Report: Ohio’s GDP Growth Weaker Since Late 2021

CLEVELAND, Ohio – Ohio’s economic growth was about average through the first two years of the pandemic, but after that its growth has been “noticeably weaker,” according to a new report from the Federal Reserve Bank of Cleveland.

The state’s GDP grew by about half a percent between the fourth quarter of 2021 and the third quarter of 2023, ranking 45th among all states, according to the report.

While industries such as professional services and health care saw significant growth, the state’s two biggest industries – manufacturing and the finance, insurance and real estate sector – contracted.

Those two industries had a significant impact in other states as well, according to Guhan Venkatu, senior policy advisor at the Cleveland Fed.

“Manufacturing and [the finance, insurance and real estate sector] tend to be important to explaining GDP growth differences across states, partly because these industries typically account for a fair amount of overall activity, almost a third at the median,” Venkatu wrote in the report.

The full report can be viewed HERE.

Published by The Business Journal, Youngstown, Ohio.