio
Statistics
GDP$741.40 billion (3rd quarter 2021)[1]
Population below poverty line
15.4%[2]
0.4594[3]
Labor force
5,883,960[4]
Unemployment4.2%[5][failed verification]
Public finances
Revenues$27.3 billion[6]
Expenses$31 billion[7]
  Ohio unemployment rate, 1976–2022
  US unemployment rate

The economy of Ohio nominally would be the 20th largest global economy behind Turkey and ahead of Switzerland according to The World Bank as of 2022.[8] The state had a GDP of $822.67 billion in 2022, which is 3.23% of the United States total,[9] ranking 7th in the nation behind Pennsylvania and ahead of Georgia.[10] 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.[11]

Ohio is commonly noted as the Nation's Industrial Capital, dating to its roots in the Rust Belt and Ohio's present-day intelligence and scientific dominance.[12][unreliable source?] Ohio was one of four states in the U.S. to have areas make the Intelligent Community Forum's list of global Smart 21 Communities for 2014, with Columbus, Ohio receiving the honors.[13] Ohio has six of the top 146 public school national universities in the nation, according to U.S. News & World Report's 2020 rankings.[14] The state was ranked No. 8 by the same magazine in 2008 for best high schools,[15] while overall, in 2010 the state's schools were ranked No. 5 in the country by Education Week.[16] However, by 2016 the state's high school rankings had slipped to #11 according to U.S. News & World Report,[17] and #22 overall in quality by Education Week in 2017.[18] It was second only to Texas in having the most U.S. cities in the top 30 best places for new college graduates, according to BusinessWeek in 2010.[19] The year ending July 2011 saw the state ranked fourth in the nation in job creation behind Texas, California, and New York.[20] By 2016 the state wasn't in the top 10 for job growth,[21] but between 2017 and 2018 the state saw an increase in job creation of 44,600.[22]

After California and Texas, Ohio is the third largest U.S. manufacturing state, with total output in 2017 approaching $108 billion. Home to more than 12,000 manufacturers, 12.6% of the Ohio work force is dedicated to manufacturing.[23]

Ohio is considered a center of science and industry, with museums dedicated to such in Columbus, COSI, the Great Lakes Science Center in Cleveland, the Imagination Station in Toledo, and the Boonshoft Museum of Discovery in Dayton. The state includes many historically strong industries, such as banking and insurance, which accounts for 8% of the gross state product, motor vehicle manufacturing, research and development, and steel production, accounting for 14-17% of the nation's raw output. More traditional industries include agriculture, employing one out of seven Ohioans, and new and developing sectors include bioscience, green, information, and food processing industries. Ohio is the biggest manufacturer of plastics and rubber in the country, has the largest bioscience sector in the Midwest, and ranked fourth in the country for green economic growth through 2007.

The state is recognized internationally as the "Fuel Cell Corridor",[24] while Toledo is recognized as a national solar center,[25][26] Cleveland a regenerative medicine research hub,[27] Dayton an aerospace and defense hub, Columbus a technological research and development hub,[27] and Cincinnati a mercantile hub.[27]

Wal-Mart is the largest private sector employer in Ohio with approximately 50,500 employees in 2017. The largest Ohio employer with headquarters in Ohio is the Cleveland Clinic, with approximately 49,050 employees and headquarters in Cleveland.[28] The largest employer at a single location in Ohio is Wright Patterson Air Force Base in Dayton.[29] 70% of the nation's electrometallurgical ferroalloy manufacturing employees are located in Ohio.[citation needed]

  1. ^ "Ohio Gross Domestic Product Report" (PDF). Retrieved February 21, 2023.
  2. ^ [1] "Ohio QuickFacts from the US Census Bureau". Archived from the original on March 3, 2013. Retrieved June 11, 2013.
  3. ^ Bureau, U. S. Census. "U.S. Census website". United States Census Bureau. Archived from the original on December 27, 1996. Retrieved December 7, 2017.
  4. ^ Bureau, U. S. Census. "American FactFinder - Results". factfinder.census.gov. Archived from the original on February 12, 2020. Retrieved August 22, 2019.
  5. ^ "Local Area Unemployment Statistics". bls.gov. Retrieved February 21, 2023.
  6. ^ Bureau, U. S. Census. "American FactFinder - Results". factfinder.census.gov. Archived from the original on February 16, 2016. Retrieved August 22, 2019.
  7. ^ "Archived copy" (PDF). Archived from the original (PDF) on October 14, 2014. Retrieved August 16, 2014.{{cite web}}: CS1 maint: archived copy as title (link)
  8. ^ "World Bank Open Data". World Bank Open Data. Retrieved November 23, 2023.
  9. ^ "Ohio vs. United States | Gross Domestic Product Trends over 1997-2022". United States Regional Economic Analysis Project. Retrieved November 23, 2023.
  10. ^ "Gross domestic product by state U.S. 2022". Statista. Retrieved November 23, 2023.
  11. ^ "Site Selection - The Magazine of Corporate Expansion & Area Economic Development". Site Selection. Archived from the original on July 4, 2019. Retrieved August 22, 2019.
  12. ^ "State of Ohio - Ohio Secretary of State". Sos.state.oh.us. Archived from the original on February 21, 2020. Retrieved August 22, 2019.
  13. ^ http://www.intelligentcommunity.org/index.php?src=gendocs&ref=Smart21&category=Events&link=Smart21 Archived May 24, 2016, at the Wayback Machine.
  14. ^ "Top Public Schools National Universities". U.S. News & World Report. 2020. Archived from the original on February 23, 2017. Retrieved May 4, 2020.
  15. ^ "Best High Schools: State by State Statistics" Archived April 30, 2009, at the Wayback Machine, U.S. News & World Report, Retrieved December 2, 2009.
  16. ^ "State Report Cards" Archived March 10, 2010, at the Wayback Machine, Education Week, Retrieved February 20, 2010.
  17. ^ "How States Compare in the 2016 Best High Schools Rankings" Archived August 25, 2017, at the Wayback Machine, Robert Morse. U.S. News & World Report. April 18, 2016. Retrieved February 6, 2017
  18. ^ "Quality Counts 2017: State Report Cards Map" Archived February 6, 2017, at the Wayback Machine, Education Week. December 16, 2016. Retrieved February 6, 2017
  19. ^ "Ohio Among the Best States for New College Graduates" Archived September 4, 2010, at the Wayback Machine, PRNewsWire. August 31, 2010. Retrieved September 5, 2010.
  20. ^ "All but six states post job gains in past 12 months" Archived November 3, 2012, at the Wayback Machine, G. Scott Thomas. Biz Journals. August 22, 2011. Accessed September 9, 2011
  21. ^ "Business Facilities’ 12th Annual Rankings Report: State Rankings" Archived February 6, 2017, at the Wayback Machine, Business Facilities. August 3, 2016. Retrieved February 6, 2016
  22. ^ "State Economic Snapshots" Archived October 31, 2021, at the Wayback Machine, Joint Economic Committee, U.S. Congress. March 26, 2018. Retrieved July 7, 2018
  23. ^ TOP 10 STATES FOR MANUFACTURING 2019 Archived December 3, 2020, at the Wayback Machine Retrieved December 31, 2019
  24. ^ "Ohio - top destination for the fuel cell industry" Archived October 11, 2008, at the Wayback Machine, The Fuel Cell Corridor, Retrieved November 20, 2009.
  25. ^ "Five cities that will rise in the New Economy" Archived November 23, 2009, at the Wayback Machine, Christian Science Monitor. Retrieved November 27, 2009.
  26. ^ "Ohio gov. declares NW Ohio a solar energy hub", ABC13. June 30, 2010. Retrieved July 13, 2010. Archived July 6, 2010, at the Wayback Machine
  27. ^ a b c "Atlantic Eye: Brunner is the best for Ohio" Archived August 5, 2010, at the Wayback Machine, Marc S. Ellenbogen. May 3, 2010. Retrieved May 5, 2010.
  28. ^ Ohio's largest 100 employers in 2017: Walmart tops the list Archived March 24, 2018, at the Wayback Machine Accessed March 24, 2017
  29. ^ "Major Ohio Employers, March 2012" (PDF). Ohio Department of Development. March 2012. Archived from the original (PDF) on June 11, 2014. Retrieved June 4, 2014.

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