The state of Ohio is comprised of 247 municipalities (also known as cities) and is broken up into 88 counties. Ohio is located in the Midwestern part of the United States. The state’s nickname is the Buckeye State and in 1803 it was the 17th state to join the union. Ohio takes its name from the Ohio River. Neighboring states and borders include Lake Erie and Michigan to the north, Pennsylvania to the east, Kentucky to the south and Indiana to the west.
While the state ranks 34th amongst its size of the 50 states, its population ranks 7th largest of those same 50 states. Columbus is the largest city in the state and is also the state capital, with Cleveland, Cincinnati, Toledo, Akron, Dayton, Canton, and Youngstown rounding out the top 8 largest cities in Ohio. In 2021, the estimated population of Ohio exceeds 11.75 million. Ohio looms the 7th largest economy in the United States amassing a GDP of more than $656 billion. Manufacturing is the largest of Ohio’s major sectors and economically the state has had a very strong and lasting tenure in industries such as insurance and banking, motor vehicle assembly, steel production, agriculture and research and development. Key industries in Ohio includes:
- Aerospace and Defense
- Bio Science and Healthcare
- Education
- Agriculture
- Iron and Steel
- Motor Vehicle Assembly
Aerospace and Defense
- Ohio has amassed a top 5 ranking in aerospace parts production and 8th within this aforementioned industry
- Those employed within this industry on average is making more than $26,000 than any other sector within the manufacturing sectors
- Prominent aerospace companies includes Aircraft Braking System, CFM International, GE Aviation, GE Honda Aero Engines, Goodrich Corporation and Timken
- Top weapons manufacturers in the state of Ohio include Armor Holdings, BAE Systems and Lockheed Martin
Bioscience and Healthcare
- Ohio’s biotech industry ranks 4th in the country and stands atop in the Midwest region of the country
- Upwards of $140 billion contribution to Ohio’s economy as a result of the Bioscience and healthcare industry & accounts for 15% of Ohio’s economic output
- 100,000 plus are employed as a result of the biotech industry and responsible investment of more than $2.5 billion
- Healthcare industry contributions to the Ohio economy are instrumental; Catholic Healthcare Partners, Cleveland Clinic Health System, Premier Health Partners and University Hospitals of Cleveland are major players within the healthcare industry.
Education
- Ohio bolster’s one of the top education systems across the country; Ohio’s medical colleges economic importance ranks 6th
- Generates $37 billion and impacts more than 400,000 people
- Kent State University, University of Cincinnati, and the University of Toledo headlines Ohio’s higher education system which is heralded as the largest comprehensive system in the nation
Agriculture
- The agricultural industry is responsible for roughly about $125 billion of the state’s GDP
- Ohio agricultural industry ranks in the nation are as follows:
-1st in Swiss Cheese production
-3rd in Egg production
-6th in Soybean production
-9th in Corn production
Iron and Steel
- Historically Ohio is considered the nation’s steel center
- Per year Ohio produces more than 14 million tons of steel yielding roughly $7.2 billion
- 15% of raw steel produced in America comes from the state of Ohio
Motor Vehicle Assembly
- Chrysler Daimler, General Motors, Ford and Honda are the largest vehicle manufacturers in Ohio
Most Asked Questions- Ohio State Business FAQ
How Do I Get A Resale Certificate In Ohio?
How Do I Get A Resale Certificate In Ohio?