ABB 2006/7 | State Profiles | Mid West region | Ohio

Located in the heart of the US, Ohio is undergoing an economic metamorphosis and experiencing an influx of new investment from all over the world. In 2003 and 2004, more companies located to or expanded in Ohio than any other US state.

Some of this success can be attributed to the state’s central US location, a solid infrastructure system, a skilled workforce and a great quality of life. And most recently, Ohio has become a centre for new technologies and research and has also adopted a new, innovative and business-friendly tax structure that doesn’t penalise profitable businesses.

In 2005, Governor Bob Taft spearheaded a campaign that eliminated Ohio’s tax on profits – the corporate franchise tax – as well as the tangible personal property tax on machinery and equipment, inventory and furniture and fixtures. The reform is also cutting personal income taxes by 21%. By eliminating outdated tax programmes and instituting a broad-based, low rate – one quarter of 1% – tax on business receipts, Ohio is now one of the most progressive and profitable states in which to do business.

While tax reform and a new pro-active marketing campaign are major steps in Ohio achieving a prosperous and successful economy, the state is also making strides in its goal of creating a high performance economy. Through Ohio’s Third Frontier Project, the state has made significant advancements in moving from an ageing, industry-driven economy to a dynamic manufacturing and knowledge-based economy.

Ohio is highly involved in supporting the research at its universities, and investing in the technologies that will stimulate innovation and growth in many of the state’s core business sectors. Since its inception in 2002, the Third Frontier Project has experienced many successes that are positioning the state for long-term economic growth in emerging areas, such as information technology, fuel cells, advanced materials, nanotechnology and biomedicine.

Ohio’s role in these high-tech industries is recognised at national level. For the third year in a row, Ohio leads the nation in the number of top rated hospitals, according to US News & World Report. Seventeen Ohio hospitals make the list, with the Cleveland Clinic grabbing the fourth spot on the magazine’s coveted “Honor Roll.” Additionally, a recent healthcare index by Expansion Management magazine ranked Ohio seventh Best in America in terms of healthcare costs.

These honours reflect Ohio’s strength in the bioscience industry, which includes more than 500 companies specialising in everything from medical devices to pharmaceuticals. From 1996-2002, employment in Ohio’s biosciences grew by nearly 14,000 – twice the national rate.

With its fair and equitable tax structure, opportunities for firms involved in manufacturing and new technologies, a central US location, a first-rate infrastructure and workforce, and a great quality of life, Ohio will continue to grow as a national leader and US business destination.

For more information, visit:
Ohio Department of Development
77 South High Street Columbus,
Ohio 43215-6130, US
Tel: +1 800 248 4040
E-mail: 1ststop@odod.state.oh.us
Websites: www.odod.state.oh.us
www.ohiomeansbusiness.com

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