CNBC Ranks Ohio as No. 10 State for Businesses
YOUNGSTOWN, Ohio – CNBC has ranked Ohio as one of the top states for businesses in its annual survey, with the state receiving A grades for infrastructure and cost of doing business. Overall, the Buckeye State was put at the No. 10 spot, up five positions from last year.
“Looking to get your products to market and your people on the move? Look to the Buckeye State which offers one of the most highly developed infrastructures in the nation,” CNBC said in its report. “From key ports on the Great Lakes and the Ohio River to major airports in Cleveland and Columbus, and nearly 140 million people in the U.S. within a day’s drive, all roads really do lead here.”
The state also ranked well in the education category, placing 11th among all states. However, Ohio’s ranking was dragged down by poor showings in the quality of life (No. 34), business friendliness (No. 32) and economy (No. 30) categories.
In the fourth quarter of 2018, the state posted a 1.4% growth in GDP and in May reported a 4.1% unemployment rate. Ohio has no corporate tax rate, though it does levy a gross receipts tax.
CNBC’s ranking considers 60 metrics divided into 10 broad categories, each weighted to how frequently a state uses them as selling points in marketing materials for economic development. All data is pulled from publicly available sources.
Virginia gathered the top ranking on the list, propelled by holding the top spot in the workforce and education categories, as well as the No. 3 position for business friendliness. Rounding out the top five are Texas, North Carolina, Utah and Washington.
Michigan ranked 24th, while Pennsylvania was 28th and West Virginia was 45th. The full rankings are available here.
Copyright 2020 The Business Journal, Youngstown, Ohio.