Ohio ranked 1st in economic competitiveness, KY 5th

Ohio was ranked 1st in the country in economic competitiveness in 2008 by Site Selection Magazine, a leading international economic development and corporate real estate publication.

Kentucky was ranked fifth behind Ohio, North Carolina, Michigan and Pennsylvania. The results were announced in Site Selection’s May 2009 issue. The award debuted in 2003.

Among the highlights behind Ohio’s top ranking was the state’s participation in the American Wind Energy Association exhibition and BIO show in San Diego, CA, and the newly created Innovation Ohio Loan Fund and the R & D Investment Loan Fund.

“We appreciate this recognition of the state’s business expansion efforts and economic development competitiveness,” said Governor Ted Strickland. “Ohio has also been ranked as a leader in manufacturing of wind power and other advanced energy technologies, demonstrating our commitment to job creation through investments in these high-growth industries.”

The annual Competitiveness Award goes to the state-level economic development agency that gets the most points based on 10 criteria, including new and expanded facilities, job creation and growth. Ohio moved up from fifth place last year. Kentucky was fourth.

“We’re honored to be recognized once again by Site Selection magazine in its annual Competitiveness Award,” said Kentucky Gov. Steve Beshear.  “I have set a clear strategic vision for Kentucky’s economic future, and we are actively implementing that vision to ensure that Kentucky remains competitive even during this national economic downturn.  I am confident that Kentucky will emerge even stronger in the future.”

The Site Selection rankings were based on the following criteria:
• Total new and expanded facilities per 1 million population in 2008;
• Total capital investment in new and expanded facilities per 1 million population in 2008;
• Total new jobs created at new and expanded facilities per 1 million population in 2008;
• Total actual number of new and expanded facilities in 2008;
• Percentage growth in new and expanded facilities from 2007 to 2008;
• Three-year growth change (from 2005 to 2008) in new and expanded facilities;
• Ranking in Site Selection's most recent annual business climate survey (Nov. 2008);
• Number of top 100 metros in the annual ranking of top metros;
• Number of top 100 small towns in the annual ranking of small towns; and
• Number of 100-plus-job projects per 1 million population in 2008. 
 
“Businesses in most industries are scaling back expansion plans, so state economic developers must double their efforts to attract capital investment," said Mark Arend, editor in chief of Site Selection magazine.

Writer: Feoshia Henderson
Sources: Site Selection Magazine, Kentucky Cabinet for Economic Development