Ohio Reports Historic New Business Filings and Lowest Unemployment in Nearly Two Decades
COLUMBUS—State Senator Rob McColley
(R-Napoleon) applauded recent announcements of record new business filings and a dropping unemployment rate as evidence that the state’s pro-growth economic policies continue to propel Ohio forward.
“Entrepreneurs and business owners are expanding Ohio’s economy at record pace, and it’s no coincidence,” said McColley. “The pro-growth reforms coming out of Columbus have made Ohio an even better place to set up shop, which benefits everybody.”
March reporting showed the state recorded the most new business filings in a single month in state history, with 13,747 entities filing to do business in Ohio, according to the Ohio Secretary of State’s office
. Additionally, Ohio’s unemployment rate dropped to 4.4% in March, which is the lowest rate in 18 years, according to the Ohio Department of Job and Family Services
In recent years, the Ohio Senate has focused on a number of pro-growth policies, including tax cuts and regulatory reforms, in an effort to strengthen the state's economy. Earlier this year, the Senate majority caucus introduced a package of additional reforms that would build on this momentum. Some of the highlights:
- Senate Bill 1, sponsored by Senator McColley, will eliminate unnecessary burdens facing small businesses and would cut government red tape by 30 percent over three years. If enacted, it would be among the most sweeping regulatory reforms in modern Ohio history.
- Senate Bill 8 incentivizes long-term investments in “Opportunity Zones,” which are economically depressed areas across Ohio in need of revitalization. There are more than 300 such federally-designated areas in Ohio—high poverty areas that would benefit from investment. Senate Bill 8 ensures that money invested in Ohio Opportunity Zones stays in-state and improves conditions here at home.
- The Senate has also introduced priority legislation to alleviate licensing rules that create unnecessary roadblocks to people earning a living. For example, Senate Bill 7 allows temporary occupational licenses to be issued to military spouses. Under this bill, spouses could cut through the red tape and continue employment in their field (and support their families) when a military spouse transfers to Ohio on active duty.
In addition, Senate Bill 255
of the 132nd General Assembly recently took effect. Also sponsored by Senator McColley, this new law requires all occupational licensing boards to be reviewed by the legislature over the next six years, and establishes new policies aimed at reducing barriers to entry in the workforce.
“We must do everything we can to ensure Ohio’s economy continues to thrive,” added McColley. “We have to keep building on these successes and continue fostering a healthy economic environment in our state, so that our communities and businesses can reach their full potential.”
For more information about the Ohio Senate’s priorities, visit www.OhioSenate.gov/Republicans.