Top 10 Industries Driving Growth in Ohio

Welcome to Ohio sign.

Over the past two centuries, the way in which Ohio impacted the U.S. economy has evolved. Starting from as early as the 18th century, the driving industries in the state were farming and agriculture. During the transition of agriculture to more industrial jobs in the 19th century, Ohio was most prosperous in manufacturing and construction.

Fast-forward to 2018, where the construction industry remains consistently successful today. The service-oriented industries such as retail, entertainment, and culinary arts have also grown. Specific cities including Cincinnati, Columbus, and Cleveland are currently experiencing a booming economy. Ohio ranks #1 for affordability in housing and other costs of living, one of many factors that attribute to the state’s growth.  

So what is driving this kind of state growth? A common theme found in our research is the high ratio of job seekers to jobs available, leading to a rising number of businesses formed. Swyft Filings also provided in-depth research based on proprietary data to determine which industries encourage positive activity for the Ohio economy, and other reasons why.

Reference Image

1) Construction

Strong construction projects include highways, energy pipelines, manufacturing buildings, and railways. Cincinnati, followed by Cleveland, has seen the largest volume of new construction businesses in 2018 so far. According to the Bureau of Labor Statistics, the total number of people employed in Ohio’s construction industry raised from 5,200,000 to 5,500,000 over 8 years. Recent reports project that global construction output will increase by 3.6% per year for the next 5 years. Also as a result of increased building construction, nonbuilding electric and gas utilities have also seen improvement. An example of this effect is Ohio’s electric utility and gas plant segment growth in August, upwards of 44%.

2) Retail

Because of the growing competition with e-commerce and collapse of large brands like Toys-R-Us and Sears, the retail market is forced to evolve. Columbus, Ohio serves as a hub for experimentation for brick-and-mortar companies because of its diverse demographic, favorable geography, and reputation as one of the top metropolitan areas in the United States. Reaching over 65,000 Ohio State University students and thousands of young metropolitan shoppers, business owners have seen positive outcomes for their innovative thinking.

3) Real Estate

Columbus is ranked as the fourth fastest-growing city in the U.S. As a result, there is more demand than there is a supply of housing. According to our report, Cincinnati, followed by Columbus, has seen the largest volume of new real estate businesses in 2018 so far. Ohio is also known as a valuable location for turnkey real estate investment, or purchasing property and immediately leasing, because of its promising rent-to-value ratio, generous legal climate, and low cost-to-enter—all stemmed from the growth of the state.

4) Transportation

Ohio’s transportation infrastructure consists of 12 major airports, over 5,000 miles of freight railroad, 123,000 miles of public road, and 9 major water ports. This vast availability for transportation creates opportunities for new companies, which leads to a higher demand for employees. With the holidays approaching, companies such as FedEx and UPS are beginning to hire seasonal positions such as package handlers, delivery drivers, and truck drivers for their sites in Columbus, Ohio.

5) Entertainment

Cleveland, followed by Dayton, has seen the largest volume of new entertainment businesses in 2018 so far, bringing more than 100 projects to the city and created almost 3,000 jobs over the past ten years. Serving as a base for films such as “Avengers”, “Captain America: The Winter Soldier”, and “Spiderman 3”, the film and television industry brought more than $500 million to the local economy ($80 million came from the Marvel franchise while they were on location).

6 & 7) Consulting and Health Care (tied)

According to Swyft Filings data, Cincinnati has seen the largest volume of new consulting businesses in 2018 so far. Ohio’s consulting industry has the 5th fastest job growth, with 37.3% projected growth between 2012-2022. One reason for this growth is due to the aging population, and the generation’s affinity to individual and small group practices.

Tied with the consulting industry, Cincinnati has also seen the largest volume of new healthcare businesses in 2018. Ohio’s home health care services has the 2nd fastest job growth, with a projected 44.5% projected growth between 2012-2022. Other ambulatory health care services and outpatient care centers also populate this list of top 10 Ohio industry groups with the fastest job growth. Overall, the health care and social assistance companies take up 43% of the total small business employment share, another piece of evidence that small businesses are favored in the state.

8) Professional Services

Professional services consist of occupations that require a license or certificate. Examples of these jobs include architects, lawyers, and financial advisors. According to Jacob Duritsky, vice president of strategy and research at TeamNeo, growth in Northeast Ohio is driven by a surge in professional services and headquarters, as well as manufacturing. Specifically, Wheeling, WV-OH benefitted from the 2017 GDP growth in insurance, finance, and rental industries, ranking #3 in percent change over the past 5 years.

9) Food Service

Ohio’s restaurant and food service jobs in Ohio equals 10% of the total employment in the state, which is equivalent to almost 584,000 jobs. However, not all success is restaurant-related—hundreds of companies play a role in producing foods and beverages shared across the country and around the world. Ohio ranks nationally as a top five producer for food and beverages because of its manufacturing workforce and close access to the agribusiness and agricultural sectors of the state.

10) Social Assistance

Social assistance encompasses individual and family, community relief, rehabilitation, disability, and child day care services. Along with healthcare, social assistance is the fastest-growing industry. By 2022, this segment is expected to lead in state growth, adding more than 166,000 jobs. As the state continues to grow, retirement and birth statistics follow suit, creating a higher demand for social assistance businesses

Methodology analyzed new business formations in Ohio between January 1, 2018 and September 25, 2018 to determine which industries saw the largest volume of new businesses in the state.

Originally published on October 26, 2022, and last edited on April 17, 2023.

Frequently Asked Questions

Looking for answers? You came to the right place. To learn more about our company mission and culture, click the link below.

Life at Swyft
How much does it cost to form a corporation or LLC?

You can form a corporation or LLC with our help for as little as $0, plus state filing fees for incorporation. Filing fees vary depending on the state you incorporate in. For more information on specific states, check out our state guides on the Swyft Resource Center. You can also email us with specific questions or contact us at 877-777-0450.

What payment methods do you accept?

Swyft Filings accepts payment through Visa, MasterCard, American Express, PayPal, checks, and money orders. You can send any questions about payment to our email address or contact us at 877-777-0450.

Will I have to pay additional fees to Swyft Filings after completing my order?

It depends on what you ordered. If all you did was file your corporation or LLC, the price you paid when ordering is all you pay. You will have no further fees after that.

However, if you signed up for the Swyft Filings Registered Agent Service, you will be charged its initial fee three days after you place your order. From then on, you will be charged according to the terms of your subscription until you change your registered agent with the state or dissolve your company. If you change your agent or dissolve your company on your own, let us know so we can discontinue billing.

Other potential subscription-based options include SnapMailbox, 360 Legal Forms, and ComplianceGuard. If you opt for SnapMailbox or 360 Legal Forms, you will be charged a monthly fee after their respective 30-day free trials end. ComplianceGuard has an annual fee after a 14-day free trial. All three of these services are completely optional.

When will my order be processed?

Our team processes all Standard orders on a first come, first served basis. If you opt for Express or Same-Day Processing, we prioritize your order and send it to the front of the line. However, no matter how fast we get it out the door, you’ll still have to wait for your state to address your filing.

Swyft Blog

Everything you need to know about starting your business.

Each and every one of our customers is assigned a personal Business Specialist. You have their direct phone number and email. Have questions? Just call your personal Business Specialist. No need to wait in a pool of phone calls.

Setting Up Business Credit
Managing Your Business

How to Get an EIN to Open a Business Bank Account

In most cases, you need an employer identification number to open a business bank account. Follow these steps to get an EIN for your business banking needs
Coffee Shop Owner on Computer
Preparing to Launch

Northwest Registered Agent vs. LegalZoom

Our Northwest Registered Agent vs. LegalZoom comparison reviews each service’s formation time, customer service, and offerings so you make an informed choice.
Side Hustle Taxes: What You Need to Know and Common Deductions
Managing Your Business

Side Hustle Taxes: What You Need to Know and Common Deductions

Swyft Filings is a business formation service that automates the filing process for entrepreneurs, making it easier to get their LLC, C corp, S corp, or nonprofit off the ground. Since 2015, we've helped over 300,000 businesses incorporate.
Tax Form Infographic
Taxes and Finance

Small Business Income Taxes

Having a plan for your small business's income taxes can feel daunting. Follow these tips to ensure you retain revenue & remain in good standing.
Blog Card Image
Managing Your Business

Small Business Resource Guide for COVID-19

Swyft Filings is a business formation service that automates the filing process for entrepreneurs, making it easier to get their LLC, C corp, S corp, or nonprofit off the ground. Since 2015, we've helped over 300,000 businesses incorporate.
Small Company Failure: How to Avoid the Business Graveyard

Small Company Failure: How to Avoid the Business Graveyard

Swyft Filings is a business formation service that automates the filing process for entrepreneurs, making it easier to get their LLC, C corp, S corp, or nonprofit off the ground. Since 2015, we've helped over 300,000 businesses incorporate.

Do what you love. We'll handle the paperwork.

Trusted by over 250,000 businesses since 2015. Start your business with confidence. Affordable. Fast. Simple.

Incorporate now
Dummy Switchback Image