Ohio’s implementation of sweeping business climate reform has eliminated any impediments to business location or expansion in the state. Due to 21st-century reform, Ohio is on track to offer the lowest taxes in the Midwest, after full implementation of tax reform in 2010.
Businesses are choosing Ohio as a preferred location for business development, relocation and expansion thanks in large part to the state’s tax environment.
Ohio's supportive business climate makes the state attractive to many entrepreneurs in a variety of industries from automotive to polymers. The state's tax reform rewards entrepreneurial and start-up activity by not taxing a company's first $1 million in annual gross receipts. This helps new businesses become established and show an earlier profit. In addition, the state has many innovative programs and services helping Ohio entrepreneurs and small business owners, through effective communication, collaboration, creativity and technology support, encourage sustainable growth.
Ohio's taxation system means businesses can:
Reduce operating costs – No tax on inventory or corporate income
Enhance productivity – No tax on investments in machinery and equipment
Enjoy a level playing field – All companies taxed the same low rate
Boost return on investment – No tax on product sold to customers outside Ohio
Reward entrepreneurship – First $1 million in gross receipts are tax-free; companies with sales between $150,000 and $1 million pay only a $150 flat fee
Business owners and entrepreneurs are realizing how, in Ohio, they’re able to find the perfect balance between successfully growing a business and still enjoying life. Business owners profit from the ottom-line benefits of better work-life balance for their employees. Ohio continues to provide the necessary tools to support business growth and to allow individuals to pursue both their professional and personal aspirations -- Ohio truly is the State of Perfect Balance.
Click here for more information on Ohio's supportive business climate.
Ohio is one of the best states for recent college graduates, according to a Bloomberg Businessweek/Aftercollege.com survey that ranked four of the state's largest cities – Columbus, Cincinnati, Cleveland and Dayton – among the top 30 nationally for their optimum mix of job openings, salaries and affordable living. Ohio had more cities in the top 30 than any state except Texas.
Located within a day's drive of 60 percent of the U.S. and Canadian populations, Ohio ranks fifth in the nation in the number of headquarters for Fortune 500 companies and is home to 61 of the Fortune 1000. Built upon a legacy of strength in manufacturing and innovative thinking, Ohio continues to be at the forefront of technological advances in such diverse fields as aerospace and aviation, advanced energy, bioscience, polymers and fuel cells. The state also boasts key advantages in transportation and logistics and professional and financial services.
Starting salaries stretch further in Ohio. According to Federal Housing Finance Agency statistics, Ohio ranks among the 10 most affordable states for single-family housing. On average, it costs nearly 35 percent less overall to live in Ohio than in California and 23 percent less than Massachusetts.
With its central location, low cost of living and leadership in key industries, Ohio is an ideal place for young professionals – including the 180,000 high school seniors and 78,000 college students who graduate from Ohio schools each year – to start their careers. Innovative investments such as Ohio Third Frontier attract young professionals, and the Bloomberg Businessweek data reaffirms why young professionals are selecting Ohio. It's the best place to have a personally fulfilling life and a professionally rewarding career, delivering on Ohio's promise as the State of Perfect Balance.
Ranked ninth on the Businessweek list, Columbus -- Ohio's state capital and the 16th largest city in the U.S. -- is the second-fastest growing major metropolitan area in the Midwest. Home to 1.75 million residents and 15 Fortune 1000 companies, central Ohio is a growing center for established and emerging companies in finance, insurance, information technology and biosciences. Major area employers include Nationwide, American Electric Power, Huntington Bank, the federal Defense Supply Center, Cardinal Health and The Ohio State University.
Ranked 17th, Cleveland has diverse job opportunities in manufacturing, science, engineering and biotechnology. Major employers headquartered in Cleveland include Eaton, Parker Hannifin, Sherwin-Williams and KeyCorp.
Retail, customer service, wholesale and retail trade and health-care opportunities abound in 20th-ranked Dayton. Large employers include Premier Health Partners and Kettering Health Network.
Cincinnati, ranked 23rd, offers jobs in key industries such as manufacturing, wholesale and retail trade and insurance. Major employers include Fortune 500 companies such as AK Steel, Ashland Inc., Cinergy Corp., Federated Department Stores, Fifth Third Bancorp, The Kroger Co., Procter & Gamble Co. and Western & Southern Financial.
The ranking was based on the number of job postings on AfterCollege.com, city unemployment rates and the average annual pay for all occupations as reported by the U.S. Department of Labor. Wages were adjusted for cost of living, using data from the Council for Community & Economic Research in Arlington, Va. Salaries rose 2.5 percent, to an average of $44,525, for the 30 cities in the 2010 ranking.
It's one of corporate America's oldest principles. To be successful in business, you must sacrifice your personal life. No time for family. No time for hobbies or recreation. Relax for just a moment, and the competition will take your place. Unfortunately for executives chasing their dreams in the world's crowded, fast-paced mega-metropolises, it's truer today than ever.
But it's not true in Ohio -- a state where the opportunities for professional success and personal fulfillment are equally balanced. Here, you can think big, work big and play big without being swallowed up by bigness itself. Ohio's business climate provides the resources to encourage and assist you in making your business grow and prosper on a global basis. Yet, on the personal side, Ohio's micro-metropolitan structure and short commutes provide all the cultural, educational and recreational amenities of the city, along with the time - precious time - and the personal space to enjoy them with family and friends.
In Ohio, thousands of top executives have discovered professional success without personal sacrifice. Click here to read their stories and see how you can build you business and love your life in Ohio.
The fact that Ohio continues to be recognized by some of the nation’s leading business publications is evidence that our economic development strategies for creating a healthy business development climate in the state are working. This further proves that Ohio should be on every CEO’s list of location options.
When executives grow their business in Ohio they not only find a nurturing business environment, but are also able to profit from the bottom-line benefits of better work-life balance for their employees. Ohio’s low-cost, low-stress communities and combination of micropolitan and metropolitan cities and short commutes provides executives and employees the resources and time to make any ambition achievable. Ohio truly is the state of perfect balance.
Click here to find out more about Ohio’s business environment and benefits of work-life balance.
Columbus, Ohio is hosting the International Economic Development Council's 2010 Annual Conference from September 26-29 at the Hyatt Regency Columbus. 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.
This year’s theme is "New Paradigms: The Practice of Economic Development in a Changed Landscape" -- and will explore how success is achieved by forward-thinking entrepreneurs and others willing to think outside the box. If you are interested in attending the conference in Columbus, Ohio, please click here.
The conference is expected to draw influential business leaders, economic professionals and academics to address current trends that are helping communities overcome the economic downturn. Scheduled events include engaging seminars, networking opportunities and educational tours.
The International Economic Development Council (IEDC) is the premier membership organization dedicated to helping economic development professionals create high-quality jobs, develop vibrant communities and improve the quality of life in their regions. Serving more than 4,600 members, IEDC represents the largest network of economic development professionals in the world. IEDC provides a diverse range of services, including conferences, certification, professional development, publications, research, advisory services and legislative tracking. For more information about IEDC visit www.iedconline.org.
Watch this video to find out more about Columbus, Ohio and IEDC.
Located within a day's drive of 60 percent of the U.S. and Canadian populations, Ohio ranks fifth in the nation in the number of headquarters for Fortune 500 companies and is home to 61 of the Fortune 1000. Built upon a legacy of strength in manufacturing and innovative thinking, Ohio continues to be at the forefront of technological advances in such diverse fields as aerospace and aviation, advanced energy, bioscience, polymers and fuel cells. The state also boasts key advantages in transportation and logistics and professional and financial services.