Ohio Ranks Third in U.S. for Overall Development Projects, Investments

COLUMBUS, Ohio — JobsOhio, the state’s private nonprofit economic development corporation, reports that Ohio ranks third out of 50 states for overall economic development project wins and third for investment projects per capita, according to Site Selection’s 2023 Governor’s Cup ranking.

Site Selection, a leading corporate real estate economic development magazine, also ranked the Buckeye State at the top of its list on a regional level. Ohio ranks first for per capita investments in the Midwest and second for overall project wins among its regional peers.

In 2022, Ohio recorded $30.2 billion in committed capital toward new development projects, tripling the previous record of $9.56 billion in 2017, JobsOhio reported.

Corporate real estate analysts regard Site Selection’s yearly analyses as “the industry scoreboard,” JobsOhio said.  The magazine has awarded the Governor’s Cup annually since 1988, based on new and expanded corporate facilities as tracked by the proprietary Conway Projects Database.

The 2023 Governor’s Cup rankings are a testament to a state’s ability to attract significant business projects, including corporate headquarters, manufacturing plants, R&D operations, and logistics sites, Ohio Gov. Mike DeWine said.

“Ohio is the premiere location for new development projects of every size,” DeWine said. “Site Selection has recognized the good work that is being done in our state to attract new businesses and help our existing businesses thrive.”

According to Site Selection, two of Ohio’s metropolitan cities with populations of more than one million, Cincinnati and Columbus, have particularly stood out in Ohio’s economic success. Cincinnati ranked ninth in overall projects nationally and a notable third per capita, while Columbus made a strong showing at No. 7 per capita.

Ohio is a prime destination regardless of city scale, JobsOhio noted.  Many of Ohio’s “micro cities” – with populations between 10,000 and 50,000 – are thriving. Findlay, for example is ranked first in the country and three others ranked in the top 10 nationally. Another 21 ranked in the top 100.

“Ohio offers everyone from large enterprises to entrepreneurs, new graduates, and military veterans the ideal balance of growth opportunities and an affordable quality of life,” JobsOhio CEO J.P. Nauseef said. “As a result, Ohio is soaring to new heights in terms of capital investments, new job creation, and payroll growth as vital industries commit to building their futures in the Buckeye State.”

To see a complete list of the Site Selection honorees can be found HERE.

Copyright 2024 The Business Journal, Youngstown, Ohio.