Ohio’s mix of low cost of doing business and low cost of living combined with massive investment in infrastructure led to it’s highest state ranking in CNBC’s report since it began in 2007.
Ohio Is the Number Seven Best State for Business
Columbus, Ohio, July 11, 2024 – The State of Ohio has further solidified its position as a premier business destination, climbing from #12 in 2023 to seven in CNBC’s annual America’s Top States for Business 2024 rankings. This improvement reflects Ohio’s sustained economic momentum, robust business attraction efforts, and strategic investments in innovation, infrastructure, and workforce development. The number seven ranking is Ohio’s best since CNBC started the annual rankings in 2007.
“From Ohio’s inventory of construction-ready industrial sites to our reliable energy and water resources, there are so many compelling advantages to doing business in the heart of it all,” said Ohio Governor Mike DeWine. “When coupled with Ohio’s tax and regulatory policies that reduce risk, cut red tape, and accelerate access to domestic and international markets, we’re ensuring that businesses have everything they need for success.”
The CNBC study evaluated all 50 states across 128 metrics across ten categories of competitiveness. Ohio showed particular strength in infrastructure (#13), cost of doing business (#2), cost of living (#4), and had a massive jump in business friendliness from #40 to #24.
Ohio’s performance across these critical metrics both reflects and reinforces the state’s positive migration trends, creating a virtuous cycle of growth. In recent years, the state gained net inbound population growth of 75,000, driven primarily by job-related moves, with 304,000 people relocating to Ohio for employment reasons between 2019 and 2023. This influx of talent has further enriched Ohio’s diverse workforce, from top STEM professionals to skilled trades workers.
“Ohio is a top state for business because we’re also the best place to live, work, and raise a family,” added Governor DeWine. “Ohio’s rise in numerous national rankings demonstrates why Ohio is the heart of it all. It’s not just our business-friendly policies but also our exceptional quality of life, affordable cost of living, and the opportunities we offer for all skill levels.”
“This validates what we already know: Ohio is a great place to do business. This is evidenced by the new businesses moving to Ohio and the growth and expansion of existing businesses and entrepreneurs,” said Lt. Governor Jon Husted. “Over time, we have cut taxes and regulations, improved the quality of our infrastructure and workforce, and maintained affordability. Ohio offers a high quality of life and solid Midwestern values.”
Ohio’s improved ranking in CNBC’s Top States Report is backed by a string of impressive economic development wins across the state’s diverse sectors. In advanced mobility, Joby Aviation’s 2,000-job eVTOL facility in Dayton and Honda and LG Energy Solution’s $4.2 billion battery center showcase Ohio’s innovation leadership. The tech landscape is transforming at a massive scale with Intel’s $20 billion semiconductor chip fabs, Amazon Web Service’s $7.8 billion data center investment, and Worldpay’s choice of Cincinnati for its global headquarters. These headline-grabbing projects, combined with initiatives to support small businesses and revitalize downtown business districts in communities statewide, reflect Ohio’s comprehensive approach to economic growth – from groundbreaking startups to industry titans.
“Ohio’s climb in the CNBC rankings is a reflection of our entire state’s strategic approach to economic development,” said J.P. Nauseef, President and CEO of JobsOhio. “We’re not just focusing on traditional metrics; we’re building an ecosystem that supports innovation, nurtures talent, expands airport facilities and service routes, and offers businesses a wide range of ready industrial sites, spec buildings, and vibrant communities to choose from.
“Our success is a tribute to the collaborative efforts of the DeWine-Husted Administration, the Ohio Legislature, and our statewide network of economic development partners that have positioned Ohio as a beacon for businesses looking to thrive,” Mr. Nauseef emphasized.
“Ohio is positioned to further strengthen its leadership in advanced manufacturing, technology, and sustainable industries for decades to come. With continued investment in workforce development, site readiness, and Innovation Districts, Ohio is cementing its status as the heart of opportunity in America,” he concluded.
For more information on Ohio’s business climate and opportunities, visit www.jobsohio.com. For more information about employment opportunities and talent-matching services available in Ohio, visit FindYourOhio.com.
