COLUMBUS, Ohio, Oct. 7 /PRNewswire/ -- Ohio provides some of the nation's fastest growing companies the ideal business climate needed to success, according to the Ohio Business Development Coalition, the nonprofit organization that markets the state for capital investment. As evidence, the Ohio Business Development Coalition points to the number of Ohio companies that appear on the Inc. 5000 list compiled by Inc. magazine. With 186 companies, Ohio ranks among the top ten states in the nation on the annual list of fastest-growing, private companies in America. According to the Ohio Business Development Coalition, it is Ohio's purposeful redesign of its business climate that is making the state an ideal location for businesses to compete in a 21st century global economy.
"Companies in Ohio are able to succeed because of one simple fact: Ohio is a great place to do business," said Ohio Governor Ted Strickland. "We have reduced taxes and regulations, we have increased the skills and education of our workforce and the fact that Ohio continues to be recognized by some of the nation's leading business publications is evidence that our economic development plan is working."
Ohio is one of only two Midwest states that rank among the top ten, sharing the spotlight with Illinois, which had 222 companies features on the Inc. 5000 list.
Ohio does not only compete for business among its Midwest neighbors, but also competes with locations across the globe. With that in mind, Ohio lawmakers dramatically revamped the state's tax structure, creating the lowest rates in the Midwest and an extremely profit-friendly business climate for companies that locate in Ohio.
According to Inc. magazine, while traditional industries like banking and insurance still account for about eight percent of the state's GDP, Ohio is succeeding in "reinventing itself through the technology and sciences sector."
Ohio continues to be at the forefront of many technological advances in such diverse fields as bioscience, polymers and fuel cells. The state also boasts key advantages in transportation and logistics, energy, and professional and financial services. Ohio continues to build upon this heritage by investing heavily in research and development to drive advances in critically important areas that will strengthen the global economy.
"Ohio's business redesign includes strategic tax reform that encourages global success and makes the state an ideal location to profitably compete from in the global marketplace," said Ed Burghard, executive director of the Ohio Business Development Coalition. "Another important factor is how, in Ohio, executives and their employees can enjoy professional success without having to sacrifice personal aspirations. This perfect balance translates into improved profit margin for Ohio based companies."
About the Ohio Business Development Coalition
The Ohio Business Development Coalition is a nonprofit organization that markets the state for capital investment. The OBDC provides marketing strategy and implementation to support Ohio's economic development efforts. For more information on business development or business relocation, visit www.ohiomeansbusiness.com. PWA-OBDC-100610
SOURCE Ohio Business Development Coalition