Ohio, also known as the Buckeye State, is home to thousands of businesses and organizations. The combination of attractive business and financing incentives combined with a low unemployment rate (5.6%) and large workforce (7.1M), make it an attractive location. In fact, there are over 301,063 state businesses with an employment growth rate of 1.2%. More signs of growth can be found in the amount of new construction and real estate investments made over the past 5 years. There was $9.3B in nonresidential construction and $5.3B in residential construction (ranked #23 in the nation). While the broad indicators are appealing, there are important details about the business environment that must be considered.
Ohio Economic Profile
The Ohio economy is very diverse and is anchored by businesses across several key industries. Although known as the Birthplace of Aviation, there are several high-performing industries including construction, retail, real estate, transportation, and healthcare. Business ownership is diverse with 41.4% of companies owned by women, 7.2% owned by veterans, and 12.4% owned by racial minorities. In addition, Cincinnati was ranked the 5th Best City to Work In by Zip Recruiter, named a Top 100 City to Live In by U.S. World News and Report, while Dayton has been named an All American City.
Ohio Business Incentives
The state offers several incentives to attract companies to Ohio. The available loan, financing, and tax credit programs include those that spur innovation and reward targeted employment. The loan programs include the Ohio Micro-Loan Program, Regional 166 Direct Loan, R&D Investment Loan, and the Rural Industrial Park Loan Program. There are also tax incentives available including the Ohio New Markets Tax Credit, Ohio Opportunity Zones Tax Credit, and the Ohio Jobs Creation Tax Credit.
Ohio Business Resources
- Starting a Business in Ohio
- Business Services Center – Ohio Secretary of State
- Investing in Ohio’s Future
- Small Business Administration – Cincinnati
- Small Business Administration – Dayton
- Ohio COVID-19 Regulations for Employers
- International Corporate Services
- SOC 2 Reports
- Client Accounting & Advisory Services
- Business Valuation
There are many advantages to doing business in Ohio. If you have questions about a specific issue or simply need assistance getting established in the state, Barnes Dennig can help. For additional information call us at 513.241.83138 or click here to contact us.