Resources: State & Local Economy
The economy of the State of Ohio is very diverse. Ohio is the #1 State in the US in the production of industrial automation equipment, vehicle parts, steel production, and plastic/polymer manufacturing and is in the top five States in food processing and food processing machinery, aerospace products, and others. The State of Ohio is a leader in headquarters and insurance operations and is home to many significant research operations.
Ohio's Gross Domestic Product for 2010 is estimated at $477.7 billion, up nearly 25% from 2001 and 43.0 percent from 1997. Ohio is the 8th largest source for Gross Domestic Product in the U.S. If Ohio were a separate country, it would be the 27th largest national economy in the world.In 2011, Ohio led the Country in the number of new plants and expansions and our Region of the Midwest continues to lead the country.
Sixty-seven of the Fortune 1,000 list of largest U.S. companies are based in Ohio - The 5th in the nation. Ohio is home to nine major banks and insurance companies, second only to New York in terms of concentration in a single state.
Ohio's total labor pool is 5.9 million people and is home to some of the nation's best universities, large and small. Our 200 institutions of higher learning are more than any other state on a per-capita basis.
Ohio's Governor and state legislature have worked hard to lower the tax burdens that can stand in the way of commercial progress. Recent changes include eliminated corporate income and franchise taxes, taxes on new machinery, equipment and inventory, and out-of-state sales tax.
The Troy area economy is very diverse and growing. Our location in the middle of Auto Alley and the US industrial base, has generated significant on-going investments in the auto industry. One of the four primary consolidation centers for distribution of Honda parts is in Troy and two of Hondas Assembly plants are within a one hour drive, as are Honda's engine and transmission assembly facilities.
Troy is home to one of Goodrich's primary Aircraft Wheels and Brakes operations. Other very significant employers include Clopay, the nation's largest producer of garage doors and a major food processing facility of ConAgra. Hobart has their national engineering center for food production machinery located in Troy.
Troy is home to some of the most technologically advanced manufacturing services facilities in the US including a number of the leading metal-forming and welding companies in the world. The nations' leading welding school, the Hobart Welding School is located here as well as several international welding supply operations of Hobart Brothers. There are 16 international companies with operations in Troy and we are home to one of the longest running Japanese Saturday Schools in the US.