JobsOhio Releases 2023 Annual Report and 2024 Strategic Plan

COLUMBUS, Ohio – The state is being propelled toward “a future of sustained growth and prosperity,” according to JobsOhio’s 2023 Annual Report and 2024 Strategic Plan.

The state secured $14.4 billion in capital expenditure commitments last year and ranked No. 3 in both announced deals and capital investment and No. 7 in new jobs, according to the report. Ohio is the only state to rank in the top five for both total projects and per capita projects since 2019.

In 2023, the state secured 327 project wins, 16,457 jobs created and $1.1 billion in new payroll, while retaining 27,836 jobs and $1.78 billion in payroll.

Here are some other highlights from 2023:

  • Ohio earned “AAA/Aaa” ratings from all three rating agencies, the first time in history.
  • Ohio’s venture capital investment total, $1.33 billion, is higher than the year-end totals for 2006-2019, returning to pre-pandemic trends.
  • Ohio had a strong year in foreign direct investment, ranking No. 9 in the U.S. in FDI CapEx ($4.2 billion), No. 9 in projects (59) and No. 14 in jobs created (4,050).
  • Ohio ranked No. 9 in the U.S. for industrial diversity with a value of 0.86 (U.S. = 1).

“Due to high tax rates, expensive real estate prices, and more stringent regulations, a significant amount of businesses are seeking to move their operations away from coastal states and into other regions such as the Midwest,” the report states. “With advantageous financial conditions, like a diverse economic environment, a highly productive workforce, and a central location, many business owners are looking at Ohio as a serious contender to house their operations and foster their future prospects.”

The full report is available HERE.

Published by The Business Journal, Youngstown, Ohio.