Making an Impact : Assessing the Benefits of Ohio's Investment in Technology-based Economic Development

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Indicators showing the success of Ohio's 10 year, $1.6 billion commitment to support technology-based economic development.

Business Technology

Making an Impact : Assessing the Benefits of Ohio's Investment in Technology-based Economic Development

ing a commitment to eliminate a burdensome tax system, Ohio in 2005 implemented full-scale, sweeping tax reform. Ohio's new business taxation model will mean a reduction in tax burden of up to 63 percent by 2010, the first year reform is fully implemented. Ohio's new taxation system means businesses can: Reduce operating costs – No tax on inventory or corporate income Enhance productivity – No tax on investments in machinery and equipment Attract talent – Shrink labor costs through a 21 percent reduction in personal income tax Enjoy a level playing field – All companies taxed the same low rate Boost return on investment – No tax on product sold to customers outside Ohio Reward entrepreneurship – First $1 million in gross receipts are tax-free; companies with sales between $150,000 and $1 million pay only a $150 flat fee

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Projected Occupational Change

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This chart indicates projection that higher paying jobs will grow faster in Northeast Ohio. Key: The size of the bubbles in the chart correlates to the size of employment within the occupational group. Vertical scale shows average annual wage, with the gold bar indicating the Northeast Ohio average of $37,800. The horizontal scale shows the anticipated estimated employment change over the next 10 years.

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Team NEO Advancing Northeast Ohio's Economy Through Business AttractionTeam NEO

September 2009 Cleveland Plus Quarter Economic ReviewTeam NEO

2009 Team NEO State of the Region Event

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Team NEO welcomed 200+ regional business and civic leaders to our annual State of the Region event, sponsored by Akron-Canton Airport, AT&T and Dominion. The evening began with a "Pop Quiz" to see how well we know The Plus in Northeast Ohio, then we welcomed four of Team NEO's 25 recruited companies to the region. Finally, the main event was a moderated discussion featuring the mayors of Akron, Canton, Cleveland and Youngstown

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Regional Economic Development System Diagram

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Northeast Ohio has a comprehensive regional economic development system working collaboratively to Advance Northeast Ohio's economy. Together, the system has attracted more than 25 new companies, 2500 new jobs, $80 million in new annual payroll, and $500 million in new VC dollars for bio business startups. The systems has helped more than 300 entrepreneurs launch in Northeast Ohio, helped dozens of manufacturers remain globally competitive, and organized high-tech industries clusters for future regional growth.

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