Ohio Economical Analysis

4 Pages 968 Words

Ohio Economical Analysis
With a Focus on Technology




For this project, my job is to analyze the economic conditions in the State of Ohio with a focus on a particular field within Ohio’s economy. I decided to focus on technology or more specifically the aerospace and defense industries in Ohio. Before I start though, I feel it is important to layout some demographic information for you. Seventh in the nation in total population, Ohio’s population of 11,421,267 people is concentrated in 8 large urban centers and 15 micro-metropolitan centers. The largest metropolitan area in Ohio is the Cleveland Akron consolidated area with nearly 3 million people. Other metropolitan areas with population in excess of 500,000 include Cincinnati, Columbus, Dayton, Toledo, and Youngstown. Located in the heart of the nation’s industrial region, Ohio is strategically situated on the great inland waterways and crisscrossed by the interstate roadway system. Sixty percent of all U.S. households lie within 600 miles of Ohio, and more than 50 percent of the Canadian market is within this range also.
To begin our analysis of the Economy of the State of Ohio we will first concentrate on the Gross State Product. Gross State Product, or GSP, is the final market value of goods and services produced by labor and property within a state. GSP is the most comprehensive measure of a state’s economy. GSP estimates can be used to compare one state with another or a state to the nation as a whole. GSP estimates offer inflation-adjusted numbers; therefore, this measurement can be used to study changes in the volume of production or output over time. Ohio’s GSP rose from 236 billion dollars in 1991 to 390 billion dollars in 2002. From 1991 to 2001, Ohio’s GSP rose 33.7 percent. The national GSP increased 40.8 percent during the same ten-year period, but this national higher percentage growth can be attributed to higher national population growth. U.S. p...