Ohio Reports Historic Number of New Business Filings and Lowest Unemployment Rate in Nearly Two Decades
COLUMBUS—Senate President Larry Obhof (R-Medina) 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.
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
“These are strong signs that Ohio’s economy continues to improve," said Obhof. "It is not an accident that Ohio’s economy is growing, that job numbers are up and unemployment is down. Pro-growth policies have made Ohio a better place to do business, which is good for the working men and women of our state."
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 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.
"The new numbers are a good sign," said Obhof. "However, it is important that we keep our foot on the gas and build on the state's momentum, so that we can make Ohio's economy as strong as possible."
For more information about the Ohio Senate’s priorities, visit www.OhioSenate.gov/Republicans