Ohio, a dynamic state in the heart of the Midwest, combines a rich history with a thriving modern economy. This data-driven overview provides a snapshot of key statistics and insights into Ohio's demographics, economy, and more. Explore the numbers below that define the Buckeye State's unique character and potential for growth.
Ohio, with its population of 11.78 million and a median age of 39.5, boasts a substantial market for franchises. Ohio is home to 965,576 small businesses, indicating a thriving entrepreneurial spirit.
The state's economy, ranked 7th in size among U.S. states and Washington, D.C., showcases a real GDP of $830.6 billion in goods and services per year as of the 1st quarter of 2023, making up 3.2% of the U.S. economy. Ohio's unemployment rate as of October 2023 was 3.6%, lower than the national average. The real GDP growth rate in Ohio was 1.3% per year in the 1st quarter of 2023. The largest GDP contribution comes from manufacturing, with $134.9 billion per year.
Cleveland boasts a robust retail market, with a total retail expenditure of approximately $2.53 billion in 2023. This substantial consumer spending demonstrates a strong demand for retail goods and services within the area.
Cleveland's central location within Ohio and its role as a regional hub mean that retail franchises can benefit from a broader customer base, attracting shoppers not only from the city but also from surrounding areas.
Food Franchises in Cleveland, OH
The total household expenditure on food and beverages in 2023 in Cleveland is approximately $805.26 million, indicating a strong demand for dining options.
The presence of major events, sports venues, and cultural attractions in Cleveland can boost foot traffic and customer flow for food franchises, particularly those located near these hotspots.
Professional Services Industry
Columbus, Ohio not only boasts a diverse workforce but also hosts a significant number of corporate headquarters. With a total of 541 company headquarter businesses in the area, it's a hub for corporate activities. This makes Columbus an ideal location for franchises specializing in business services, including consulting, legal, financial, and marketing services.
Insights on Page Engagement
Ohio's appeal as a destination for potential franchisees is underscored by the significant representation of visitors from the state on our website, accounting for approximately 3.13% of total users. While the relatively high bounce rate of 69.93% suggests a quick initial evaluation, the average session duration of 1 minute and 28 seconds indicates that those who are dedicated to their franchising journey are making the most of the many resources available on our site.
Franchise Opportunities
Discover a wealth of businesses for sale in Ohio below.
