Columbus, Ohio - Economy

Economy

Columbus has a generally strong and diverse economy based on education, insurance, banking, fashion, defense, aviation, food, logistics, steel, energy, medical research, health care, hospitality, retail, and technology. Overall, it was ranked as one of the top 10 best big cities in the country in 2010, according to Relocate America, a real estate research firm. MarketWatch ranked Columbus and its metro area as the No. 7 best place in the country to operate a business in 2008. In 2012, Forbes Magazine ranked the city as the best city for working moms. In 2007, the city was ranked No. 3 in the United States by fDi magazine for "Cities of the Future", and No. 4 for most business-friendly in the country. Columbus was ranked as the seventh strongest economy in the United States in 2006, and the best in Ohio, according to Policom Corp. In 2011, the Columbus metropolitan area's GDP was $94.7 billion, up from $90 billion in 2009, up from $85.5 billion in 2006, $75.43 billion in 2005, and $69.98 billion in 2001.

During the recession beginning in late 2007, Columbus' economy was not impacted as much as the rest of the country, due to decades of diversification work by long-time corporate residents, business leaders, and political leaders. The current administration of mayor Michael B. Coleman has continued this work, although the city faced financial turmoil and had to increase taxes, due in part to alleged fiscal mismanagement. As Columbus is the state capital, there is a large government presence in the city. Including city, county, state, and federal employers, government jobs provide the largest single source of employment within Columbus.

In 2011, the city had five corporations named to the U.S. Fortune 500 list including Nationwide Mutual Insurance Company, American Electric Power, Limited Brands, Momentive Specialty Chemicals, and Big Lots, with Cardinal Health located in suburban Dublin. Other major employers in the area include numerous schools (for example, The Ohio State University) and hospitals, hi-tech research and development including the Battelle Memorial Institute, information/library companies such as OCLC and Chemical Abstracts, financial institutions such as JP Morgan Chase and Huntington Bancshares, as well as Owens Corning and Wendy's. Major foreign corporations operating or with divisions in the city include Germany-based Siemens and Roxane Laboratories, Finland-based Vaisala, Japan-based Techneglas, Inc. (Techneglas closed operations in Columbus), Tomasco Mulciber Inc., A Y Manufacturing, as well as Switzerland-based ABB Group and Mettler Toledo.