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Economy of Ohio

population of ohio 2018, population of ohio cities and towns
The economy of Ohio nominally would be the 27th largest global economy behind Saudi Arabia and ahead of Argentina according to the 2015 IMF report The state had a projected GDP of $5261 billion in 2013, up from 5171 in 2012, and up from 5013 in 2011, according to the Bureau of Economic Analysis2 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 development10 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 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: 1 Maine 30%; 2 Oregon 38%; 3 Ohio 44%; 4 Wisconsin 45%; and 5 Illinois 46%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 dominance12 Ohio was one of four states in the US to have areas make the Intelligent Community Forum's list of global Smart 21 Communities for 2014, with Columbus, Ohio receiving the honors13 The state has 5 of the top 115 colleges in the nation, according to US News and World Report's 2010 rankings,14 while the Ohio State University was ranked #10 by the same magazine for awarding degrees to Fortune 500 CEOs15 The state was ranked #8 by the same magazine in 2008 for best high schools,16 while overall, in 2010 the state's schools were ranked #5 in the country by Education Week17 However, by 2016 the state's high school rankings had slipped to #11 according to US News and World Report,18 and #22 overall in quality by Education Week in 201719 It was second only to Texas in having the most US cities in the top 30 best places for new college graduates, according to BusinessWeek in 201020 The year ending July 2011 saw the state ranked fourth in the nation in job creation behind Texas, California, and New York21 By 2016 the state wasn't in the top 10 for job growth,22 and between 2015-2016, the state saw a decrease in job creation of 38,800 Since February 2010 state was 25% below the national average23

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,2526 Cleveland a regenerative medicine research hub,27 Dayton an aerospace and defense hub, Akron the rubber capital of the world, Columbus a technological research and development hub,27 and Cincinnati a mercantile hub27

Wal-Mart is the largest private sector employer in Ohio with approximately 49,700 employees as of April 20142829 The largest Ohio employer with headquarters in Ohio is the Cleveland Clinic, with approximately 41,400 employees and headquarters in Cleveland28 The largest employer at a single location in Ohio is Wright Patterson Air Force Base in Dayton30 70% of the nation's electrometallurgical ferroalloy manufacturing employees are located in Ohio

Contents

  • 1 Overview
  • 2 Major employers
  • 3 Industries
    • 31 Aerospace and defense
    • 32 Bioscience
    • 33 Healthcare
      • 331 Pharmacies
    • 34 Education
    • 35 Agriculture
      • 351 Horticulture and floriculture
    • 36 Energy
    • 37 Research and development
    • 38 Insurance
    • 39 Financial services
    • 310 Automobile manufacturing
    • 311 Iron and steel
    • 312 Rubber and plastics
    • 313 Other manufacturing
      • 3131 History
      • 3132 Present
        • 31321 Chemicals
        • 31322 Robotics and lasers
        • 31323 Nanotechnology
    • 314 Logistics
    • 315 Food processing
      • 3151 Eateries
      • 3152 Wineries and fine dining
    • 316 Information
      • 3161 Telecommunications, data, and information technology
      • 3162 Publishing
    • 317 Legal
    • 318 Retail
    • 319 Tourism
    • 320 Film
    • 321 Oil and natural gas
  • 4 Personal income
  • 5 Housing
  • 6 Taxation
  • 7 See also
  • 8 References
  • 9 External links

Overviewedit

Kroger, a supermarket company based in Cincinnati, is the largest employer of those companies headquartered in the state Ohio's state quarter lays claim to the "Birthplace of Aviation Pioneers," in which Ohio's aerospace and defense industry is still economically strong

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,31 and the 24th largest global economy behind Sweden and ahead of Norway according to the 2013 International Monetary Fund projections32 The state had a projected GDP of $5261 billion in 2013, up from 5171 in 2012, and up from 5013 in 2011, according to the Bureau of Economic Analysis2

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 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: 1 Maine 30%; 2 Oregon 38%; 3 Ohio 44%; 4 Wisconsin 45%; and 5 Illinois 46%11 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 by Texas and Nebraska for the 2013 Governor's Cup award from the magazine, based on business growth and economic development33 Ohio was ranked #11 by the council for best friendly-policy states according to their Small Business Survival Index 200934 The Directorship's Boardroom Guide ranked the state #13 overall for best business climate, including #7 for best litigation climate35 Forbes ranked the state #8 for best regulatory environment in 200936 Ohio has 5 of the top 115 colleges in the nation, according to US News and World Report's 2010 rankings,14 and was ranked #8 by the same magazine in 2008 for best high schools16 Overall, the state's schools were ranked #5 in the country in 201017 However, by 2016 the state's high school rankings had slipped to #11 according to US News and World Report,18 and #22 overall in quality by Education Week in 201737 The year ending July 2011 saw the state ranked fourth in the nation in job creation behind Texas, California, and New York21 By 2016 the state wasn't in the top 10 for job growth,22 and between 2015-2016, the state saw a decrease in job creation of 38,800 Since February 2010 state was 25% below the national average23

Ohio's private sector is composed of 921,000 employers, which hire around 504% of Ohio's non-farm private workforce29 Ohio has a developing technology sector and is home to over 28,000 employers that employ nearly 820,000 people; its rate of technology operations is 14% higher than the US average29 Between 2006 and 2014, Ohio's employment is expected to grow by 290,700 jobs, or approximately 50%29 Personal income grew an average of 31% in 200829 About 659,900 people are employed in Ohio's manufacturing sector29 Major manufacturing employers include AK Steel, Timken, and Honda In 2007, foreign-based companies employed 229,500 Ohioans, led by Japan, United Kingdom, Germany, France, and Switzerland38

Ohio's exports constituted 32% of total US exports in 2009, with top destinations being Canada at $142 billion, followed by Mexico, China, United Kingdom, Greece, Brazil, Japan, Germany, France, and Australia39 In 2009 the state was the nation's 7th largest exporter with $341 billion38 13, 092 companies exported in 2009, with transportation equipment accounting for $99 billion, machinery $49 billion, chemicals $44 billion, and computer and electronics products $24 billion38

As of 2010, Ohio was #6 in the country for Fortune 500 companies with 23 They include Cardinal Health at #17, Procter & Gamble at #22, Kroger at #23, Macy's at #103, Nationwide Insurance at #118, Goodyear Tire and Rubber at #141, Progressive Insurance at #161, American Electric Power at #172, Eaton Corporation at #194, and Owens Corning at #4324041

Major employersedit

The following is a list of the top ten employers with headquarters in Ohio, as of April 201428

Rank Employer Number of Ohio employees Headquarters location
1 Cleveland Clinic Health System 41,400 Cleveland
2 Kroger 39,000 Cincinnati
3 The Ohio State University 29,900 Columbus
4 Wright Patterson Air Force Base 29,000 Dayton
5 Catholic Healthcare Partners 28,900 Cincinnati
6 University Hospitals Health System 24,000 Cleveland
7 OhioHealth 19,260 Columbus
8 Cincinnati Children's Hospital Medical Center 14,000 Cincinnati
9 Nationwide Mutual Insurance Company 13,550 Columbus
10 ProMedica Health System 13,400 Toledo

The following is a list of the top Ohioan employers anywhere in the world, as of 201328

Rank Employer Number of Ohio employees as of April 2014 report Headquarters location
1 Wal-Mart 49,700 Bentonville, Arkansas
2 Cleveland Clinic Health System 41,400 Cleveland
3 Kroger 39,000 Cincinnati
4 The Ohio State University 29,900 Columbus
5 Wright Patterson Air Force Base 29,000 Dayton
6 Catholic Healthcare Partners 28,900 Cincinnati
7 Catholic Health Initiatives / Premier Health Partners and TriHealth recently merged 25,800 Englewood, CO
8 University Hospitals Health System 24,000 Cleveland
9 JP Morgan Chase 23,200 New York, New York
10 Giant Eagle 19,500 Pittsburgh, Pennsylvania

Industriesedit

Aerospace and defenseedit

Dayton is designated as the state's aerospace hub due to its high concentration of aerospace and aviation technology In 2009, Governor Ted Strickland designated Dayton as Ohio's aerospace innovation hub, the first such technology hub in the state42 Aircraft engine manufacturing accounts for nearly 75% of Ohio's aerospace and defense industry workforce

GE Aviation, headquartered in Evendale, is a major manufacturer of aircraft engines globally In 2010, EPISCENTER, a new R&D center for the corporation to be located in Dayton, was announced by the Third Frontier program434445 Aircraft engine manufacturing accounts for nearly 75% of Ohio's aerospace and defense industry workforce

The aerospace and defense industry employs 16,000 Ohioans46 Employment has been increasing after 2003, despite an overall decrease in employment since the industry's peak at 37,000 employees in 199046 In 2005, Ohio ranked fifth among US states in the production of aerospace products and parts, and eighth in the number of aerospace industry workers46 Recentlywhen the states' employees have ranked #1 in value produced per worker47 Ohioan workers in the aerospace industry made an annual average salary of $75,765 in 2005, compared to $48,208 in for workers in the manufacturing sector generally46 Nearly 75% of the state's aerospace and defense employees work in the aircraft engine manufacturing sub-sector;46 only Connecticut has larger aircraft engine workforce46

Weapon systems are integrated onto the M1131 Fire Support Vehicle, or Stryker FSV, at the Joint Systems Manufacturing Center in Lima

Notable aerospace and defense companies in Ohio include GE Aviation, Timken, Goodrich Corporation, GE Honda Aero Engines, CFM International, and Aircraft Braking Systems46 France-based CIRCOR Aerospace, Inc, which develops systems for aerospace fluid control, has a commercial unit located in the state48 Boeing's Central Ohio Aerospace and Technology Center in Heath is a venture amongst five of the top 10 US defense contractors, including Atlantic Inertial Systems, Honeywell, Kearfott, Northrop-Grumman, L3 Communications, and Raytheon, which is also the headquarters of the Air Force Metrology and Calibration Program Office RTI International Metals's location in Niles produces titanium used in every France-based Airbus aircraft RTI was originally headquartered in Niles before moving to Pittsburgh in the 21st century, while Airbus has invested $43 billion in the state49 Makino's Global Titanium Research and Development Center is located in Mason Nextant Aerospace has manufacturing facilities at the Cuyahoga County Airport

Defense systems play a smaller role in the industry Ohio corporations were awarded around $55 billion of United States Department of Defense procurements46 Notable defense contractors include Goodyear Tire and Rubber Company in Akron, Lockheed Martin in Akron, which won a contract to develop a space-ship in 2003 and produces the vertical launch ASROC missile,5051 and Armor Holdings Aerospace and Defense Group in Fairfield46 United Kingdom-based BAE Systems has a large facility in West Chester producing armored vehicles, armor kits, and ballistic glass52

The Joint Systems Manufacturing Center in Lima, in cooperation with General Dynamics, assembles armored combat vehicles, including the Expeditionary Fighting Vehicle and M1A2 Abrams tank47 Columbus-based Zyvex Performance Materials develops the Piranha Unmanned Surface Vessel Gravitational Energy Corporation, located in Cuyahoga Falls, proliferates Gravity Assisted Power GAP machines in cooperation with DriPowder, LLC to the military53

The United States Department of Defense currently maintains a large Supply Center in Whitehall, a suburb of Columbus

Wright-Patterson Air Force Base, located in Dayton, and partially named for the Wright Brothers from Ohio who are generally credited with inventing the airplane, employs 27,400 residents The Air Force estimates that Wright-Patterson’s annual economic impact on the Dayton region is $51 billion54

Bioscienceedit

Main article: Ohio bioscience sector Wade Lagoon in University Circle, home to the Case Medical Center and neighboring Cleveland Clinic, which is set to begin human clinical trials of their breast cancer vaccine in 201155 Netherlands-based Philips Healthcare is currently constructing a medical imaging research and development center in the neighborhood, referred to as the Cleveland Health-Tech Corridor55

In 2008, Ohio was ranked #1 in the Midwest and 4th in the nation for biotech industry strength by Business Facilities magazine56 As of 2008, there were over 1,100 biotech related firms operating in the state,57 employing 14 million residents overall in direct or indirect related fields, including healthcare, with $25 billion in investment in 2007, making it an international leader5859 Ohio had three city-regions in the top 30 biotech locations in the country, with Cleveland-Akron ranked #20, Columbus #22, and Cincinnati #28

The overall economic impact of the bioscience industry in Ohio, including healthcare, amounted to $1482 billion in 2007, representing 157% of Ohio's economic output59 Half of the biotech industry is located in northeast Ohio, with 574 firms, while central and southern Ohio are home to around 200 each60 635 companies are FDA-certified to manufacture medical devices60 Biotech research and development employs directly 12,415 residents, while agricultural bioscience contributed the largest economic impact, at $107 billion Medical device manufacturers employ 9,757 residents6061

Healthcareedit

Miami Valley Hospital is ranked one of the nation's top hospitals with ratings from US News and World Report, Forbes, and HealthGrades

Major hospital employers include the Cleveland Clinic Health System with 41,400 employees, Catholic Healthcare Partners in Cincinnati with 28,200, University Hospitals of Cleveland with 21,800, OhioHealth in Columbus with 15,300, ProMedica in Toledo with 14,500, and Premier Health Partners in Dayton with 14,000 Welltower, an S&P 500 company headquartered in Toledo, is a major healthcare real estate firm VRI, one of the nation's largest in-home medical health monitoring solutions companies, recentlywhen announced the relocation of their headquarters to Franklin62

In 2011, Dayton was ranked the #3 city in the United States for excellence in health care The ranking is from HealthGrade's list of America’s Top 50 Cities for Hospital Care Other Ohio cities listed include Cincinnati at #6 and Cleveland at #166364 Also in 2011, the cities of Cincinnati and Dayton were ranked #1 and #4 in the nation for emergency room care65 Then in 2013, HealthGrades ranked the Dayton region number one in the nation for the lowest hospital mortality rate66

Ohio is home to world class medical facilities, led by the Cleveland Clinic, which has locations throughout the world In 2009, US News and World Report ranked the clinic as the fourth best hospital in the country, and the #1 heart center in the country for the 15th year in a row67 The Ohio State University Medical Center was ranked #2168 Overall, the magazine ranked 16 Ohio hospitals among the best hospitals in the nation, making the state #3 in the country in total The Cincinnati Children's Hospital Medical Center ranked #6 in the nation for pediatric hospitals, and overall, four children's hospitals in Ohio ranked among the best

Apart from US News and World Report, in 2010, HealthGrades ranked nine Ohio hospitals in the top 50 in the United States69 and 27 of Ohio's hospitals as Distinguished Hospitals for Clinical Excellence, with the majority of these hospitals in the Cleveland and Dayton areas70 They also ranked 37 Ohio hospitals in the 5% of the country for emergency care service71

Child magazine ranked Cincinnati Children's #4, Nationwide Children's Hospital in Columbus #6, including #1 for emergency care, and Rainbow Babies & Children's Hospital in Cleveland #97273 University Hospitals Case Medical Center in Cleveland was named in the top 15 for major teaching hospitals, while Riverside Methodist Hospital in Columbus and Hillcrest Hospital in Mayfield Heights ranked in the top 16 for minor teaching hospitals Southwest General Health Center in Middleburg Heights was ranked in the top 15 for large community hospitals, and Mercy Hospital Clermont in Batavia Union Hospital in Dover Sycamore Medical Center in Miamisburg and Wooster Community Hospital in Wooster ranked in the top 16 for medium-sized community hospitals74

In 2009, Thomson-Reuters named the Kettering Medical Center in Kettering, The Ohio State University Medical Center in Columbus, Good Samaritan Hospital in Cincinnati, and Grandview Medical Center in Dayton to their top 30 list of teaching hospitals with cardiovascular programs75 Thomson-Reuters also rated the Kettering Health Network of Kettering, Ohio as one of the top 10 hospital networks for clinical excellence in the United States for 2009 and 201076

Pharmaciesedit

Ohio is home to pharmacy chains including Discount Drug Mart in Medina, and previously Phar-Mor, which was headquartered in Youngstown, and Revco, which was headquartered in Twinsburg

Educationedit

Ohio's medical colleges are sixth in the nation in terms of economic impact, resulting in 425,000 direct or indirect positions and $372 billion77

The University System of Ohio is the nation's largest comprehensive public system of higher education Member universities include the University of Cincinnati, which has a $3+ billion annual economic impact and is the largest employer in Cincinnati, Kent State University, which contributes a $19 billion economic impact in Northeast Ohio,78 and the University of Toledo, which contributes a $11 billion economic impact in Northwest Ohio79

Agricultureedit

Tomatoes are an example of why Ohio's agriculture industry has deep relations with Ohio's food processing industry Ohio is the 3rd largest producer of tomatoes out of all 50 states in the United States,80 and, in turn, the world's largest ketchup processing plant is located in Fremont80

Ohio's agricultural industries represent $93 billion of the state's economic output, employing one in seven Ohioans directly or indirectly81 Ohio's agricultural market exports many different products Ohio ranks 1st in the production of Swiss cheese out of all 50 states,80 2nd in eggs,80 3rd in tomatoes,80 6th in soybeans,80 and 9th in corn for grain80 The agriculture and food processing and eatery industries are heavily intertwined in Ohio For example, Ohio being the 3rd largest producer of tomatoes in the United States in turn has the world's largest ketchup processing plant in Fremont80 They are #16 in the nation for beef production, and #5 in flower production81

The number of farms in Ohio stood at 75,700, as of 2007,82 covering 14,200,000 acres 57,000 km2 of land 475% of all farms are operated by residents aged 35–5481 The average farm size was 188 acres 076 km282 However, the number of farms slowly decreased from 2006, where the number of farms in Ohio stood at 76,20082 The amount of land used for farms in Ohio also decreased from 2006, where 14,300,000 acres 58,000 km2 of land were used for agriculture82 However, the dairy sector of Ohio's agriculture industry is growing82 The estimated number of dairy cows in Ohio increased from 274,000 in 200682 to 276,000 in 2007 Estimated dairy production in Ohio increased from 4,860,000,000 pounds in 200682 to 4,980,000,000 pounds in 200782 There a total of 1,270,000 cattle, 4,000,000 hogs, and 141,000 sheep in the state81

In October 2010, the Kinsman neighborhood in Cleveland was designated to be the location of the largest urban agriculture district in the United States, roughly 28 acres, where cultivation and entrepreneurial operations will exist83

Horticulture and floricultureedit

Ohio is a lead producer of horticulture products, from greenhouse and nursery plants to bulbs84 The state is a producer of white ash trees for landscaping, totalling 25,000 annually85 California, Florida, Texas, Michigan, and Ohio accounted for 42% of the nation's production of bedding plants in 200286 Oberer's Flowers, headquartered in Dayton, is the nation's fifth-largest florist, while Aris Horticulture, headquartered in Barberton, is a world leader in research and breeding8788 Lake County Nursery offers over 1,000 varieties of plants and California-based Monrovia Nursery Company, a global leader, operates nurseries in Springfield

Energyedit

Main article: Energy sector of Ohio The British Petroleum Tower located in Cleveland

The energy sector of Ohio is composed of thousands of companies and cities representing the oil, natural gas, coal, solar, wind energy, fuel cell, biofuel, geothermal, hydroelectric, and other related industries Oil and natural gas accounts for $31 billion annually in sales while ethanol generates $750 million The state is second nationally in solar energy industry manufacturing as Toledo is considered a national solar hub, nicknamed "Solar Valley" It is recognized internationally as the "Fuel Cell Corridor", and Hamilton is poised to become the biggest municipal provider of renewable energy in the Midwest, and one of the largest in the country, with over 70% In 2008, the state led the country in alternative energy manufacturing according to Site Selection Magazine, while the natural gas industry has experienced growth due to the Great Shale Gas Rush

Several notable energy companies are headquartered in the state, including American Electric Power, Columbia Gas of Ohio, DPL Inc, Marathon Petroleum Company, American Municipal Power, Inc, Cliffs Natural Resources, Murray Energy, FirstEnergy, Oxford Resource Partners LP, AB Resources, American Hydrogen Corporation, and IGS Energy Rolls-Royce North America's Energy Systems Inc, a subsidiary of United Kingdom-based Rolls-Royce plc, is headquartered in Mt Vernon, specializing in gas compression, power generation, and pipeline technologies89 Ultra Premium Oilfield Services and V&M Star Steel operate steel production facilities in the state, which cater to energy exploration

Ohio consumed 160176 TWh of electricity in 2005, fourth among US states,9091 and has a storied history in the sector, including the first offshore oil drilling platform in the world, and a modern, renewable energy economy along with the traditional nuclear, oil, coal, and gas industries

Research and developmentedit

Main article: Ohio research and development

Ohio is a major research and development center, home to many institutions In 2008, institutions and companies in the state won 10 R&D 100 Awards, given annually to the top 100 innovations recognized by R&D Magazine, finishing second behind California92 The Ohio State University is among the country's top public research institutions at #793 Ohio is ranked in the top eight for states conducting clinical trials, including conducting the most clinical trials per capita94

In 2006, the state had a high-tech payroll of $98 billion, with 155,174 high-tech employees at 10,756 high tech locations In 2005, industry in Ohio spent $59 billion on research and development, with colleges spending $15 billion, but by 2009, $82 billion in R&D contracts were identified, ranking 13th nationally95 Ohio receives around $27 billion annually in federal R&D funds, ranking #996

Insuranceedit

Ohio insurance employees work in a broad array of sub-industries Around 448% of insurance employees work in fire, marine, and casualty insurance; this helps make Ohio the 4th largest casualty insurance state, in the measure of employees, trailing behind only California, New York, and Illinois97

Ohio is a major center for insurance corporations, ranking 6th out of all 50 states in the insurance industry, based on overall employment,97 and Ohio ranks 4th in casualty insurance out of all 50 states97 As far as gross state product, from the period of 1990–1999 Ohio insurance contribution to Ohio's gross state product grew about 161% from $26 billion to $68 billion,97 despite population growth from 1990 to 2000 of only about 467%, from 10,847,115 to 11,353,14098 Ohio's insurance employment is expected to grow continuously at a rate of 98%97 Ohio is home to the 3rd most claim examiners in the United States, out of all 50 states

Five Fortune 500 companies are Ohio-based insurance companies97 These companies are:

  • Nationwide Insurance, in Columbus
  • Progressive Corporation, in Mayfield
  • American Financial Group, in Cincinnati
  • Cincinnati Financial, in Cincinnati
  • Ohio Casualty, a subsidiary of Liberty Mutual, in Fairfield

Safelite Group, Inc, a subsidiary of the world's largest vehicle glass replacement and repair company Belron SA of South Africa, is headquartered in Columbus and provides solutions to insurance companies for vehicle glass replacement and repair Medical Mutual of Ohio is headquartered in Cleveland and the largest medical insurance company in Ohio

Financial servicesedit

Ohio is home to three commercial banks that rank among the largest commercial banks in the United States as measured by asset size Up until 2008, Ohio had four banks among the Top 25, however the acquisition of Cleveland-based National City Corp by Pittsburgh-based PNC Financial Services eliminated the fourth

  • KeyBank, headquartered in the Key Tower in Cleveland
  • Fifth Third Bank, the bank holding company for Fifth Third Bank NA headquartered in Cincinnati Currently second to PNC in market share in the state, and tops among Ohio-based banks in the state
  • Huntington Bancshares, the bank holding company for The Huntington National Bank headquartered in the Huntington Center in Columbus
  • Wright-Patt Credit Union, headquartered in Dayton, has 23 member centers, nearly $2 billion in assets, and serves over 202,000 member-owners

The Federal Reserve Bank of Cleveland is located in the state Other notable institutions headquartered in the state include FirstMerit Corporation, Commerce National Bank, First Federal Bank of the Midwest, Liberty Savings Bank, and Park National Bank

Germany-based BMW operates a financial subsidiary in Dublin

Automobile manufacturingedit

The Honda Accord was the single model that was most produced in Ohio99 Almost all Accords are assembled in Marysville100 The Accord's Ohio production exceeded 200,000,99 one of only five models to do so in Ohio99

Ohio-native Charles Kettering invented the self-starter for the automobile, an advancement which contributed to the mainstreaming of the transport

The current state of the motor vehicle industry in Ohio is mixed and dotted In 2002, the Ohio motor vehicle industry produced about $16 billion of items99 This is about 14% of the automobile production of the United States, and Ohio outputs every state in production of motor vehicles except for Michigan99 These $16 billion account for approximately 41% of Ohio's gross state product; however, the motor vehicle industry only accounts for 11% of the United States' output99 In 2003, Ohio was able to produce about 1,885,000 motor vehicles, accounting for 156% of the United States' production, and, again, more than any state except for Michigan, in which 928,000 of these were automobiles99

The Ohio Department of Development estimates that there are 555 motor vehicle production establishments in Ohio, and that by employing around 138,000 people, Ohio motor vehicle production employees account for 127% of the United States' motor vehicle production employees99 Despite sharp losses since 1999, the motor vehicle production industry was able to recover in 2001, producing a net gain of 148,000 vehicles99 General Motors produced the plurality of motor vehicles in Ohio, with 365% of the production of motor vehicles in Ohio, followed closely by Honda with 359% Other major motor vehicle producers in Ohio include DaimlerChrysler with 175% of production and Ford with 105% of production99 However, despite the growth listed above, employment statistics and outlooks are much more grim

In 2004, the number of people employed in the motor vehicle assembly industry in Ohio was reported to be around 31,000, down from about 40,000 throughout the 1990s,99 while in the motor vehicle parts production industry in Ohio, in December 1997, employment stood at approximately 122,000 employees;99 however, that number dropped by about 26% to 90,000 employees by 200499 Despite the growth facts above, the loss of employment is more likely to directly affect Ohio's economy The Ohio Bureau of Labor Market Information estimates that there will be 3,300 less assembly employees and 2,400 less parts manufacturing employees in 2012 than 200299 Major firms operating in the state include Ford, Honda, and General Motors Some major motor vehicle assembly production plants in the state include the Toledo Complex, Lordstown Assembly, Marysville Auto Plant, East Liberty Auto Plant, Ohio Assembly, and Toledo North Assembly France-based Faurecia Group operates a division in Toledo101

In June 2010, auto parts manufacturer Sanoh America, located in Streetsboro, announced a $35 million, 35,000-square-foot 3,300 m2 expansion of their North American headquarters,102 while Austria-based automotive part manufacturer Miba announced $30 million in new investments at production sites around the state103 In September of that year, the new 87,100-square-foot 8,090 m2 R&D facility of Amtex, Inc, a subsidiary of Japan-based Hayashi Telempu Co based in Lebanon, became operational in Plymouth104

Iron and steeledit

Ohio is considered the historical center of steel production in the US105 The state produces annually around 14 million tons, with a $72 billion state economic impact106 The largest steel foundry in North America is located in Columbus, Columbus Castings107 It was formerly part of Buckeye Steel Castings, which traces its root back to the 19th century

Ohio produces between 14% and 17% of the United States' raw steel108 The sector of objects made from purchased steel in Ohio ranks 2nd out of all 50 states,108 and 3rd in the sector of iron, steel, and ferroalloys108

Seventy percent of the United States' electrometallurgical ferroalloy manufacturing employees are located in Ohio108 The entire industry as a whole, although not as concentrated as the electrometallurgical ferroalloy manufacturing sector, employs 34,000 paid workers at 234 individual workplaces108 Ohio's 234 workplaces make up 95% of the United States industry's workplaces,108 and the 34,000 paid workers make up 136% of the United States industry's workers108 Of these workers and workplaces, the sector of iron, steel, and ferroalloys make up the largest sector in Ohio's industry,108 with 17,000 paid workers in 73 workplaces108

However, despite Ohio's large presence in the iron and steel market, employment rates have declined in Ohio,108 generally attributed to weakening national economy108 Between 1998 and 2005, the number of Ohio iron and steel industry workers decreased from 52,700 to 34,000108 The Ohio Department of Development predicts the decreases will continue in coming years108 The average annual salary for iron and steel industry workers in Ohio was $59,686, compared the national industry average of $53,352108

There are three Fortune 500 iron and steel manufacturers with world headquarters in Ohio:108 AK Steel, located in Westchester, Timken Company, located in Canton, and Worthington Industries, located in Columbus Other notable companies include Russia-based Severstal, which has facilities located in Warren and Steubenville, Luxembourg-based Mittal Steel USA,106 which has facilities in Columbus and Cleveland, United States Steel Corporation in Lorain,106 Cliffs Natural Resources in Cleveland, and Republic Engineered Products, North America's largest supplier of specialty bar quality steel, located in Canton106 V&M Star Steel, a subsidiary of France-based Vallourec, broke ground on a $650 million production facility in Youngstown in June 2010109

In August 2010 Arizona-based International Technical Coatings announced plans to construct a 667,000-square-foot 62,000 m2, $15 million production facility in Columbus,110 while Pro-Tec, a joint venture between U S Steel and Japan-based Kobe Steel headquartered in Leipsic, announced in September 2010 a $290 million, 415,000-square-foot 38,600 m2 expansion of existing facilities111

Rubber and plasticsedit

The rubber and plastics industry in Ohio is largely dominated by Goodyear Tire & Rubber, in terms of revenue, although there are more non-rubber producing Fortune 500 rubber and plastics companies in Ohio than Ohio Fortune 500 rubber and plastics companies that do produce rubber

One of Ohio's historically strong industries is the rubber and plastics industry Ohio ranks 1st of all 50 states in rubber and plastics production,112 producing around $174 billion of rubber and plastics shipments annually112 Eight Fortune 1000 rubber and/or plastics corporations are located in Ohio:112

  • Goodyear Tire & Rubber, Akron
  • Parker Hannifin, Cleveland
  • Owens-Illinois, Perrysburg, Ohio
  • Owens Corning, Toledo
  • Cooper Tire & Rubber, Findlay
  • PolyOne, Avon Lake
  • Ferro Corporation, Cleveland
  • A Schulman, Akron

Ohio ranks 1st in the gross state product of the rubber and plastics industry of any state112 For the 5-year period of 2000–2004, inflation-adjusted production increased around 10%112 In addition, in this period, the US rubber and plastics industry only grew 6%112

Ohio exported around $13 billion worth of rubber and plastics shipments in 2006112 Rubber and plastics exports make up for 73% of total sales112 Canada is the largest importer of Ohio's $13 billion worth of exports, accounting for 46% of this amount112 The Census Bureau expects that an addition $11 billion worth of material is indirectly exported, through the means of other goods that are made from rubbers and plastics, including motor vehicles and machinery112

However, despite increased production, employment has been decreasing in Ohio's rubber and plastic industry112 In 2000, Ohio employed around 92,000 rubber and plastics industry workers By 2006, those rates have declined by about 26% to about 69,000 workers112 The Ohio Bureau of Labor Market Information predicts that, from 2004 to 2014, there will be 11,200 less workers in Ohio's industry112 They also predict that plastics employment in Ohio will decrease by 137%, and that rubber products employment will decrease by 207%112 The industry currently employs about 73,000 Ohio workers,112 and employs about 123% of the United States' rubber employees, and 78% of the United States' plastics employees112

In October 2010, Sweden-based Hexpol AB announced the acquisition of Solon-based Excel Polymers for $215 million113

In August 2011, China-based A3T LLC broke ground on their North American headquarters in Akron and signed an R&D agreement with the University of Akron114

Other manufacturingedit

Historyedit

In 1837, William Procter and James Gamble founded a candle and soapmaking business in Cincinnati called Procter & Gamble In the 1880s, the company introduced the product Ivory, a bar of soap Eventually they began manufacturing Crisco, and sponsored radio dramas, which led to the name "soap operas" Today Procter & Gamble is the 8th largest company in the world by market capitalization fully diversified in household products, and has 135,000 employees worldwide, with manufacturing operations located throughout the state, and their headquarters still in Cincinnati

In 1866, Henry Sherwin and Edward Williams founded Sherwin-Williams, a general building supplies company, in Cleveland Their first factory was opened on the Cuyahoga River in 1873, and today the company has four manufacturing and distribution facilities in Ohio, located in Columbus, Cincinnati, Grove City, and Bedford Heights, and numerous locations throughout the country and world, with their world headquarters maintained in Cleveland The company employs 3,394 residents alone just in the Cleveland-area115116

In 1879, James Ritty, a saloon owner, invented a mechanical cash register, paving way for its production through the National Cash Register Company, based in Dayton The company prospered through the 21st century, producing automated teller machines, barcode scanners, and other related products, employing thousands It was eventually relocated to Georgia in 2009

In 1886 Ohio-native Charles Martin Hall helped pioneer the Hall–Héroult process, which made aluminum inexpensive to produce He sold his share in 1888 to the Pittsburgh Reduction Company, known today as Alcoa Alcoa has operations in the state, including facilities in Cleveland which manufacture aluminum wheels for Automobili Lamborghini117

In 1907, a janitor named James Spangler working for the Hoover family invented the first electronically portable vacuum cleaner Production of the device began at a factory in New Berlin later renamed North Canton, and today the company is known as The Hoover Company, with its headquarters still located in North Canton118

In 1918, the Parker Appliance Company was founded in Cleveland, later becoming the Parker Hannifin Corporation They manufacture motion and control technologies, with locations throughout Ohio, the country, and the world Their headquarters is maintained in Cleveland, employing 2,201 residents in the local area116

Presentedit

Overall, Ohio is home to 21,250 manufacturing operations Cincinnati is ranked #6, Cleveland #10, and Columbus #19 respectively in the nation for manufacturing jobs Ohio leads the nation in general-purpose machinery production and is #2 in metalworking machinery production119 In 2004, Ohio was third in the nation for major industrial operations,120 and second in the nation for total manufacturing payroll121 Ohio was third in the nation in manufacturing GDP in 2008,122 but has lost 106,629 manufacturing jobs and over 1,000 manufacturers since 2007123

Crown Equipment Corporation, headquartered in New Bremen, employs 8,300 residents in the state and is the 7th largest manufacturer of heavy-duty equipment in the world124 They recentlywhen unveiled 20 new fork-lift models employing fuel cell technology, bringing that total product-specific inventory to 29 models125 Ametek Technical and Industrial Products is headquartered in Kent and a manufacturer of industrial products with sales of $950 million in 2009126 Headquartered in Toledo, Libbey, Inc is the leading producer of glass tableware products in the Western Hemisphere127

Miamisburg-based NewPage Corporation is the largest producer of coated paper in North America, with sales of $31 billion128 Verantis Corporation, headquartered in Middleburg Heights, is a leading global environmental engineering company129

Germany-based ThyssenKrupp has several operations in the state,130 including AIN Plastics in Columbus, Ken-Mac Metals in Cleveland, Copper and Brass sales divisions in Toledo, Cleveland, and Dayton, a ThyssenKrupp Industrial Services division in Toledo, and a ThyssenKrupp Bilstein of America sales division in Hamilton131 ThyssenKrupp Krause is located in Cleveland,132 Vertical System Elevators in Cincinnati as well as other ThyssenKrupp Elevator divisions in Cincinnati, Westerville, Northwood, and Broadview Heights,133 and Rotek Incorporated is located in Aurora, which underwent an $82 million facility expansion in 2008134

United Kingdom-based Mondi Group has facilities in Lancaster Brush Wellman is headquartered Mayfield Heights and is a global supplier of alloy, precious metals, electronic, and engineered material systems and products, with a major facility in Elmore135 Liebert is a manufacturer of environmental, power, and monitoring systems located in Columbus

The Longaberger Company headquarters in Newark

Headquartered in Cleveland and founded in 1932, MTD Products employs 6,800 residents in the state and is a major manufacturer of heavy duty lawn equipment124 Advanced Drainage Systems headquartered in Hilliard employs 3,900 residents and specializes in manufacturing industrial components and equipment124 Aleris International, headquartered in Beachwood, employs 8,500 residents and is one of the world's largest recyclers of aluminum and zinc, manufacturing alloy sheet metal124 Park-Ohio, Inc, located in Cleveland, operates in 16 countries with over 3,000 employees136 Mallory Marine is a manufacturer of aquatic travel components and located in Cleveland137 Cincinnati-based Michelman, Inc is a global leader in developing water-based barrier and functional coating

Newark-based The Longaberger Company is a manufacturer of home and lifestyle products, and Brooklyn is home to the American Greetings Corporation, the world's largest publicly traded greeting card manufacturer

Sweden-based Trelleborg AB recentlywhen announced they were moving their Wheel Systems Americas headquarters from Hartville to Fairlawn138 Westlake-based Nordson Corporation is a leading global manufacturer of precision equipment Parma-based GrafTech International Limited is a leading global manufacturer of carbon and graphite products with facilities on four continents

ESCORT is a lead manufacturer of radar detection devices and navigational services headquartered in West Chester139

New Jersey-based Hartz Mountain Corporation, a pets-product manufacturer, announced an expansion of their existing operations in the state in 2010140 Little Tikes is a toy manufacturer headquartered in Hudson with global operations

In August 2010, Switzerland-based WICOR announced plans for a manufacturing operation in Urbana,141 while in September of that year Italian-owned Eurostampa North America announced plans for the construction of a new $72 million, 70,000-square-foot 6,500 m2 facility in the Roselawn neighborhood of Cincinnati,142 which broke ground later month and will also serve as their headquarters143

GE Lighting is headquartered in Cleveland, with manufacturing operations in the state, including Bucyrus, which was awarded $60 million for expansion in September 2010 in becoming the Global Center of Excellence for the manufacturing of energy-efficient light bulbs144 In October 2010, West Virginia-based Simonton Windows announced it was moving its headquarters to Columbus145 Deceuninck North America, a subsidiary of Belgium-based Deceuninck NV, is headquartered in Monroe and operates one of the largest vinyl window extruders in North America146

Australia-based Blastmaster announced in September 2010 plans to locate their North American headquarters in the Columbus area147 In October 2010, California-based Avery Dennison opened their Customer Innovation Center in Miamisburg to showcase their RFID technology148

Chemicalsedit

Hexion Specialty Chemicals is headquartered in Columbus employing 6,900 residents, and is a lead manufacturer of resins and coatings124 Momentive Performance Materials is in the process of moving their global headquarters to Columbus following a recent merger with Hexion149 Lubrizol Corporation is a provider of specialty chemicals headquartered in Wickliffe and a Fortune 500 company Kentucky-based Ashland Performance Materials is located in Dublin Columbus is home to the world's largest clearinghouse of chemicals data, CAS, or Chemical Abstracts

Robotics and lasersedit

In June 2010, Yaskawa America announced the construction of their new North American headquarters in Dayton, a 300,000-square-foot 28,000 m2 facility, which broke ground in August150151 KC Robotics, located in Fairfield, is a major distributor of robots, including Yaskawa's Motoman

Robotics Research, located in Cincinnati, is a lead developer of robotic technology FANUC Robotics America, Inc has a regional headquarters located in Mason Other companies include YAC Robot Systems in Hamilton, Bellevue Manufacturing Company in Bellevue, and Adept Technology, which has an office in Cincinnati

Lockheed Martin in Akron manufacturers laser-enhanced sniper systems for the Department of Defense152 AT&F Steel in Cleveland operates the largest Hybrid Laser Arc Welding facility in the United States153 Elyria-based RIDGID, a division of Missouri-based Emerson, manufacturers hand-held laser devices154

Nanotechnologyedit The Liquid Crystal Institute, headquartered on the campus of Kent State University, made early contributions to the liquid crystal display

Kent State University was one of the inventors of the modern liquid crystal display at their Liquid Crystal Institute155

Through 2005, Ohio was ranked in the top ten for states with the best environment for nanotechnology development The Center for Multifunctional Polymer Nanomaterials and Devices at the Ohio State University was awarded $225 million from the Third Frontier around the start of the 21st century with a goal of returning $78 million in research and commercialization The University of Dayton Research Institute was also awarded investments from the state Other major research institutes include the Institute for Nanoscale Science and Technology at the University of Cincinnati The University of Toledo is home to professor Abdul-Majeed Azad, a world-renowned nanotechnologist who won a Nano50 Award from NASA in 2007 for developing a method of converting steel mill waste into nanoscale iron particles, and is also a recent recipient of the Fulbright Distinguished Chair Award156

Nanotek Instruments, a Dayton area company, is a nanomaterial research and development company focused on bringing nanotechnology into consumer applications Founded in 1997, Nanotek Instruments currently holds some of the oldest intellectual property on the "wonder material" graphene157 Nanotek's current research focuses on using the properties of graphene in energy storage applications such as Li-ion batteries and supercapacitors Their research on graphene based supercapacitors was selected as one of the top five nanotechnologies of 2010158

In 2007, Nanotek Instruments spun off Angstron Materials for the purpose of mass-producing graphene materials Angstron Materials, also located in Dayton, is currently the world's largest producer of nano graphene platelets159 Angstron's graphene platelets are being used in multiple research areas including energy storage, thermal management, nanocomposites, transparent conducting films, sensor, and lithium ion batteries160

Other Ohio companies involved in nanotechnology development include MesoCoat, the winner of three R&D 100 awards;161 SRICO in Columbus; Cleveland Clinic; Zyvex Performance Materials developers of the Piranha Unmanned Surface Vessel; PowderMet, a leading research and development operation and winner of over 80 federal government grants;162 General Electric, NanoFilm, Procter & Gamble, Battelle Memorial Institute, NanoSperse, First Solar, Goodyear Tire and Rubber, and Midwest Optoelectronics, among others155

Logisticsedit

The Columbus/Dayton corridor is considered one of two "centroids" in America's logistics sector163 This is evident in the Dayton region, in part, with the expansion of a 1,000,000-square-foot 93,000 m2 distribution center by Caterpillar Inc and a major Payless ShoeSource distribution center164 Transportation and warehousing employs 183,000 Ohioans, amounting to a $12 billion industry, or 36% of the GSP Since 2003, Ohio has added 21,500 logistics jobs165

Ohio has the 8th largest highway system, and 4th largest interstate system in the country Ohio's trucking industry ranks 4th in the nation with a total economic output of $52 billion The state ranks third in the country in total value of inbound and outbound shipments at $907 billion, and first in value of outbound shipments at $244 billion165

Ohio has the fourth largest rail system, and is ranked third in total economic output at $13 billion165

Major employers include BAX Global, now part of Germany-based DB Schenker; Total Quality Logistics, UPS, FedEx, Roadway Express, CSX Corp, Pacer International, and ABX Air165 Parsec Inc, based in Cincinnati, controls 45% of the nation's intermodal transportation business166167 The logistics headquarters of ThyssenKrupp Industrial Services North America is located in Northwood168

Wooster-based TechniGraphics is leading provider of imagery and geospatial services to the US intelligence community169

In 2009, CSX began the construction of a $175 million intermodal facility in North Baltimore, employing OCR technology from the Saudi Arabia-based Gulf Stevedoring Contracting Company As part of their "National Gateway" project, it is a rival to Norfolk Southern's "Heartland Corridor" project170171 Norfolk Southern operates a large intermodal facility in Columbus as part of their "Heartland Corridor," which the company recentlywhen constructed172

Cleveland Ships in October 2010 announced a bid to take over Northrop Grumman's shipbuilding operations,173 and later that month Canada-based Great Lakes Feeder Lines announced the Port of Cleveland was a target for its US international container service headquarters, the first on the Great Lakes174

Food processingedit

Ohio's food processing industry produces $235 billion in food shipments annually80 The frozen food industry is the largest sub-industry,80 surpassing even the state of California by $700 million in frozen food shipments,80 in which Ohio ships $24 billion of frozen food shipments annually80 Ohio also ranks 1st out of every state in the United States in frozen food shipments and Ohio's frozen food industry accounts for 207% of the United States' frozen food processing80

Several of the world's largest food operating plants are operated in Ohio: the world's largest yogurt processing plant is operated by France-based Groupe Danone in Auglaize County, which announced an $88 million expansion of its facilities in 2011;175 Campbell's operates the world's largest soup processing plant in Napoleon, Heinz operates the world's single largest ketchup processing plant in Fremont, and General Mills operates the world's largest frozen pizza processing plant in Wellston80 Pierre's Ice Cream, headquartered in Cleveland, is undergoing an $8 million, 35,000-square-foot 3,300 m2 facility expansion of their operations176

Major food processing companies in Ohio include Kroger Cincinnati, T Marzetti Company Columbus, The JM Smucker Co Orrville, The Iams Company Cincinnati, Sunny Delight Beverages Cincinnati, and Givaudan Cincinnati80 The Boston Beer Company and Jim Beam Brands has operations in Cincinnati Other food processing sub-industries that Ohio leads in include pet food 84% of the nation's pet food, ranking in 2nd, ketchup and dressings 76% of the nation's ketchup and dressing production, ranking 2nd, cookies and crackers 99% of the nation's production, ranking 4th, and soft drinks 62% of the nation's production, ranking 4th80 The county with the most food processing facilities is Hamilton County, followed by Franklin County and Stark County80

Alpine Cheese in Winesburg is the exclusive manufacturer in the Western hemisphere of Norwegian Jarlsberg cheese In October 2010, Coca-Cola announced a $120 million expansion of their existing facilities in Columbus177

Eateriesedit

Major eateries headquartered in Ohio include Bob Evans Restaurants Columbus and Wendy's Dublin Buffalo Wild Wings was founded in Columbus in 1982 The first Arby's was located in Boardman Charley's Grilled Subs is headquartered in Columbus Perkins Restaurant and Bakery was founded in Cincinnati TravelCenters of America, which is the second-largest truck stop chain in the country, is headquartered in Westlake It is also Fortune 500 company

Wineries and fine diningedit

Through 2008, the state was home to 124 wineries, up from 75 in 1999, producing 4108 employment positions The industry generated $458 million in revenues and $124 million in wages 22 million visitors toured Ohio's wineries during that year, while the state ranked #11 nationally in production and #9 in grape production178 Notables include Lake Erie Wineries, Chalet Debonne Vineyards, and Ferrante Winery and Ristorante

Cameron Mitchell Restaurants is headquartered in Columbus

Informationedit

Ohio-native Thomas Edison helped contribute to the modern communications world through many of his inventions, including his stock ticker, Kinetoscope, phonograph, and his contributions to the telegraph Ohio resident Granville Woods invented the telegraphony, which he sold to the American Bell Telephone Company

Ohio is in the 1st quintile in the information industry, in terms of establishments for the information industry179 In 2002, Ohio had reached 4,143 establishments, which are 3% of the United States' information establishments179 Information establishments include printing and publishing establishments, broadcasting establishments, and telecommunications establishments179 The Ohio Supercomputer Center is one of the largest supercomputer facilities in the country

As of 2002, there were approximately 106,754 workers in Ohio working in the information industry179 The total industry ranks 8th out of all 50 states in the number of establishments, and 9th in the number of paid workers, which was 106,754 in 2002179

A prime sector in Ohio's information industry is the broadcasting sector179 The broadcasting sector ranks 9th out of all 50 states in the number of establishments,179 which is 1,954,179 11th in number of paid workers,179 and 11th to its contribution to Ohio's gross state product, which is $66 billion179

Telecommunications, data, and information technologyedit

Hyland Software, headquartered in Westlake, is the developer of the enterprise content management software OnBase

In the second half of 2010, telecommunications companies announced $540 million in investments and projects in the state, to result in over 20,000 new employment positions180

Major telecommunication employers with headquarters in the state include Cincinnati Bell, Ohio Bell, a subsidiary of AT&T in Cleveland; Ohio Telecom in Port Clinton, RACO Industries in Blue Ash, First Communications in Akron, and Horizon Telcom, Inc in Chillicothe Companies with operations in the state include L-3 Communications, Time Warner, AT&T, Verizon, Sprint, SBA Networks, Collabera Inc, Cavalier Telephone, Waveland Communications, Embarq, Open Range Communications, Russell Cellular, and Windstream Communications Frontier Communications in 2010 announced $150 million in investment in the state to upgrade systems and high-speed internet services180

Miamisburg-based Teradata is the world's largest data warehousing and enterprise analytics company, and Richfield-based OEConnection is the world's largest online automotive parts exchange, or OPSX181 One Call Now, headquartered in Troy, is the nation's largest information notification service and part of INC Magazine's fastest-growing companies list three years in a row,182 while OneCommand, headquartered in Mason, is the nation's leading integrated and automated, personalized communications firm

Hyland Software is located in Cleveland and employs 1100+183 India-based Tata Group operates an information center Reno,184 while a software consultancy subsidiary Tata Consultancy Services located in Milford recentlywhen won a Workforce One Investment Board of Southwest Investing in People Award185 Virginia-based Computer Sciences Corporation has operations in Dayton,47 and Zethus Software is located in Youngstown186 Razorleaf Corporation, headquartered in Stow, develops software solutions with companies such as Aras and Microsoft187 Columbus is home to the Microsoft Heartland District Bluemile is an award-winning firm headquartered in Columbus specializing in data technology solutions188 Bryan-based Ruralogic is a subsidiary of Cleveland-based Attevo, a global information technology consulting firm with their European headquarters in London, focused on insourcing solutions189

Convergys Corporation, the largest holder of outsourced SAP licenses in the world, is headquartered in Cincinnati Dublin-based Glomark-Governan is a world leader in Enterprise Value Creation systems190 QC Software is headquartered in Cincinnati and a leading provider of Tier 1 warehouse control systems191 Hilliard-based Redemtech, a division of Micro Center, is a world leader in technology change management192 Veeam Software is located in Dublin, and TOA Technologies is a global leader in cloud computing-based mobile workforce management and based in Ohio's "Silicon Suburb" of Beachwood

In July 2010, AT&T announced the construction of a $120 million data center in Akron, their 9th facility dedicated to such for the eastern seaboard of the United States,193 which was followed by the announcement in August of the construction of a $20 million Involta data facility, also in Akron, which will be constructed to meet LEED certification194195

In October 2010, South Korea-based Nautilus Hyosung, a leading ATM manufacturer, began operating their global software headquarters in Miamisburg196 In December 2010, France-based Alcatel-Lucent announced a $202 million project to move existing operations in Columbus to a new 60,000-square-foot 5,600 m2 facility in the city,197 followed by New Jersey-based Zycus, a software solution company, which announced in January 2011 it was opening offices in the state198

Diebold, the world's third largest ATM manufacturer, announced in 2011 it would construct a new $100 million headquarters in the Akron/Canton area199

Publishingedit

See also: List of newspapers in Ohio

A main sector of the industry is the publishing sector179 It ranks 9th out of all states in the number of establishments,179 which is 1,015,179 10th in the number of employees,179 and 13th in its contribution to the gross state product179 McGraw-Hill operates a division in Columbus, Brown Publishing Company distributes over 70 publications throughout the state, and was recentlywhen sold to Ohio Community Media; American Legal Publishing Corporation, headquartered in Cincinnati, codifies ordinances for 1,800 cities and counties, and Knight-Ridder has its roots in Akron, although now headquartered in California

Block Communications, located in Toledo, owns major newspapers such as the Pittsburgh Post-Gazette, as well as numerous television stations and networks from Idaho to Illinois The EW Scripps Company, headquartered in Cincinnati, is a major American media company with newspapers from Florida, Texas, to California, and owns television stations located in markets from Baltimore to Phoenix

Legaledit

Ohio is home to some of the world's leading legal firms, including Jones Day and Squire, Sanders & Dempsey, headquartered in Cleveland The state is also home to some of the United States' largest firms, including Baker Hostetler in Cleveland, Taft Stettinius & Hollister, Frost Brown Todd, and Dinsmore & Shohl in Cincinnati, and Vorys, Sater, Seymour and Pease in Columbus

Retailedit

Ohio is home to major retailers such as Macy's, Elder-Beerman, Luxottica, Abercrombie & Fitch Co, Limited Brands, Victoria's Secret, Pink Victoria's Secret, Bath & Body Works, Express, Big Lots, Inc, Value City, Tween Brands, Lane Bryant and DSW Lululemon Athletica, Gap, Inc, Eddie Bauer and JCPenney also have major distribution centers in Columbus

Tourismedit

The Rock and Roll Hall of Fame is a well-visited tourist attraction in Cleveland This is one of many tourist attractions that help make up Ohio's diverse tourism industry Put-in-bay, located on the Bass Islands in Lake Erie, attracts international tourism Ohio tourism expenditures by category About 344% of the expenditures were on food, making food the plurality of all Ohio tourism expenditures

In 2009 voters approved a ballot initiative allowing the construction of four new casinos in the state Thirty months later Horseshoe Casino Cleveland, developed by Rock Gaming LLC and Caesars Entertainment Corporation, became Ohio’s first casino, when it opened on May 14, 2012200 Hollywood Toledo, developed and operated by Penn National Gaming, opened 2 weeks later on May 29 followed by Hollywood Columbus, which opened on October 8, 2012201 Horseshoe Cincinnati is expected to be the state’s fourth and final full-service casino when it opens on March 4, 2013202

Ohio is especially famous for two of the largest amusement parks in North America which draw tourists from around the world: Cedar Point in Sandusky and Kings Island in Mason Other major attractions include the Rock and Roll Hall of Fame in Cleveland; the Pro Football Hall of Fame in Canton; the Bass Islands near Sandusky; the National Museum of the United States Air Force, the world's largest and oldest military aviation museum located in Dayton; The Wilds, one of the world's largest conservation centers located in Cumberland; the Columbus Zoo and Aquarium, the nation's premier zoo; Lake Erie; and the annual Arnold Sports Festival in Columbus Other notable attractions include the Toledo Museum of Art, the National McKinley Birthplace Memorial in Niles, the Egypt Valley Wildlife Area in Belmont County, the Stan Hywet Hall and Gardens in Akron, the Cincinnati Zoo and Botanical Garden, the Great Lakes Science Center in Cleveland, the Center of Science and Industry in Columbus, the Boonshoft Museum of Discovery in Dayton, the 125 historic covered bridges located throughout the state and the Great Serpent Mound in Adams County

Toledo is the future home of the National Great Lakes Museum, making it the largest Great Lakes Museum, a collaborative project of the Great Lakes Historic Society and Port Authority of Toledo to be opened in 2012203

Notable hospitality venues include the Ritz-Carlton and InterContinental Suites in Cleveland, Westin's The Great Southern Hotel and the Hyatt Regency in Columbus, and The Cincinnatian Hotel in Cincinnati

Filmedit

The motion picture industry has had a steady presence in the state for decades Production companies include Hemlock Films, Tri-C, Access Video, Creative Technology, Second Story Productions, and Shadetree Films in the Cleveland area; Media Magic Productions, which includes an Emmy-winning producer, and Classic Worldwide Productions in the Toledo area; BCB Productions, Mills James, one of the nation's largest independent production companies, I'AMedia, Arginate Studios, Media Source, and Ascension 7 Films in the Columbus area; and Bright Light Productions, J Cage Productions, and Panoptic Media in the southwestern Ohio area204 Studios and sound stages include RISE Studios and CSI Production Concepts in Cincinnati, Cleveland Audio Visual, and Gaiam Inc in West Chester

Since the Ohio Film Tax Credit was signed in July 2009, twelve projects have received approval with a combined budget of $764 million through spring 2011205 The legislation makes eligible projects over $300,000 in production costs to receive up to 25% reimbursement up to $5 million and 35% for locally employing The legislation resulted in 9 movies filmed or planned in northeast Ohio alone in 2010, resulting $946 million in wages for 3700 local employees, with an economic impact of $243 million for local businesses206 In 2010 expenditures on film in the state were estimated to total over $31 million, filming in locations that include Akron and Cincinnati also207 In 2011, Marvel Studios announced it would be filming portions of "The Avengers" in the Cleveland area, the largest film production in state history205

Other films that went into production in 2011 included "Boot Tracks" starring Stephen Dorff, "Confession" starring Danny Glover and Melissa Leo,208 "The Yank" starring Fred Willard, and the film adaptation of "I, Alex Cross" The video game Galaxy Command is also slated for production208 These productions will contribute to a further $171 million economic impact on the state209

Academy Award-winning films with production occurring in Ohio have included Terms of Endearment, The Silence of the Lambs, The Deer Hunter, Rain Man, and Traffic Other notable films include Air Force One, Men in Black, Shawshank Redemption, The Rainmaker, The Soloist, Eight Men Out, Tango and Cash, Major League, Spider-Man 3, A Christmas Story, and Happy Gilmore210211212

Oil and natural gasedit

Ohio is in the early stages of the development and exploration of the Utica-Point Pleasant deposits in Ohio with more than 1,000 wells drilled213 The hydraulic fracturing process enables energy companies to tap into shale deposits to extract oil, natural gas, natural gas liquids, and condensate

Personal incomeedit

Further information: Ohio locations by per capita income

Ohio had an estimated $505 billion in total personal income in 2015214 The average income for the top 5% in the state was $174,026 in 2008 Over two decades, the bottom 20% average income bracket increased 116% to $18,337, while the middle 20% increased by 89% to $49,051215

According to the Bureau of Labor Statistics in 2008, the average annual salary for Ohioans was $39,820 The highest paid professionals in the state were concentrated in the medical fields Anesthesiologists, with average annual income of $211,060, were the highest paid, followed by oral and maxillofacial surgeons at $206,670, surgeons at $206,570, orthodontists at $200,770, obstetricians and gynecologists at $186,740, physicians at $170,730, and dentists at $165,400 Average annual income for other selected professionals include airline pilots at $121,330, computer and information research scientists at $99,730, physicists at $98,150, chief executives at $159,730, financial managers at $109,740, aerospace engineers at $94,530, biomedical engineers at $72,150, art directors at $83,110, police officers at $49,890, chefs at $43,230, housekeepers at $19,450, construction laborers at $37,600, steel workers at $50,690, and elevator repairmen at $70,270216

The state of Ohio's residents have an overall $35,511 per capita personal income95 as of 2009, up from $33,338 in 2006217

Incomes vary by county The median family income in Cuyahoga County is $54,506,218 where the Cleveland Clinic is the single largest employer219 Cleveland also has emerging biotechnology and financial concentrations It is also worthwhile to note that while some cities in Ohio have declining populations,220221 the overall growth in per capita income in Ohio increased by 46% from 2005 to 2006217

Housingedit

According to the United States Census Bureau, there are an estimated 5,045,356 houses in Ohio, of which 4,499,506, or about 892% are estimated to be occupied;222 this is 08% above the national average rate of occupation222 Houses with a mortgage are estimated to cost owners about $1,216 per month,222 which is $186 below the national average222 The United States Census Bureau also estimates that 3,150,239 houses are owner-occupied,222 or about 70%, which is 27% above the national average, and that an estimated 1,349,267 houses are renter-occupied222 The median house value is $135,200,222 which is a significant $50,000 below the national average Also, there are an estimated 545,850 unoccupied houses222 It is also interesting to note that the plurality of houses in Ohio were built from 1940 to 1959 1,175,325 houses,223 and that 3,058,721 houses are in some way dependent on utility gas223

In late 2009, the average home value in Cleveland was $139,900, Cincinnati $149,900, and Columbus $164,900224 Clear Capital's Home Data Index in July 2009 showed that Cleveland, Columbus and Cincinnati led the nation in home value increases, up 196, 156 and 129 percent225 The top five counties through November 2006 for average listing price were Geauga County at $388,822, Ottawa County at $314,786, Union County at $306,872, Warren County at $267,236, and Hamilton County at $237,965226

Some historians suggest Ohio is the birthplace of public housing, having submitted the first application for such to the Public Works Administration in 1933 The state was also the first to establish a local public housing authority Ernest J Bohn, a Romanian immigrant to Cleveland, is credited as a pioneer in public housing227

Taxationedit

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 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: 1 Maine 30%; 2 Oregon 38%; 3 Ohio 44%; 4 Wisconsin 45%; and 5 Illinois 46%11

According to the Small Business & Entrepreneurship Council, Ohio's top personal income tax rate ranks #25 as of 2014228 The rate has been steadily declining since the 2005 tax reform, dropping from $11,50620 + 75% of excess over $200,000 in 2004 to $8,67163 + 5421% of excess over $208,500 in 2013229 Ohio has replaced its corporate income tax with a gross receipts tax called the Commercial Activity Tax CAT229 Businesses with annual taxable gross receipts of more than $150,000 are subject to an annual minimum CAT of $150229 Businesses with annual taxable gross receipts in excess of $1 million are subject to the annual minimum CAT of $150 plus apply a CAT effective rate of 26% on receipts above $1 million on a quarterly basis with a $250,000 quarterly exclusion229 Ohio is #24 in average property taxes at 3016% of personal income, but the taxes vary by city and district The state is #19 in overall average percentage of income used for sales, excise, and gross receipt taxes at 2927%230

Below are the simple personal income tax rates for Ohio:229

Income range Tax rate per dollar earned
$0–$5000 0537%
$5001–$10000 $2792+ 1074% of excess over $5,200
$10001-$15000 $8377+ 2148% of excess over $10,400
$15001-$20000 $19654 + 2686% of excess over $15,650
$20001-$40000 $33756 + 3222% of excess over $20,900
$40001-$80000 $1,00774 + 3760% of excess over $41,700
$80001-$100000 $2,57378 + 4296% of excess over $83,350
$100001-$200000 $3,47164 + 4988% of excess over $104,250
$200001 or more $8,67163 + 5421% of excess over $208,500

See alsoedit

  • Great Lakes Megalopolis

Referencesedit

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  3. ^ UNITED STATES QuickFacts from the US Census Bureau Archived 2013-03-03 at the Wayback Machine
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  10. ^ Site Selection - The Magazine of Corporate Expansion & Area Economic Development
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  14. ^ a b "Best Colleges 2010" Archived 2009-12-02 at the Wayback Machine, US News and World Report, Retrieved 2 Dec 2009
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  17. ^ a b "State Report Cards", Education Week, Retrieved 20 Feb 2010
  18. ^ a b "How States Compare in the 2016 Best High Schools Rankings", Robert Morse US News and World Report April 18, 2016 Retrieved 6 feb 2017
  19. ^ "Quality Counts 2017: State Report Cards Map", Education Week December 16, 2016 Retrieved 6 feb 2017
  20. ^ "Ohio Among the Best States for New College Graduates", PRNewsWire 31 Aug 2010 Retrieved 5 Sept 2010
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  86. ^ Ornamental Floriculture and Nursery Products
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  111. ^ Pro-Tec to expand and create new jobs
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  126. ^ New Ametek HQ to give Kent economic boost: Involvement in redevelopment project helped keep firm from leaving town; City to help market Lake Street site to new buyer Archived October 28, 2010, at the Wayback Machine
  127. ^ Governor, Patt-McDaniel Announce Expansion Projects to Create and Retain 4,740 Jobs
  128. ^ NewPage Corporation Issues $70 Million 11375% Senior Secured Notes
  129. ^ Verantis Announces the Acquisition of the Assets of Atlanta-Based Andersen 2000dead link
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  133. ^ ThyssenKrupp Elevators
  134. ^ Rotek Announces $82 Million Expansion of Its Ohio Facility
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  138. ^ Trelleborg relocates US headquartersdead link
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  142. ^ "Italian-owned Eurostampa Invests in New Roselawn, Ohio Facility", Area Development 3 Sept 2010 Retrieved 5 Sept 2010
  143. ^ Eurostampa to break ground on Roselawn HQ
  144. ^ GE Lighting Invests More Than $60 Million to Expand Manufacturing of Energy-Efficient Lighting Products in Bucyrus, Ohio Archived October 7, 2010, at the Wayback Machine
  145. ^ Simonton Windows to Transition Various Corporate Functions to Columbus, Ohio, in 2011
  146. ^ "Deceuninck endures downturn, prepares new PVC decking", Bill Bregar Plastics News January 4, 2011 Accessed January 6, 2011
  147. ^ Projects get state loans, tax credits
  148. ^ Company unveils 'innovation center' at Miamisburg plantdead link
  149. ^ About that Momentive headquarters
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  151. ^ "Robotics -Motoman Robotics Begins Construction of its New Headquarters" Archived August 27, 2010, at the Wayback Machine, Raju Shanbhag Robotics TMC 20 Aug 2010 Retrieved 5 Sept 2010
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  154. ^ "RIDGID Expands its Diagnostic Equipment Line", Thomas Net News December 9, 2010 Accessed January 4, 2011
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  156. ^ UT professor's work in carbon dioxide gets coveted award
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  161. ^ Abakan Completes Private Placement of Three Million Shares to Advance Its Interests with MesoCoat
  162. ^ Abakan to Acquire Interest in Powdermet and its Advanced Material Technologies
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  173. ^ Bidder emerges for Northrop Grumman shipyards
  174. ^ Cleveland port close to becoming US home base and lone Great Lakes city for international container service
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  181. ^ OECONNECTION INTRODUCES MANAGED INVENTORY TOOL
  182. ^ Three-Time INC Magazine Honoree Acquires Competitor & Adds Jobs
  183. ^ Hyland Software Inc acquires Computer Systems Co in Strongsville
  184. ^ Indian call center lands in Ohio
  185. ^ TCS wins Ohio's Investing in People Award
  186. ^ Defense contractors tour area industries Archived July 17, 2011, at the Wayback Machine
  187. ^ Aras Announces Open-Source Solution on SharePoint Archived July 17, 2011, at the Wayback Machine
  188. ^ Bluemile Inc Awarded Most Popular by Web Host Directory USA
  189. ^ New NW Ohio firm likely to create 363 jobs jobs
  190. ^ Glomark-Governan Announces Enhanced KPI-Based Valuation in Enterprise Value Creation Methodology Archived July 17, 2011, at the Wayback Machine
  191. ^ QC Software Puts Support Services at the Top of the List
  192. ^ Redemtech Positioned as a Leader in Leading Analyst Firm Magic Quadrant for North American IT Asset Disposition
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  207. ^ Ohio's growing film industry shows Hollywood glitter isn't all that counts
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  230. ^ 3dead link

External linksedit

  • United States Census Bureau
  • Ohio Department of Development

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