Ohio has been long attracting the attention of new and existing small businesses and large corporations engaged in the tech industry and needing rapid business growth. After all, the Mother of Presidents is home to 3 of America’s top 10 tech cities: Columbus, Cincinnati, and Cleveland.
That said, Ohio offers a number of useful resources and incentive programs, providing significant support for starting and maintaining a small business in the state. Such programs include:
You can find more information on various incentives and resources the state provides to new and existing small and large businesses here.
In fact, Ohio is the 3rd-largest manufacturing state in the U.S. and it genuinely cares about providing all the necessary support and a business-friendly environment to entrepreneurs who plan to work in the state, as well as a variety of options to choose from.
After all, Buckeye State has its Small Business Development Centers and Minority Business Development Centers, as well as International Trade Assistance Centers and Small & Minority Business Financial Incentives Programs.
New tax benefits and other incentives are driving tremendous small business growth in every part of the state.
Table of Content
According to Growjo, the top 10 fastest-growing companies in Ohio are:
|2||Installed Building||Columbus||Products Construction||433||$1.9B|
|4||Handyman Connection||Blue Ash||Construction||383||$138.8M|
|5||Liberty School District||Youngstown||Transportation||169||$61M|
|6||MAI Capital||Cleveland||Finance Management||272||$61.4M|
|7||Franklin City Schools||Franklin||Education||198||$39.2M|
|10||Align Capital Partners||Shaker Heights||Investments||29||$3.3M|
According to Zippia, a list of Ohio’s 100 top 10 largest companies (by currently working employees) looks as follows:
|Convergys||Business Services||Newark, NJ||$2.4B||290,000|
|Watson Foods||Human Health & Nutrition Products||West Haven, CT||$94.3M||200|
|Procter Gamble||Consumer Goods||Cincinnati, OH||$71.0B||101,000|
|National Machinery||Machining Manufacturer||Tiffin, OH||$18.0M||80,000|
|Morgan Services||Textiles||Dayton, OH||$40.1B||60,348|
|L Brands||Clothing & Apparel Stores||Columbus, OH||$12.6B||59,950|
|FirstGroup America||Transportation||Cincinnati, OH||$1.7B||10,001|
|First Student||Transportation||Cincinnati, OH||$1.5B||10,001|
As you can see from the table above, Kroger, Convergys, and Watson Foods hold leading positions in the list. These companies have more employees than any other company in the state of Ohio.
According to the Observatory of Economic Complexity, OH exported $5B and imported $7.58B in August 2022, which resulted in a negative trade balance of $2.57B:
According to IBISWorld, in 2022, Property, Casualty & Direct Insurance, Hospitals & Commercial Banking were Ohio's largest industries. These industries generated $66.2B, $50.5B, and $42.3B in 2022, respectively.
|1||Property, Casualty & Direct Insurance||$66.2B|
|4||New Car Dealers||$42.2B|
|5||Drug, Cosmetic & Toiletry Wholesaling||$35.1B|
|6||Health & Medical Insurance||$29.8B|
|7||Supermarkets & Grocery Stores||$26.9B|
|9||Life Insurance & Annuities||$23.6B|
According to IBISWorld, in 2022, Walmart Inc., Cleveland Clinic Foundation, and The Kroger Co. are Ohio's largest companies by employment. These companies employed 53,310, 52,648, and 42,000 people, respectively.
|Rank||Company||2022 Employment||2022 Employment %|
|2||Cleveland Clinic Foundation||52,648||0.9%|
|3||The Kroger Co.||42,000||0.7%|
|5||Ohio State University||35,131||0.6%|
|6||Wright-Patterson Air Force Base||32,514||0.6%|
|7||Bon Secours Mercy Health||30,562||0.5%|
|8||University Hospitals Health System, Inc.||30,250||0.5%|
|10||JPMorgan Chase & Co.||21,500||0.4%|
According to IBISWorld, in 2022, Ohio's sectors that contributed the most to employment in the state were the Healthcare & Social Assistance, Retail Trade & Administration, Business Support & Waste Management Services sectors, which results in a combined 41.4% of state employment.
|Sector||Employment||2022 Growth (%)||2017-2022 Annualized Growth|
|Healthcare & Social Assistance||974,785||2.1%||1.6%|
|Administration, Business Support & Waste Management Services||473,222||2.0%||2.1%|
|Accommodation & Food Services||447,367||5.9%||1.4%|
|Professional, Scientific & Technical Services||411,076||2.6%||2.4%|
|Transportation & Warehousing||274,677||5.6%||4.3%|
|Other Services (except Public Administration)||246,838||1.0%||-0.5%|
|Real Estate & Rental & Leasing||129,355||-0.6%||0.2%|
|Arts, Entertainment & Recreation||128,701||8.0%||5.0%|
|Agriculture, Forestry, Fishing & Hunting||4,261||2.7%||3.6%|
As you may know, the most popular business structure in the United States is a limited liability company (LLC).
To legally open an Ohio LLC, you will need to complete and file your registration documents with the Secretary of State. Before doing that, however, make sure you check the main fees and documents to consider when registering an LLC in OH:
You can find more information about how to start an LLC in Ohio and learn about the right registration steps in our article.
According to the U.S. Bureau of Labor Statistics, from May 2022 to October 2022, Ohio’s economy, including labor force data and nonfarm wage & salary employment data, looked as represented in the table below.
|Data Series||May2022||June2022||July 2022||August 2022||September 2022||October 2022|
|Labor Force Data|
|Civilian Labor Force (number of persons, in thousands, seasonally adjusted)||5,792.0||5,794.7||5,794.7||5,787.0||5,777.9||(P) 5,761.4|
|Employment (number of persons, in thousands, seasonally adjusted)||5,565.7||5,570.7||5,571.2||5,558.1||5,545.9||(P) 5,519.8|
|Unemployment (number of persons, in thousands, seasonally adjusted)||226.3||224.0||223.5||228.9||231.9||(P) 241.6|
|Unemployment Rate (in percent, seasonally adjusted.)||3.9||3.9||3.9||4.0||4.0||(P) 4.2|
|Nonfarm Wage & Salary Employment|
|Total Nonfarm (number of jobs, in thousands, seasonally adjusted)||5,476.7||5,477.0||5,482.1||5,488.1||5,493.7||(P) 5,509.4|
|12-month % change||2.2||2.0||1.5||1.5||2.0||(P) 2.4|
|Mining and Logging (number of jobs, in thousands, seasonally adjusted)||8.8||8.8||8.9||8.9||9.0||(P) 9.0|
|12-month % change||3.5||2.3||2.3||3.5||4.7||(P) 3.4|
|Construction (number of jobs, in thousands, seasonally adjusted)||233.5||233.4||232.3||233.8||236.1||(P) 236.8|
|12-month % change||5.4||6.1||4.5||5.1||5.9||(P) 6.0|
|Manufacturing (number of jobs, in thousands, seasonally adjusted)||680.0||678.6||682.8||681.6||691.9||(P) 691.9|
|12-month % change||2.7||2.2||2.4||2.3||3.7||(P) 3.4|
|Trade, Transportation, and Utilities (number of jobs, in thousands, seasonally adjusted)||1,057.6||1,055.0||1,055.9||1,056.9||1,056.7||P) 1,056.6|
|12-month % change||2.7||2.3||1.9||1.9||2.2||(P) 1.9|
|Information (number of jobs, in thousands, seasonally adjusted)||69.0||69.0||69.8||70.3||70.6||(P) 69.4|
|12-month % change||7.5||7.1||6.2||6.8||7.5||(P) 5.6|
|Financial Activities (number of jobs, in thousands, seasonally adjusted)||308.4||308.3||308.8||309.3||309.1||(P) 310.9|
|12-month % change||0.2||0.2||0.1||0.2||0.4||(P) 0.2|
|Professional & Business Services (number of jobs, in thousands, seasonally adjusted)||723.6||721.3||718.8||721.4||722.0||(P) 719.1|
|12-month % change||0.7||1.0||-0.3||-0.1||0.4||(P) 0.4|
|Education & Health Services (number of jobs, in thousands, seasonally adjusted)||891.5||895.4||897.0||898.4||895.4||(P) 901.2|
|12-month % change||-0.9||-0.4||-0.3||-0.2||0.6||(P) 1.3|
|Leisure & Hospitality (number of jobs, in thousands, seasonally adjusted)||537.8||539.5||540.4||538.4||539.2||(P) 543.5|
|12-month % change||8.9||7.6||4.7||3.5||4.1||(P) 4.8|
|Other Services (number of jobs, in thousands, seasonally adjusted)||208.2||209.3||210.0||212.5||208.1||(P) 210.1|
|12-month % change||4.4||4.7||4.2||5.0||3.4||(P) 4.2|
|Government (number of jobs, in thousands, seasonally adjusted)||758.3||758.4||757.4||756.6||755.6||(P) 760.9|
|12-month % change||0.7||-0.2||0.3||0.4||0.4||(P) 2.5|
*P = Preliminary