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Ohio again ranks among best states for business climate

Ohio again ranks among best states for business climate

Zachary Smith

Crain's Cleveland Business

 

For the second year in a row, Ohio ranks sixth in the country by Site Selection for top business climates, keeping the Buckeye State at the forefront as state leaders continue to woo large corporations and developments.

The findings are based on a 14-metric index that includes a survey of corporate real estate executives and site selectors; criteria derived from corporate facility investment data in the Conway Projects Database and a number of external sources like taxation, infrastructure, tech employment and startup ecosystems.

Ease of permitting and regulatory procedures, transportation infrastructure, workforce skills, and quality of life were considered the more important criteria by a survey of business executives. The results of that survey listed Ohio seventh overall.

Ohio’s continuous top placement doesn’t come as a surprise to JobsOhio President and CEO J.P. Nauseef.

“Team Ohio’s focus on creating a strong business climate empowers companies to choose this state for future investment, job creation, and long-term success,” Nauseef told Crain’s Cleveland Business in a written statement.

However, there is always room for improvement. Ohio ranked one slot higher in 2023 before sliding to sixth in 2024.

“We are confident more companies will realize the value proposition of Ohio’s talent, low cost of living, and high quality of life as we and our partners continue working to make it as easy as possible for businesses to thrive here.”

The top-ranked state for business climate is Texas, followed by North Carolina, Georgia, Virginia, and Florida. (Each of the top ranked states are right to work states)

Within Ohio, Site Selection also examined the Weirton-Steubenville, West Virginia-Ohio, Cincinnati and Wheeling metro areas as the highest-ranking areas along the Ohio River Corridor. This is determined by new construction projects over the preceding 18 months that invest at least $1 million, create at least 20 new jobs, or add at least 20,000 square feet of new space.

Weirton-Steubenville moved from No. 6 last year to No. 2 this year due to six major projects, including a 50-job investment by Titanium Metals Corp. in Toronto, Ohio. Cincinnati placed third but had the most projects of any ranked city, with 100.

New location or expansion projects must involve construction and meet one of the following three criteria to qualify for Site Selection’s Conway Projects Database: at least $1 million invested, at least 20 new jobs created, or at least 20,000 square feet of new space.

The top metropolitan area along the Ohio River Corridor is Louisville-Jefferson, Kentucky-Indiana.

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