Ohio ranked second to last in economic performance, only beating out Michigan, according to a report released Wednesday.
Think tank Pacific Research Institute’s study found Ohio ranked in the bottom 10 in its ability to expand the economy and incomes, private-sector employment growth, length of unemployment and the average unemployment rate.
On an overall scale of one to 10, Ohio scored a 2.4 and Michigan scored 1.1. The top state, Nevada, scored 8.6.
The study cites changes in the manufacturing sector as the reason for poor performance of states such as Ohio, Michigan and Indiana, which ranked 40th.
According to the study, only Ohio and Michigan saw a decline in average private sector employment growth between 2004 and 2008.
The study, written by Jason Clemens and Robert Murphy, used data over a five-year period.
According to PRI’s research, Ohio has experienced an average net decrease of small- and medium-sized businesses of 0.1 percent, putting Ohio 48th among the states.
During the past five years, Ohio has had the 10th-worst migration rate.
E-mail tdemeropolis@bizjournals.com. Call (937) 528-4427.
