CEO Guide to the States

#7

Ohio

CEO Rank on Best & Worst States for Business

DOUBLING DOWN ON RECOVERY, AND A BIG INTEL WIN

In a year when financial constraints led many states to scale back on economic development because of financial constraints, Ohio made significant investments to move its economy forward. The Buckeye State has allocated more than $15 billion towards innovation, job-ready sites, growth capital, broadband access and more. Ohio demonstrated the second-fastest recovery to pre-Covid-19 conditions in the region. And, of course, it came through with one of the biggest potential wins in recent economic-development history, with Intel’s promise to invest as much as $100 billion in the state in the next decade.

“We want Ohio’s businesses to have the qualified workers they need to thrive… By working in partnership with business owners to determine which jobs are most in-demand, we can strengthen our workforce, create new jobs and positively impact the economy of our state.”
Mike DeWine
Governor

TAXES

No corporate income tax

# 0

on the Tax Foundation’s State Business Tax Climate Index ranking

EDUCATION

0 %

of students graduated high school in 2019

0 %

of adults age 25 and older have a bachelor’s degree or higher

UNEMPLOYMENT RATE

0 %

RIGHT TO WORK STATE

No

QUALITY OF LIFE

# 0

POPULATION GROWTH

0 %

increase between 2010 and 2020

KEY INCENTIVES

Job Creation Tax Credit (JCTC): Offers a refundable and performance-based tax credit calculated as a percentage of created payroll for businesses that create at least 10 jobs in three years with a minimum payroll of $660,000.

The Research and Development Investment Loan Fund: Offers loans of up to $5 million to projects engaged in R&D activity and a dollar-for-dollar, nonre- fundable commercial activity tax credit for principal and interest payments up to $150,000 during the loan term.

The Innovation Ohio Loan Fund: Offers loans of up to $1.5 million, covering up to 75% of construction, technology, facilities and equipment purchases.

EDCs

JobsOhio

jobsohio.com

City of Columbus Economic Development

columbus.gov/development/economic-development

City of Cleveland Economic Development

makeitincleveland.org

City of Cincinnati

choosecincy.com

Team NEO

teamneo.org

One Columbus

columbusregion.com

HIGHLIGHTED PROGRAM OR INITIATIVE

The Ohio Department of Development launched the International Market Access Grant for Exporters (IMAGE) to help small businesses get started or expand existing export initiatives. IMAGE provides eligible businesses a 50% reim- bursement of up to $10,000 on $20,000 in expenditures for activities that promote international business.

BIG DEALS

  • Intel announced in late 2021 that it would invest as much as $100 billion in the coming decade to build out its next generation of manufacturing plants in the state.
  • Koch Foods announced in September 2021 more than 400 new jobs at a $220 million expansion project in Fairfield.
  • Ridge Corporation announced in September 2021, an $11 million expansion and 85 new jobs at its production facility in Muskingum County.
  • Discount retail chain Gabe’s announced in October 2021 up to 800 new jobs at a $77.5 million distribution center in Springfield.
  • Rural King announced in October 2021 a $33 million expansion near Waverly.
  • Lululemon USA announced in October 2021 a $6.9 million expansion that will create 150 jobs.

BIG COMPANIES

  • Sherwin-Williams 
  • Procter & Gamble 
  • Western & Southern Life 
  • Kroger
  • Progressive
  • Goodyear Tire & Rubber 
  • Marathon Petroleum
  • J.M. Smucker 
  • Big Lots 
  • Cardinal Health