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How Will Current Economy Effect the Business in the State of Ohio

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In his research Suttell (2014), reported in Cleveland Business that Ohio’ s economy is falling behind those of many Great Lakes neighbors. Ohio was ranked number 35 using various measures. A July Jobs Report indicated that Ohio had lost 12,400 jobs in July. This was the worst level of unemployment in the whole country. At number 35 Ohio lie behind other Great Lakes States such as Illinois, Indiana, Michigan and Pennsylvania. Suttell (2014) found that Ohio had a Gross Domestic Product of $40,865. It is expected that this will increase by 3.8 per cent.

The state has its strengths in skilled manufacturing workers, low business costs and great healthcare hubs. In 2013, Ohio had a GDP of $565.3 billion. This makes it the 7th largest economy in the U. S. The state is ranked fourth in terms of its manufacturing economy.   The factories in this state are the leading in the production of appliances, plastics, fabricated metals and rubber. Ohio is also a leading state in the production of trucks, steel and auto. Ohio’ s economy is not likely to get into recession or depression because business is growing fast through private investments in Energy, Biohealth, advanced manufacturing, aerospace, logistics and polymers.

In a study by Suttell (2014), it is reported by Ohio’ s two leading exports are machinery and motor vehicles. The companies operating in Ohio are known to export their products to over 210 countries globally. This constitutes 3.1 per cent of U. S total exports. Popular large companies operate their businesses in Ohio. Chrysler, ArcelorMittal, Honda, Whirlpool, Procter & Gamble, J.P. Morgan and AK Steel are some of the large firms with their operations in Ohio State.

  Despite Ohio’ s good looking financial map, many families are struggling with financial insecurity. This is why over 44% of her residents are deep in financial insecurity. This is the latest information released by the Corporation for Enterprise Development. There are many households that have little or no cash reserves to cover emergencies when they arise.  

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