Ohio has once again risen above all other Midwest states, this time taking the top spot for its small business climate and entrepreneurship. According to The Small Business & Entrepreneurship (SBE) Council’s “Small Business Survival Index 2009,” Ohio ranks best in the Midwest and No. 11 nationally for its public policy climate for small businesses and entrepreneurs.
According to the Ohio Business Development Coalition, the nonprofit organization that markets the state for capital investment, the recent ranking is further proof that Ohio’s purposeful redesign of its business climate is making the state an ideal location for businesses to compete in a 21st century global economy.
“Businesses of all sizes continue to discover the benefits of investing in Ohio. And small businesses in particular are increasingly important to the State of Ohio, helping create jobs for Ohioans, enhance our local communities and foster innovation in business,” said Ohio Department of Development Director Lisa Patt-McDaniel.
According to the SBE, the “Small Business Survival Index” is the “most comprehensive measure of which states are truly friendly to businesses and entrepreneurs, and which are not in terms of public policy decisions.” The factors included in the Index are taxes, various regulatory costs, government spending, property rights, health care and energy costs, and more.
With its comprehensive tax reform, Ohio’s corporate state taxes are on track to be the lowest in the Midwest for companies making new capital investments. Projections show that as of 2010 Ohio businesses will have seen a real world impact of up to a 63 percent reduction in tax burdens.
Ohio’s geographic location also contributes to its successful business climate. Ohio is recognized nationally and worldwide as a business location with unbeatable access to Midwestern, Central Canadian and Mid-Atlantic markets, and with its sophisticated transportation infrastructure represents a strong global platform to route goods and services to anywhere in the world. Ohio is within 600 miles of 60 percent of the U.S. population and 50 percent of the Canadian population.
“Ohio’s recognition and continued improvement are evidence that our economic development strategies for creating a healthy business climate are working and further prove that Ohio should be on every CEO’s list of location options,” said Ed Burghard, executive director of the Ohio Business Development Coalition. “Executives are realizing, in Ohio, they can find the perfect balance to successfully growing a business without sacrificing their life. Business owners profit from the bottom-line benefits of better work-life balance for their employees. Ohio’s low-cost, low-stress communities and combination of micropolitan and metropolitan cities provides executives and employees the resources and time to make any ambition achievable. Ohio truly is the state of perfect balance.”
Other Midwest state rankings include: Indiana (15), Kentucky (22), Michigan (23), Illinois (24), Wisconsin (30) and Minnesota (43).
Toby Boyce is the president and Broker for C.G. Boyce Real Estate Co. Toby was honored in 2015 for as one of the first 300 REALTORS in the nation (only 1.4 million) to earn the “Commitment 2 Excellence” Award from the National Association of REALTORS. He has earned several real estate designations that benefit his clients every single day.