Top Industries in Ohio That Highly Affect the Economy
Top industries in Ohio will never be excluded from the factors that build the economy of this state. Despite its pretty low position in overall economic performance, the GDP of this state is still considered among the highest in the country.
With a Gross Domestic Product of 656 billion dollars, Ohio is ranked seventh as the biggest economy in the US. This position is one level higher than in New Jersey. Then, its ranking makes Ohio a level below Pennsylvania.
Some factors that make Ohio’s state ranking pretty high are including economic development, taxation polices, http://128.199.145.222, and the business climate. Its position in the scientific and intelligence fields as well as in the Rust Belt plays a big role in determining Ohio’s ranking.
What Are Ohio’s Largest Industries Today?
Top industries in Ohio are ranging from agricultural sectors to research and development. While Cleveland is famous for its medical research, Ohio also has Dayton as the center of defense and aerospace industries. And here are some of the biggest industries in this state.
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Aerospace and Defense
As mentioned above, Dayton becomes a key figure in terms of aerospace industries in Ohio. In 2018, around 16,000 employees are joining this industry. In the country, Ohio is considered as the top five in producing aerospace parts.
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Bioscience and Healthcare
Acquiring the fourth position in the country, the biotech industry of Ohio is highly impactful. This industry is representing 15 percent of the state’s economic output. In Ohio, you can find around 600 certified firms that can produce medical devices and medicine.
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Education
Another one of the top industries in Ohio is related to education. It’s no secret that Ohio is among the best states in terms of the education system. Ohio’s medical colleges are ranked 6 when it comes to economic importance.
Aside from the three mentioned above, the agriculture industry of Ohio contributes around $125 billion of the state’s GDP. This state is widely known for its Swiss cheese manufacturer, soybean creation, corn, and egg production.
Other Leading Industries in Ohio
From long ago, iron and steel have been a leading industry in Ohio. The state generates more than 14 million tons of steel every year which contributes to $7.2 billion for the economy. Even 70% of the country’s electrometallurgical labor force is located here.
Moreover, we shouldn’t forget the motor vehicle assembly when it comes to the top industries in Ohio. Even though this industry is not as impactful for the state compared to many years ago, it is still one of the largest industries in Ohio.
The hugest vehicle producers in this state include Honda, Ford, General Motors, and Chrysler Daimler. With some of the biggest industries in the state, Ohio has a pretty good employment rate. Cleveland Clinic alone can employ up to 45,000 people.
In conclusion, healthcare is considered the top industry in Ohio considering the impact it provides. You can even find many certified firms in Ohio that ventures into the field of healthcare. Indeed, all the top industries in Ohio have helped to elevate the state’s economy.