Considering an Investment

Companies considering expansion and/or relocation find tremendous benefit from investing in Northeast Ohio. The region’s rich heritage offers a broad and deep supply chain in multiple industries, while our strong workforce and innovative spirit gets the job done effectively and efficiently. Not to mention, Ohio’s corporate-friendly tax structure, plus our central location to US and Canadian market, we remain a driver in superior invention, manufacturing and distribution of goods and services. 

Exponential customer, partnership and supply chain opportunities:

With annual gross regional product of $170 billion, the Cleveland Plus region offers a broad and deep supply chain and customer base for multiple strong and emerging industries.

  • Biomedical: We are a leader in clinical trials and research commercialization with more than 60 hospitals, including the Cleveland Clinic, 600 biomedical companies with 230,000 employees, and medical and pharma education. 20% of all clinical studies conducted in the U.S. are done in Ohio.  More about Biomedical in Northeast Ohio.
  • Medical Devices: Close proximity to significant customers, suppliers and leading-edge research coupled with a skilled manufacturing workforce: Our region’s biomedical sector is growing faster than the U.S. (7.4% annually) and is attracting more VC/NIH funding than several states.  View Report
  • Professional Services (IT, Data and Call Center): Internationally awarded for our 100% fiber network means rapid design integration, and rich opportunity for data centers and back-office operations. Plus, our Midwest work ethic, dialect and low wages make Northeast Ohio ideal for Call Centers.
  • Polymers, Chemicals and Advanced Materials: Companies using these materials flock to Northeast Ohio to partner with the top polymer science programs in the U.S., the nation’s highest concentration of polymer R&D and the largest concentration of plastics and polymer product producers, machines and materials in North America.  View more about Polymers, Plastics and Chemical Industries in Northeast Ohio.
  • Advanced Manufacturing: It’s better made here: 61% of Northeast Ohio’s manufacturing sectors have outperformed the U.S. average in the same sectors.
  • Aerospace: With the only NASA center in the northern U.S. along with top aerospace companies, the region is rich in workforce, R&D, technological, engineering, metalworking and advanced manufacturing capabilities.
  • Financial and Legal Services: Northeast Ohio is the United States’ 5th largest legal market, and therefore serves international magnates from Cleveland Plus. The region is also home to a Federal Reserve Bank, and multiple Money Center Bank headquarters.  View more about the Financial and Legal Services sectors of Northeast Ohio.
  • Fuel Cell Expertise: Stark State Fuel Cell Prototyping Center and Wright Fuel Cell Group make the region a hub for fuel cell research, development and production.
  • Wind Energy: A recent Renewable Energy Policy Project study ranked Ohio 2nd among the 50 states in wind component manufacturing potential because of our region’s supply chain. Our flat land and immense offshore potential with Lake Erie offers wind generation opportunity. 

Significant Market Access

Northeast Ohio is closer to more US and Canadian markets than any other N. American region. Therefore, companies here enjoy cost-effective distribution and smart logistics with Lake Erie, the St. Lawrence Seaway, 5 Class I Rail Systems intermodal capabilities and major interstate highways. Plus, with 2 consumer airports, companies whose executives and sales teams frequently travel enjoy hundreds of direct flights daily to customers in international major markets. 

Bottom-line benefits in Tax Structure and Incentives

Making a commitment to eliminate a burdensome tax system, in 2005, Ohio implemented full-scale, sweeping tax reform that makes Ohio’s business taxes the lowest in the Midwest. Ohio's new business taxation model reduces tax burden of up to 63%. Plus, with attractive state and local attractive incentives, grants and financing assistance options to help businesses succeed, such as business grants and tax credits, Ohio benefits the corporate bottom line.

Ohio's tax reform offers:

  • Reduced operating costs - No tax on inventory or corporate income
  • Enhanced productivity - No tax on investments in machinery and equipment
  • Attracting talent - Shrink labor costs through a 21% reduction in personal income tax, new top rate of 5.9%
  • Enjoy a level playing field - All companies are now taxed the same low rate. Tax on net gross receipts of a business’s activity within Ohio adopted in place of corporate income tax, with a flat, low rate of .26% on sales in State of Ohio
  • Boost return on investment - No tax on product sold to customers outside Ohio
  • Reward entrepreneurship - First $1 million in gross receipts are tax-free

Put another way, here is what Ohio tax reform means to your company:

  • Corporate Income Tax - ELIMINATED
  • Personal Property Tax - ELIMINATED
  • Personal Income Tax - REDUCED
  • State Sales Tax - REDUCED
  • Commercial Activity Tax (CAT) - ADOPTED

Ohio is executing a tax reform combined with business grants and tax credits, substantially lowers the cost of doing business.

what our CEOs are saying about doing business in the Cleveland Plus region

"As we have grown our business globally, Timken has been proud to call Northeast Ohio home. The consistent combination of a talented workforce, a commitment to innovation and a rewarding lifestyle make Northeast Ohio the place to turn for great business opportunities."

Tim Timken
Chairman
Timken Corporation

"From our headquarters in Ohio, Invacare has become the world leader in home medical products. The state’s new tax laws will help us continue to grow."

A. Malachi Mixon, III
Chairman and CEO
Invacare Corporation

"As a technology company, we could operate anywhere in the country, but we chose Northeast Ohio because of the highly skilled available workforce, the large number of strong colleges and universities, the comparatively reasonable cost of operating a business, the central location in respect to our national population, and the quality of life available in this area for our employees and families. Likewise, the cooperation among government, education, nonprofi ts and business has been very valuable in facilitating that growth."

Mike Broderick
CEO, Turning Technologies, LLC

"The quality of life offered by Northeast Ohio couldn’t be better for our employees. Housing is very affordable with many different community options. The region supports the arts, history, culture, entertainment, sports and so much more, giving many choices to our employees.

Thomas J. Murphy
President and COO
Ben Venue Laboratories


 

Ohio Leads the Nation in New and Expanded Business Facility Investment

3/3/2010 2:42:19 PM

This year marks the eighth time Ohio has been awarded the Governor’s Cup, receiving the award in 1993, 1994, 1995, 2003, 2006, 2007, and 2008. The occasion marks the fourth win in a row for Ohio and our state’s fifth in seven years. The award is based on corporate location projects that meet at least one of three criteria: (a) involve a capital investment of at least $1 million, (b) create at least 50 new jobs or (c) add at least 20,000 square feet of new floor area.

Akron Lands Another Israeli-based Biomedical Device Company

1/26/2010 9:59:20 AM

The company was attracted to Akron through the combined marketing efforts of the Global Cardiovascular Innovation Center (GCIC), Team NEO, the State of Ohio and the City of Akron.

Kent State University’s Liquid Crystals Institute spawns jobs, revolutionizes industry

11/19/2009 10:43:24 AM

More than 40 years ago, researchers at Kent State University had an idea that liquid crystals could revolutionize modern technology. The soft, yet fluid, crystals could be aligned by electric charges, and voilå — crystal clear displays.