Ohio ranked No.1 in the U.S. for corporate investment

Ohio ranked No.1 in the U.S. for corporate investment

 

Ohio is once again the No.1 state in the U.S. for corporate investment, according to Site Selection magazine’s annual rankings.

It’s the second year in a row that Ohio has taken the magazine’s Governor’s Cup title for bringing more new corporate facility projects per capita than any other state. Ohio also ranked No. 2 in the country for total projects overall, trailing only Texas.

According to the magazine, Ohio finished 2020 with 419 new and expanded business facilities per capita, down from 448 in 2019 but good enough to remain on top.

“Both Ohio and Texas have diverse economies, as do the other high-ranking states, so that was a factor in their capital investment success,” the magazine said. “All states benefited from a strong national economy heading into 2020 – until Covid-19 slammed the brakes on their momentum.

“Economic development agendas turned to business recovery and assistance, and suddenly governors were seen leading daily pandemic updates and determining to what extent they would remain open for business.”

Texas had the most total projects with 781, down from 859 the previous year. Ohio has been second in total projects for seven years running.

“Ohio’s No. 1 ranking for the second consecutive year and the lofty standing of many of our communities speak to the value proposition of this state,” J.P. Nauseef, JobsOhio president and CEO, said in a statement.

“In Ohio, we have a strong business community that will work alongside new companies who are looking to invest and utilize our skilled workforce,” Gov. Mike DeWine said in a statement.

DeWine told the magazine that the state is continuing to invest in workforce development, particularly citing the Ohio To Work and TechCred programs to helps Ohioans get the skills needed in today’s tech-driven economy.

On the metro level, the Cincinnati, Cleveland and Columbus markets all placed in the top 10 of projects per capita for populations over 1 million. Site Selection counted 70 projects in Cincinnati that met one of the list’s three criteria: Involves a capital investment of at least $1 million, creates at least 20 new jobs, or adds at least 20,000 square feet of new floor area. Cleveland had 62 qualifying projects and the Columbus region had 58.

Toledo tied for No. 1 for total projects among areas with populations between 200,000 and 1 million. Additionally, Dayton-Kettering ranked as No. 5 and Akron tied for No. 10 in the same category.

More on Site Selection’s rankings can be found here.

The Atlanta-based magazine has awarded the Governor’s Cup since 1988, with Conway Inc. tracking projects.

LINK BIZ Journal