State of Business: Ohio leaps to 7th

(The Center Square) – Ohio leapt to seventh in the annual “America’s Top States for Business,” a ranking annually provided by CNBC.

A year ago, the state was 12th.

Among all 50 states getting measured in 128 metrics assigned to 10 categories, the Buckeye State was second in cost of doing business, fourth in cost of living, and 10th in access to capital. Virginia is No. 1 overall, it’s third time in five years atop the list and taking over for back-to-back leader North Carolina.

Ohio’s economic profile, as listed by the network, includes a population of nearly 11.8 million; gross domestic product growth in the first quarter of 2024 at minus-0.3%; May unemployment 4.2%; no corporate tax rate; top individual income tax rate 3.5%; and a stable AAA bond rating from Moody’s and the S&P.

Other broad category rankings were 12th in technology and innovation; 13th in infrastructure; 21st in quality of life; 24th in business friendliness; 26th in economy; 33rd in education; and 38th in workforce.

A year ago, the category rankings included a third in cost of living, fourth in cost of doing business, fifth in access to capital, and sixth in infrastructure.

Rounding out the top five behind Virginia and North Carolina were Texas, Georgia and Florida. Last year’s top five was North Carolina, Virginia, Tennessee, Georgia and Minnesota.