Ohio is rapidly becoming one of the best states for business, ranking 25th for overall business climate, according to "Pollina Top 10 Pro-Business States for 2010," a report available for purchase from Chicago-based brokerage and consulting firm Pollina Corporate Real Estate Inc.
In its seventh year, the study ranks Ohio in the top 25 for the very first time, an 11-position improvement from last year and a 16-position improvement since 2008, when Ohio ranked 41st. The only other bordering state in the top 25 is Indiana, which ranked 23rd.
The report ranks Ohio 8th in the nation for 15 factors related to the state economic development efforts and the quality of Ohio's business incentives.
The report highlights Ohio's investment in targeted industries as contributing to its performance. Through initiatives such as the Ohio Bipartisan Job Stimulus Package and the Ohio Third Frontier, the state is investing more than:
$100 million in Ohio's Biomedical Industry.
$50 million in Ohio's Bioproducts Industry.
$150 million to expand manufacturing, boost research and development, retool production lines and retrain workers in Ohio's Advanced Energy industry.
$100 million in Ohio's Logistics and Distribution Infrastructure Program to expand connections to logistics and intermodal centers, improve the flow of freight and increase access to new markets.
Pollina uses a two-phase approach to evaluate states on 31 factors that contribute to a healthy business climate. Stage I, Labor, Taxes and Other Factors, accounts for 64 percent of the total score and is based on 16 factors including taxes, unemployment insurance, human resources and infrastructure spending. Stage II, Incentives and State Economic Development Agency Factors, examines 15 additional factors such as job training, business incentives, tax credits and abatements, cash grants and the professionalism of the state economic development department in marketing and business development.
States across the nation are looking to Ohio and the Ohio Third Frontier program as the model for success in creating, growing and sustaining high-tech jobs, industries and businesses. The Ohio Third Frontier program and its regionally focused Entrepreneurial Signature Programs (ESPs) have claimed several prestigious awards from nationally recognized organizations that track economic development efforts.
The International Economic Development Council (IEDC) recently awarded Ohio Third Frontier the "Excellence in Economic Development Award" for its Ohio's National Model for Technology-Based Economic Development in the category of Technology-Based Economic Development for communities with populations of greater than 500,000. In addition, JumpStart Inc., Northeast Ohio's regional ESP, was named the sole winner of the State Science Technology Institute's (SSTI) 2010 Excellence in TBED Award in the Building Entrepreneurial Capacity category. JumpStart was recognized for its four-year economic impact of $267 million in Northeast Ohio, which includes the creation and retention of more than 800 jobs.
IEDC and SSTI are two of the nation's leading organizations focused on economic development activity. The IEDC annual conference is the world's largest gathering of economic developers to recognize the best economic development programs and partnerships, marketing materials, and the year's most influential leaders. IEDC's Excellence in Economic Development Awards recognize the world's best economic development programs and partnerships, marketing materials, and the year's most influential leaders. SSTI is a national nonprofit organization dedicated to improving government-industry programs that encourage economic growth through the application of science and technology.
According to the 2009 "Making an Impact" report conducted by SRI, Ohio Third Frontier's strategies for investing in Ohio's high-tech clusters contain all the elements associated with global best practices in technology cluster development, and indicate that these investments are already generating positive economic outcomes for Ohio's economy in terms of growth in technology sector employment, output, and wages. Since its inception, the Ohio Third Frontier has created and attracted nearly 600 companies, created more than 60,000 direct and indirect jobs, and helped create $6.6 billion in economic impact in Ohio, a 9:1 return on investment.
Ohio Third Frontier is helping to create companies and careers that didn't exist just a few years ago. Ohio's economic development and job growth strategies are creating a healthy business climate in the state and are further proof that Ohio should be on every CEO's and entrepreneur's list of location options. Click here for more information about Ohio Third Frontier.
Finding a location that supports both professional and personal activity is no easy task. Ohio prides itself in being the State of Perfect Balance. And perfect balance means an equilibrium of corporate climate and lifestyle opportunities.
Long recognized as an effective place to do business simply because of its central location, Ohio has redefined its business climate for the 21st century. Investing in Ohio now brings about many more benefits than in the past, including tax reform, strong incentive packages and a resource-rich workforce.
For four consecutive years, more CEOs have invested capital in Ohio than any other state in the nation, delivering Ohio a Grand Slam victory in the national competition for the coveted Governor’s Cup. Ohio offers business and industry award-winning qualities that contribute to better balance and optimal business performance. Invest in Ohio and enjoy these key benefits:
Business executives choose to continue investing in Ohio because the state offers balance between work and life unlike anywhere else. Ohio offers businesses an environment that makes it easy to foster work-life balance. The convenience of travel, with short commutes from work to home, lower stress and give more time to priority family activities. From anywhere in Ohio, you are within 600 miles of 60 percent of the U.S. population and 50 percent of the Canadian population, making it easy to see why companies are turning to the State of Perfect Balance to grow their business. Read stories of C-level executives who work and live in Ohio.
In Ohio you can build your business and love your life, realizing professional and personal success without sacrificing one for the other. Find out more.
Finding a location that supports both professional and personal activity is no easy task. Ohio prides itself in being the State of Perfect Balance -- and perfect balance means an equilibrium of corporate climate and lifestyle opportunities.
Ohio is unique among U.S. states in offering multiple major metropolitan areas all within easy distance of one another, balanced with convenient suburban communities and tranquil rural areas. In Ohio the population is distributed throughout the state, and commutes to work are shorter and less intense than in most major U.S. cities, leaving ample time for away-from-work activities and making work-life balance achievable.
Anchored by Ohio's major cities, the state is comprised of geographic regions with specific industry strengths and resources. Within these regions are many business-friendly, affordable micropolitan areas. Across the state, executives have shared their perspectives on how locating in Ohio has enabled them to achieve both their professional and personal aspirations without having to sacrifice one for the other.
Watch this video to learn more about the Ohio story.
Read about Ohio's business friendly environment in an article by Roger Russell, senior editor of Accounting Today:
Call this a story about nurturing the goose that laid the golden egg.
At a time when some states are considering job-killing tax hikes to make up for budget deficits, one state is in the final phase of lowering its business taxes to a point that small business owners can collect their first $1 million in receipts virtually free of state taxes.
A number of years ago, Ohio implemented a sweeping package of business tax reforms making it more “business friendly” to businesses of all sizes. Today, it is one of only two states nationally with no general tax on either corporate profits or personal property used in business.
(Source: "Ohio Gets Business Friendly with Tax Cuts," Roger Russell, Senior Editor, Accounting Today, WebCPA.com.)
