page_title: Economy of Ohio
hierarchical_section_title: Economy of Ohio
caption_attribution_description: English: Astronaut Kathryn D. Sullivan, 41-G mission specialist, uses binoculars for a magnifed viewing of Earth through Challenger's forward cabin windows.
context_page_description: The economy of Ohio nominally would be the 21st largest global economy behind Saudi Arabia and ahead of Argentina according to the 2017 International Monetary Fund GDP estimates. The state had a GDP of $656.19 billion in 3rd quarter of 2017, up from $517.1 billion in 2012, and up from $501.3 billion in 2011, according to the Bureau of Economic Analysis. 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 development. A new report by the Quantitative Economics and Statistics Practices of Ernst & Young in conjunction with the Council On State Taxation, 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: Maine; Oregon; Ohio; Wisconsin; and Illinois.
context_section_description: The economy of Ohio nominally would be the 21st largest global economy behind Saudi Arabia and ahead of Argentina according to the 2017 International Monetary Fund GDP estimates. The state had a GDP of $656.19 billion in 3rd quarter of 2017, up from $517.1 billion in 2012, and up from $501.3 billion in 2011, according to the Bureau of Economic Analysis. 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 development. 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 (3.0%); (2) Oregon (3.8%); (3) Ohio (4.4%); (4) Wisconsin (4.5%); and (5) Illinois (4.6%).
  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 dominance. Ohio was one of four states in the U.S. to have areas make the Intelligent Community Forum's list of global Smart 21 Communities for 2014, with Columbus, Ohio receiving the honors. Ohio has six of the top 146 public school national universities in the nation, according to U.S. News and World Report's 2020 rankings. The state was ranked No. 8 by the same magazine in 2008 for best high schools, while overall, in 2010 the state's schools were ranked No. 5 in the country by Education Week. However, by 2016 the state's high school rankings had slipped to #11 according to U.S. News and World Report, and #22 overall in quality by Education Week in 2017. It was second only to Texas in having the most U.S. cities in the top 30 best places for new college graduates, according to BusinessWeek in 2010. The year ending July 2011 saw the state ranked fourth in the nation in job creation behind Texas, California, and New York. By 2016 the state wasn't in the top 10 for job growth, but between 2017-2018 the state saw an increase in job creation of 44,600.
  After California and Texas, Ohio is the third largest U.S. manufacturing state, with total output in 2017 approaching $108 billion.  Home to more than 12,000 manufacturers, 12.6% of the Ohio work force is dedicated to manufacturing.
  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", while Toledo is recognized as a national solar center, Cleveland a regenerative medicine research hub, Dayton an aerospace and defense hub, Akron the rubber capital of the world, Columbus a technological research and development hub, and Cincinnati a mercantile hub.
  Wal-Mart is the largest private sector employer in Ohio with approximately 50,500 employees in 2017. The largest Ohio employer with headquarters in Ohio is the Cleveland Clinic, with approximately 49,050 employees and headquarters in Cleve
caption: Dr. Kathryn Dwyer Sullivan, a resident of Columbus, was the first American woman to walk in space.[1]
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