Ohio - Profile and Business Opportunities

Jan. 12, 2011 - PRLog -- At the pace of improvement projected by Fed officials, “it could take four to five more years for the job market to normalize fully,” Bernanke said in testimony to the Senate Budget Committee.

Bernanke also stepped up the urgency of his call for a plan to reduce the federal budget deficit, saying “prompt adoption” of one could have economic benefits in the long and short run.

Many economists think we have hit or are near the floor of manufacturing employment and the industry's numbers, even in these dark times, still show its might and importance to the Ohio economy.

Rick Platt, head of the Heath-Newark-Licking Port Authority, is convinced manufacturing is coming back.

In fact, he would argue advanced manufacturing -- innovative production involving or creating new technology, such as clean energy -- never left. Platt said he can't picture an Ohio without a strong manufacturing base.

"It's going to be part of our future because it's never not been part of our present," Platt said.

Still bullish on the industry's outlook, not surprisingly, is Lisa Schaaf, chief operating officer of the Ohio Manufacturers' Association.

"Even though people don't believe me, manufacturing is still what drives the Ohio economy," she said. "The biggest percentage of (the state's economic activity) comes from manufacturing. The highest wages of any sector come from manufacturing."

The statistics support Schaaf's statement, but they also show manufacturing's share of Ohio's gross domestic product, as well as median wages, has slipped considerably throughout the years.

Economist Stephen Mangum, associate dean at Ohio State University's Fisher College of Business, said the recession, which experts say began in December 2007, might have accelerated the loss of jobs that already was occurring steadily in plants and factories across the state and nation.

In other words, we were undergoing a structural economic change well before the recession swept through the job market like a tornado.

One telling statistic from the U.S. Bureau of Economic Analysis shows that years before the start of the recession, annual productivity in Ohio manufacturing was trending upward even as layoffs mounted.

Technology was replacing people in Ohio factories before the downturn put a stop to investment, he said.

Low-skill jobs were increasingly less necessary, and those that remained were moved out of state, or country, to take advantage of cheaper labor.

One dynamic star on the U.S. business scene is The ACFN ATM Franchise Business, headquartered in San Jose, California, where the company was ranked by the Business Journal as the 43rd Fastest Growing Private Company in Silicon Valley for 2007 - 2009.

Entrepreneur Magazine's Franchise 500 listing for 2010 ranks ACFN, the only ATM franchise business in the US, #1 in category "Miscellaneous Financial Services".

ACFN the innovative ATM Franchise Business based in Silicon Valley, is North Americas only ATM franchise focused on providing ATM services to hotels and other travel and entertainment based businesses.

“ACFN is a U.S. company with operations in all 50 States and Canada, however by utilizing our franchise business model we maintain the operating efficiencies of a local company”, says Jeff Kerr, Founder and President of ACFN.

“ ACFN's ATM franchise equips you with the tools and the know how to manage the business". Avi Blankroth, Executive Vice President of ACFN says. "The process begins with each franchisee purchasing ATMs, while ACFN locates and contracts lucrative placement locations"

In 2009, Ohio was ranked #4 in the country for best business climate by Site Selection magazine, based on a business-activity database. The state has also won three consecutive Governor's Cup awards from the magazine, based on business growth and developments. As of 2007, Ohio's gross domestic product (GDP) was $466 billion. This ranks Ohio's economy as the seventh-largest of all fifty states and the District of Columbia.

The Small Business & Entrepreneurship Council ranked the state #10 for best business-friendly tax systems in their Business Tax Index 2009, including a top corporate tax and capital gains rate that were both ranked #6 at 1.9%. Ohio was ranked #11 by the council for best friendly-policy states according to their Small Business Survival Index 2009.

The Directorship's Boardroom Guide ranked the state #13 overall for best business climate, including #7 for best litigation climate. Forbes ranked the state #8 for best regulatory environment in 2009. Ohio has 5 of the top 115 colleges in the nation, according to U.S. News and World Report's 2010 rankings, and was ranked #8 by the same magazine in 2008 for best high schools.

Ohio's unemployment rate stood at 10.7 in May 2010, adding 17,000 new jobs that month. Ohio's per capita income stands at $34,874. Moody's is predicting a 1.3% increase in personal income in 2009 for Ohio, compared to the 2007 rate of 4.7%.

As of 2007, Ohio's median household income is $46,645, and 13.1% of the population is below the poverty line, slightly above the national rate of 13%. Ohio's employment base is expected to grow 5% from 2006 to 2016, a net gain of 290,700 jobs.

The manufacturing and financial activities sectors each compose 18.3% of Ohio's GDP, making them Ohio's largest industries by percentage of GDP. Ohio has the largest bioscience sector in the Midwest, and is a national leader in the "green" economy. Ohio is the largest producer in the country of plastics, rubber, fabricated metals, electrical equipment, and appliances. 5,212,000 Ohioans are currently employed by wage or salary.

By employment, Ohio's largest sector is trade/transportation/utilities, which employs 1,010,000 Ohioans, or 19.4% of Ohio's workforce, while the health care and education sector employs 825,000 Ohioans (15.8%). Government employs 787,000 Ohioans (15.1%), manufacturing employs 669,000 Ohioans (12.9%), and professional and technical services employs 638,000 Ohioans (12.2%).

Ohio's manufacturing sector is the third-largest of all fifty United States states in terms of gross domestic product. Fifty-nine of the United States' top 1,000 publicly traded companies (by revenue in 2008) are headquartered in Ohio, including Procter & Gamble, Goodyear Tire & Rubber, AK Steel, Timken, Abercrombie & Fitch, and Wendy's.

Ohio is also one of 41 states with its own lottery, the Ohio Lottery. The Ohio Lottery has contributed over $15.5 billion to public education in its 34-year history.

About  ACFN

http://www.youtube.com/watch?v=y2DuNabUgNA



Find out how you can benefit from ACFN to help deliver return on investment, positive cash flow and improved revenue.

More information is available at:

http://www.acfnfranchised.com/

American Consumer Financial Network (ACFN)
111 W. St. John St
Sixth Floor
San Jose, CA 95113

Tel: 888-794-2236

# # #

ACFN is North Americas only ATM franchise focused on providing ATM services to hotels and other travel and entertainment based businesses. Providing ATM services since 1996, franchised in 2003 with 170 franchises, 1400 ATM Machines in the US and Canada.