According to Forbes and Site Selection, Ohio is a great place for doing business. Each year, both well-respected publications release their individual rankings, highlighting the best and worst states for doing business. This year, the Buckeye State came in at number 15 on Forbes’ list (up 11 spots from 2014) and number five on Site Selection’s ranking. Ohio’s high marks on these notable rankings illustrates the state’s business friendly climate; a climate that makes it possible for companies to grow and thrive.
Now in its 10th year, Forbes’ “Best States For Business” ranking looks at seven categories in order to rate the best and worst states for doing business. These categories include:
- Business Cost
- Labor Supply
- Regulatory Environment
- Economic Climate
- Growth Prospects
- Quality of Life
Coming in at number 15 overall, Ohio ranked the highest in the quality of life category, earning the number two spot. Forbes also notes that the cost of doing business in Ohio is nearly three percent below the national average, further illustrating the state’s business friendly climate.
In addition to Forbes’ annual ranking, Ohio also received high marks from Site Selection, which looks at the top 25 states in terms of their business climates. As noted by Site Selection, half of the overall ranking is based on a survey of site selectors who are asked to rank their top 10 states. The other half “…is based on an index of seven criteria, including total new facilities in 2014 per capita; total 2015 new projects year to date; and state tax burdens on new and existing firms” (Crain’s Cleveland). While Georgia took the top spot in Site Selection’s rating, Ohio was the top-rated Midwestern state.
Ultimately, third-party rankings like these further reinforce what many already know: Ohio is a great place for doing business. Home to global corporations such as the Goodyear Tire & Rubber Co., J.M. Smucker Co., Progressive Insurance and more, Ohio and Northeast Ohio make it possible for companies to grow and thrive.
To learn more about the benefits of doing business in Northeast Ohio, click here.