STATE ECONOMIC PROFILE
Ohio Economic Overview
$706.0b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
0.9%
39
11,800,711
POPULATION
Growth Rate 2019-24
State Growth Rank
0.2%
40
958,220
BUSINESSES
Growth Rate 2019-24
State Growth Rank
2.0%
33
Overview of the Ohio Economy
In 2024, the state of Ohio has a population of 11,800,711, having grown an annualized 0.2% over the five years to 2024, which ranks it 40th out of all 50 US states by growth rate. Ohio's gross state product (GSP) in 2024 reached $706.0b, with growth of 0.9% over the 5 years to 2024. Businesses in Ohio employed a total of 5,919,750 people in 2024, with average annual employment growth over the past five years of 0.2%. The top three sectors by total employment are Manufacturing, Real Estate and Rental and Leasing, Finance and Insurance, while the unemployment rate across the state in 2024 was 4.6%.
What is Ohio's Gross Domestic Product (GDP)?
In 2024, Ohio's GDP reached $706.0b, representing an increase of 0.9% from 2023. Ohio's GDP has grown at an annualized rate of 1.1% over the five years to 2024. Moreover, Ohio's trailing five-year GDP growth ranks it 39th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Ohio's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
Ohio Industry Trends
What are Ohio's Largest Industries by Revenue?
The largest industries by revenue in Ohio are Drug, Cosmetic & Toiletry Wholesaling, Property, Casualty and Direct Insurance and Hospitals, which generated $57.4b, $57.0b and $53.4b in 2024.
STATE ECONOMIC PROFILE
Top Companies in Ohio
Top 10 Companies Headquartered in Ohio by Employment
The largest companies by employment in Ohio are Cleveland Clinic Foundation, Walmart Inc. and Amazon.Com, Inc., which employed 58,433, 56,108 and 45,000 people in 2024.
STATE ECONOMIC PROFILE
Ohio Sector Statistics
In Ohio, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Ohio's GDP by Sector?
The Manufacturing, Real Estate and Rental and Leasing and Finance and Insurance sectors contributed the most to Ohio's GDP in 2024, representing a combined 40.2% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is Ohio's Employment by Sector?
The Healthcare and Social Assistance, Retail Trade and Manufacturing sectors contributed the most to employment in Ohio in 2024, representing a combined 39.6% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
Ohio Employment Trends
5.9m
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
0.9%
13
4.6%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
1.8%
48
What Employment Trends are Impacting Ohio?
The state of Ohio employs 5,919,750 people in 2024, which ranks it 7th out of all 50 US states. Employment in Ohio has grown at an annualized rate of 0.9% over the five years to 2024, underperforming the national average of 1.2%. Major sectors by employment in Ohio include Healthcare and Social Assistance, Retail Trade and Manufacturing, which employed 969,321, 706,230 and 665,718 people in 2024, respectively. Ohio's unemployment rate is 4.6% in 2024, which ranks it 43rd out of 50 states. Ohio's unemployment rate has trended upwards at a rate of 1.8% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Ohio, and compare them to the US economy, using the chart below.
$97.7k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
5.2
35
What is Ohio's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Ohio's DPI in 2024 was $97.7k, compared to the US average of $129.8k, which places it 35th out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Ohio's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
Ohio Construction & Building Trends
$15,384.1tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
8.7%
31
$7.8tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
9.2%
33
31,617
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
7.0%
46
What can construction trends tell you about a state’s economy?
In Ohio, non-residential construction was $15,384.1tn in 2024, which ranks it 31st out of all US states. Residential construction was $7.8tn in 2024, which places Ohio 33rd in the United States. The number of building permits issued in Ohio in 2024 was 31,617, representing a 7.0% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Ohio, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
Ohio Population Statistics
Which Counties in Ohio have the Largest Populations?
The counties with the highest populations in Ohio are Franklin County, Cuyahoga County and Hamilton County, which had populations of 1,326,704, 1,215,655 and 822,086 people in 2024.
STATE ECONOMIC PROFILE
Ohio Demographics
Education Level Ohio
Race in Ohio
Ohio State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 650 Ohio Industry Reports.
