Ohio Ranks Fifth in the Nation for Fortune 500 Companies

COLUMBUS, Ohio, May 26, 2011 /PRNewswire/ -- For business owners and entrepreneurs, the choice to locate their business operation can have a huge impact on profitability. Every state claims to be business friendly and have assets to help a business succeed. But, few states are able to demonstrate that their business climate is capable of enabling a CEO to build their company into a national leader. Nothing is more meaningful or convincing than the actual performance of other companies doing business in the location. And one reliable predictor of performance is the number of companies in the state that have actually achieved Fortune 500 status.

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Ohio is one state with a convincing track record of nurturing successful companies. Ohio has not only proven its ability to deliver on the essential business criteria needed to compete in a 21st century economy, but also continues to improve on the number of top-ranking companies located in the state. In fact, Ohio ranks fifth in the nation for Fortune 500 company headquarters in the annual ranking released this month.

Ohio is home to a total of 27 Fortune 500 companies, up four companies from 2010. Fortune 500 companies are ranked by total revenues for their respective fiscal years. Ohio is one of only two Midwest states that rank among the top five, sharing the spotlight with Illinois, which has 31 Fortune 500 companies.

Ohio's fifth-largest share of Fortune 500 companies is further proof that its purposeful business redesign with a low-cost tax structure is leading the way in creating 21st century job opportunities for the state's high-quality, skilled workforce and making businesses more competitive around the world.

Business owners, investors and site selection experts are looking for a location that balances resources and low overhead costs that offers a higher chance of global business success. With that in mind, Ohio lawmakers dramatically revamped the state's tax structure to create the lowest tax rates in the Midwest and an extremely profit-friendly business climate for companies that locate in the state.

"Ohio has purposefully redesigned its business climate to make the state an ideal location for businesses to compete in a global economy," said Ed Burghard, executive director of the Ohio Business Development Coalition, the nonprofit organization that markets the state for capital investment. "Ohio's concentration of Fortune 500 companies is evidence that Ohio is a great place to do business."

The top 10 Fortune 500 companies in Ohio are (1) Cardinal Health, (2) Kroger, (3) Procter & Gamble, (4) Macy's, (5) Nationwide, (6) Goodyear Tire & Rubber, (7) Progressive, (8) American Electric Power, (9) Eaton, and (10) FirstEnergy.

"As Cardinal Health celebrates 40 years of growth, we know that what Ohio offers as a business location -- like its excellent infrastructure, skilled labor force and central access point for the distribution of goods throughout North America -- has been an important contributor to our success," said George Barrett, chairman and CEO of Cardinal Health, which ranked 19 on the Fortune 500 and No. 1 in the state of Ohio. "And, we also recognize that its wonderful communities and ease of living make Ohio a place our employees are glad to call home."

Ohio's location and tax structure makes it cost effective for companies to serve customers in North America and around the world. A recent report by the Quantitative Economics and Statistics Practices (QUEST) of Ernst & Young in conjunction with the Council On State Taxation (COST) ranks Ohio as third in the nation for friendliest tax environment.

Economic development incentives and public-private support encourage business success and make the state an ideal location for businesses to locate or expand operations. In addition, strategic investments by the Ohio Third Frontier are paving the way for commercialization of new technologies.

Ohio is recognized nationally and worldwide as a business location with unbeatable access to Midwestern, Central Canadian and East Coast markets. With a sophisticated transportation infrastructure and multi-modal capability, Ohio represents a strong global platform to route goods and services to anywhere in the world. In fact, Ohio is within 600 miles of 60 percent of the U.S. population and 50 percent of the Canadian population.

Plus, Ohio is a juggernaut of skilled worker productivity with 180,000 graduating high school seniors and more than 78,000 college graduates ready to join the workforce every year. In addition, the state offers unique workforce programs for continuing education to help employers conduct necessary training in partnership with industry.

Company executives invest in Ohio because the state offers a perfect balance between work and life unlike anywhere else. Employees and their families can achieve both their professional and personal aspirations without having to sacrifice one for the other.

"In Ohio, work-life balance is more than a buzzword; it's the way we do business," said Burghard. "Low-cost, low-stress communities and short commutes create the State of Perfect Balance, where you can achieve both professional and personal success without sacrificing one for the other. And, this work-life balance translates into improved P&L performance giving companies an additional competitive advantage."

About the Ohio Business Development Coalition

The Ohio Business Development Coalition is a nonprofit organization that provides marketing strategy and implementation to support Ohio's economic development efforts. For more information, visit www.ohiomeansbusiness.com.

SOURCE Ohio Business Development Coalition