A stable, pro-business environment.
Some may find this kind of predictability boring. The Northeast Ohio Region – and its businesses – find it thrilling.
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Low risk, high reward in the Northeast Ohio Region.
The Northeast Ohio Region’s stability, coupled with an advantageous business environment, helps businesses maximize profits.
Ohio’s simplified tax structure, central location, and affordable cost of doing business are catalysts for past and future economic diversification and prosperity.
Ohio has enjoyed stable ratings from Moody’s, S&P, and Fitch of Aa1/AA+/AA+ for more than 20 years.
Ohio’s tax climate is extremely conducive to business, with:
No state corporate income or profits tax
No tax on products sold outside of Ohio
No state tax on machinery and equipment investments
No state tax on R&D investments
The Northeast Ohio Region’s low costs are a competitive advantage.
The cost of doing business is 10% lower in the Northeast Ohio Region compared to the national average, according to Team NEO’s June 2016 Quarterly Economic Review, which surveyed comparative data on a number of economic indicators including the cost of labor and energy, as well as construction and leasing costs, and rates of state and local taxes.
Cleveland has the third-lowest office market rental asking rate in the U.S., according to a 2018 CBRE Research study comparing rents for 58 top national markets. Commercial and industrial utility costs in Northeast Ohio, including electricity and natural gas, are lower than Midwest and national averages.
Northeast Ohio is adjacent to Lake Erie, which is part of the Great Lakes Basin. Eighty-four percent of North America’s surface fresh water and 21 percent of the world’s supply of surface fresh water come directly from the Great Lakes. Lake Erie’s freshwater abundance ensures that the Northeast Ohio Region’s water supply is available, reliable, and cost-effective.
Northeast Ohio is not only low cost; it is also low risk.
CBS News ranks Cleveland and Akron the second and third safest cities from natural disasters. Fewer disruptive weather events mean less risk and less down due to natural disasters.
Ohio is the #1 state in the U.S. for businesses to survive the economic turmoil of the COVID-19 pandemic, according to Fit Small Business. Rankings were determined based on economic and financial health (20%); least economic stressors (25%); emergency reserves & relief (25%); COVID-19 rates & healthcare infrastructure (20%); and consumer confidence (10%).
Annual Best States for Business rankings
Top States for Doing Business