Ohio State Economy

The state of Ohio has a very well-developed and diversified economy and consistently ranks among the top 10 states of the USA in terms of gross domestic product. If Ohio were an independent state, it would occupy the 12th place in the list of the richest countries in the world.

The state is very well-developed various industries, agriculture, tourism. About 8% of Ohio’s GDP is in the financial sector (banks, insurance companies, etc.). Ohio is one of the largest research centers in the US (by some estimates, the second after California). The state is developing in the field of energy, medicine, aeronautics, space exploration, agriculture. The most prominent research organizations in Ohio include the Stem Cell Center and Regenerative Medicine, the John Glenn Center (one of NASA units) and the Cleveland Clinical Hospital, the Center for Tissue Regeneration and Engineering at Dayton, Air Force Research Laboratory, Agricultural Research Center in Worcester and many others.

Ohio is included in the “US Industrial Belt”, metallurgical engineering, mechanical engineering, chemical, defense and other industries are well developed here.

In the area of Dayton, which is called the “aerospace capital of Ohio,” a number of organizations and enterprises are concentrated that produce components for the aviation industry, primarily aircraft engines.

Ohio is one of the leading metallurgical states in the United States, accounting for about 15% of total steel production in the United States and about 70% of ferroalloy. Columbus has the largest steel mill in the country, Columbus Castings.

Ohio is the second largest car manufacturer in the United States (after Michigan). The state has large assembly plants for Ford, Honda, DaimlerChrysler and General Motors, and in total Ohio has more than 500 companies associated with the automotive industry.

Ohio ranks 1st in the Midwest and 4th in the country as a whole in the development of biotechnology, more than a thousand organizations work in this industry.

Traditionally, in Ohio, the chemical industry is well developed, the state ranks first in the United States in terms of rubber and plastics production. The city of Akron, where the headquarters of Goodyear, the largest manufacturer of car tires and other rubber products, is located. “The headquarters of Procter & Gamble, one of the world’s largest consumer goods manufacturers, is located in Cincinnati.

They work in Ohio as well as a lot of other, extremely diverse industrial enterprises. For example, Crown Equipment Corporation is the 4th largest producer of forklifts in the world in New Bremen, GE Lighting in Cleveland, the leading energy-saving lamp manufacturer, Toledo’s Libbey manufactures glassware, NewPage Corporation in Dayton is one of the largest paper makers in America, and American Greetings, of greeting cards and wrapping paper.

In Newark, Ohio, one of the main tourist attractions is the headquarters of Longaberger, which produces handmade baskets, wrought iron, ceramics and other household goods.

The main crops of Ohio are tomatoes (3rd place in the United States in terms of production), corn and soybeans (6th among the US states), wheat, oats, fruits and berries (apples, peaches, strawberries, grapes). Flowers are grown in Ohio’s greenhouses and nurseries (5th in the United States), trees and shrubs.

The food industry of the state is also closely connected with Ohio agriculture. For example, Heinz’s largest ketchup plant in the world is located in the city of Fremont, and Brewster Dairy is one of the leading hard cheese producers in the United States.

Category: General Issues

Tags: Business, financial