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A new report by the Quantitative Economics and Statistics Practices (QUEST) of Ernst & Young in conjunction with the Council On State Taxation (COST), ranks Ohio as third in the nation for friendliest tax environment.The study, "Competitiveness of state and local business taxes on new investment," provides a state-by-state comparison of tax liabilities.
Welltower, an S&P 500 company headquartered in Toledo, is a major healthcare real estate firm.The Air Force estimates that Wright-Patterson’s annual economic impact on the Dayton region is .1 billion.Ohio had three city-regions in the top 30 biotech locations in the country, with Cleveland-Akron ranked #20, Columbus #22, and Cincinnati #28.In 2010, EPISCENTER, a new R&D center for the corporation to be located in Dayton, was announced by the Third Frontier program.Boeing's Central Ohio Aerospace and Technology Center in Heath is a venture amongst five of the top 10 U. defense contractors, including Atlantic Inertial Systems, Honeywell, Kearfott, Northrop-Grumman, L3 Communications, and Raytheon, which is also the headquarters of the Air Force Metrology and Calibration Program Office.They include Cardinal Health at #17, Procter & Gamble at #22, Kroger at #23, Macy's at #103, Nationwide Insurance at #118, Goodyear Tire and Rubber at #141, Progressive Insurance at #161, American Electric Power at #172, Eaton Corporation at #194, and Owens Corning at #432.
Dayton is designated as the state's aerospace hub due to its high concentration of aerospace and aviation technology.
The economy of Ohio nominally would be the 27th largest global economy behind Saudi Arabia and ahead of Argentina according to the 2015 IMF report.
The state had a projected GDP of 6.1 billion in 2013, up from 517.1 in 2012, and up from 501.3 in 2011, according to the Bureau of Economic Analysis.
Other Ohio cities listed include Cincinnati at #6 and Cleveland at #16. News and World Report ranked the clinic as the fourth best hospital in the country, and the #1 heart center in the country for the 15th year in a row.
Ohio is home to world class medical facilities, led by the Cleveland Clinic, which has locations throughout the world. Overall, the magazine ranked 16 Ohio hospitals among the best hospitals in the nation, making the state #3 in the country in total. News and World Report, in 2010, Health Grades ranked nine Ohio hospitals in the top 50 in the United States University Hospitals Case Medical Center in Cleveland was named in the top 15 for major teaching hospitals, while Riverside Methodist Hospital in Columbus and Hillcrest Hospital in Mayfield Heights ranked in the top 16 for minor teaching hospitals.
The state includes many historically strong industries, such as banking and insurance, which accounts for 8% of the gross state product, motor vehicle manufacturing, research and development, and steel production, accounting for 14-17% of the nation's raw output.