Are you wondering about Ohio economy ranking today? Known for its plastics and rubber industries, Ohio is one of the leading manufacturing states in the USA. It also has interesting economic facts to be explored.
Industrialization in Ohio didn’t come instantly. Around 1853, the state started to focus on it after the discovery of coal. Meanwhile, in 1860, this state became the top one in the country after generating more crude oil than other states.
Nowadays, in addition to the production of rubber and plastics, Ohio is also known to lead the manufacturing of electrical equipment and appliances as well as fabricated metals. Besides, it also acquires an important status as leading manufacturers of steel, autos, and trucks.
What Is the Ranking of Ohio in Terms of Economy?
Even though Ohio economy ranking is far away from the top one, it doesn’t mean that there are no interesting facts to discuss. When it comes to the economy category, this state acquires a position of #38 in the country.
New York, California, and Texas are often considered as the biggest states in terms of their economy in the US. At the beginning of the decade, Ohio had ever been ranked among the top states aside from the three mentioned previously.
In this case, Ohio was ranked high concerning the number of job creation. At that time, Ohio was known for its powerful industries that include motor vehicle assembly, agriculture, insurance, banking, research, and steel manufacturing.
However, Ohio economy ranking is not as higher as before today. Although in terms of GDP the state is still considered among one in the top ten positions, the overall ranking is not as good as before.
Despite its low overall position, Ohio can still rank high if compared to sovereign countries around the world. A source even said that this state should be the 21st biggest economy on this planet, leaving Saudi Arabia and Argentina ahead.
What Factors Are Considered to Determine Ohio’s Economy Position?
Then, what is the reason behind Ohio economy ranking today? For your information, rank 38th that is received by Ohio is based on its economic performance. Several measures are used to determine the ranking, including economic growth, business environment, and employment.
According to the current data, the business environment in Ohio is ranked 30 while the employment rate is ranked 42. Meanwhile, the growth of economy in the state is currently ranked pretty higher than other attributes, which is 21st.
Moreover, other variables are also used to determine Ohio economy ranking. The state’s Gross Domestic Product in a year-over-year basis is one of the variables employed here. The cumulative GDP growth for 10 years is 31 percent.
Besides, domestic migration is used as another variable to decide the ranking. Ohio shows a pretty standard value of -312,349 that makes it ranked 45th in terms of domestic migration. Then, non-farm employment growth is also employed to determine the state’s economic performance.
In conclusion, Ohio may not show such outstanding economic performance in the past few years considering its overall ranking. However, this state is still a leading producer in several biggest industries that may elevate Ohio economy ranking in the future.