- 7,186 more businesses
- 448,176 more employees
- 34.0% increase in total wages
- $8,448 in additional annual wages per employee
- 21.1% increase in wages per employee
Since 2009, the number of businesses in Ohio has grown by 2.6% (6.9% less than the national average of 9.5%). Employment in Ohio has grown by 10.7% (3.8% less than the national average of 14.4%). Wages have grown by 21.1% since the end of the Great Recession. This wage growth is 1.5% less than the national average of 22.5%.
The average weekly wage in Ohio of $934 is 12.2% below the national average of $1,064. The gap between the national average has widened from 11.1% a widening of 1.2% since the end of the recession.
The Retail trade sector has the most businesses in the state of Ohio . Since the end of the recession, the number of businesses has grown from 37,238 to 35,493, a gain of -4.7%. The table below illustrates the change in number of businesses in each sector:
|Accommodation and food services||24,299||22,987||5.7%|
|Finance and insurance||17,447||17,857||-2.3%|
|Real estate and rental||11,090||10,466||6.0%|
|Transport and warehousing||8,483||7,703||10.1%|
|Arts and entertainment||3,919||3,759||4.3%|
|Agriculture and forestry||1,580||1,212||30.4%|
|Mining and oil extraction||903||810||11.5%|
In addition to Retail trade (the sector with the most businesses in Ohio), several other industries lost businesses since the recession ended including; Other services (-1.4%), Construction (-9.8%), Finance and insurance (-2.3%) and Manufacturing (-8.8%). These losses were offset by increases in the next 3 largest sectors; Professional services (+10.9%), Healthcare (+14.6%), Accommodation and food services (+5.7%) and Wholesale trade (+5.3%). Collectively these 4 sectors added over 10,650 businesses since 2009.
The Healthcare sector employs the most workers in the state of Ohio . The number of jobs has increased 12.3% since the end of the recession from 713,986 to 801,476. The table below illustrates the change in employment in each sector:
|Accommodation and food services||480,843||414,139||16.1%|
|Finance and insurance||224,743||210,812||6.6%|
|Transport and warehousing||186,606||158,243||17.9%|
|Arts and entertainment||79,413||61,854||28.4%|
|Real estate and rental||63,872||60,194||6.1%|
|Agriculture and forestry||16,350||13,346||22.5%|
|Mining and oil extraction||11,153||11,450||-2.6%|
Several of the smaller employers in the state had a decline in workers since the recession with Information and Utilities having the biggest decreases of 11.4% and 10.3% respectively. There was significant job growth in Accommodation and food services (16.1%), Waste services (+20.7%) and Construction (+19.9%) but the sector with the largest percentage increase is the Company management sector which increased by 30.6%.
The sector with the highest wages is the Company management sector at $2,053. Prior to the recession, the sector’s average weekly wage was $1,609. This is an increase of $444 per week or 27.6%. The table below illustrates the change in average weekly wages in each sector:
|Finance and insurance||$1,471||$1,133||29.8%|
|Mining and oil extraction||$1,372||$1,190||15.3%|
|Transport and warehousing||$941||$817||15.2%|
|Real estate and rental||$903||$672||34.4%|
|Arts and entertainment||$656||$536||22.4%|
|Agriculture and forestry||$645||$510||26.5%|
|Accommodation and food services||$314||$254||23.6%|
Ohio experienced a 21.1% increase in average weekly wages since 2009, but the two sectors that significantly lagged are the Educational services sector which increased 9.5% and Transport and warehousing with an increase of 15.2%. The sectors that were well ahead of the average are Finance and insurance which increased by 29.8% and Real estate and rental with an increase of 34.4%.
Each of the sectors in the previous section are made up of a number of detailed industries. The top industry that has experienced the most growth (as a percent) since the recession is Computer systems design and related services which has grown 51.8%. The top industry that has contracted the most is Residential building construction which has contracted by 15.7% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of businesses since the recession:
|Wholesale trade agents and brokers||9,427||7,260||29.8%|
|Computer systems design and related services||8,492||5,596||51.8%|
|Offices of physicians||6,985||6,969||0.2%|
|Insurance agencies and brokerages||5,347||5,109||4.7%|
|Management consulting services||4,801||3,900||23.1%|
|Offices of lawyers||4,754||5,176||-8.2%|
|Residential building construction||4,590||5,447||-15.7%|
|Accounting and bookkeeping services||4,035||4,326||-6.7%|
|Offices of dentists||4,011||4,162||-3.6%|
The industry that has experienced the most growth in number of employees (as a percent) since the recession is Temporary help services which has grown 59.1%. The industry that has lost the most employees is Nursing care facilities, skilled nursing which has contracted by 9.1% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of employees since the recession:
|General medical and surgical hospitals||243,538||224,632||8.4%|
|Management of companies and enterprises||141,947||108,663||30.6%|
|Temporary help services||117,357||73,757||59.1%|
|Nursing care facilities, skilled nursing||95,518||105,128||-9.1%|
|Offices of physicians||92,161||80,811||14.0%|
|Supermarkets and other grocery stores||85,488||87,304||-2.1%|
|Home health care services||63,835||48,660||31.2%|
|Computer systems design and related services||61,407||51,906||18.3%|
|New car dealers||43,645||36,083||21.0%|
Since the recession ended, the industry that has experienced the greatest increase in average weekly pay per employee (as a percent) is All other information services which has grown 178.2%. The average weekly wage in the Petroleum refineriesindustry has grown by 5.2% since the recession. This is the industry with the lowest wage growth among top industries in Ohio . The table below illustrates the 10 largest industries and their change in the average weekly wages since the recession:
|Investment banking and securities dealing||$4,026||$2,620||53.7%|
|Commodity contracts brokerage||$2,534||$1,318||92.3%|
|All other information services||$2,526||$908||178.2%|
|Nonscheduled air transportation||$2,448||$1,774||38.0%|
|Soap and cleaning compound manufacturing||$2,448||$1,200||104.0%|
Please note, during the comparison period the NAICS coding has had changes made to it. For proper comparisons we are only including industries that have NOT been affected by these changes.
The biggest percentage change in the number of businesses has been in businesses with 1,000 or more employees. The number of businesses with this number of employees has grown from 195 to 253, which is an increase of 29.7%.
The smallest percentage change in the number of businesses has been in businesses with 5 to 9 employees. The number of businesses with this number of employees has declined from 50,425 to 50,153, which is an decrease of 0.5%
Table: Change in the number of Businesses by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||151,930||145,212||4.6%|
|More Than 1,000 Employees||253||195||29.7%|
The biggest percentage change in the number of employees has been in businesses with 1,000 or more employees. The number of employees in companies this size has grown from 406,497 to 520,817, which is an increase of 28.1%.
The smallest percentage change in the number of employees has been in businesses with 5 to 9 employees. The number of employees with this number of employees has declined from 332,834 to 331,455, which is an decrease of 0.4%.
Table: Change in the number of Employees by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||238,939||233,468||2.3%|
|More Than 1,000 Employees||520,817||406,497||28.1%|
The biggest percentage change in the average weekly wage has been in businesses with fewer than 5 employees. The average weekly wage in companies this size has grown from $691 to $973, which is an increase of 40.8%.
The smallest percentage change in the average weekly wage has been in businesses with 250 to 499 employees. The average weekly wage in companies this size has grown from $903 to $1,110, which is an increase of 22.9%.
Table: Change Average Weekly Wage by Size Since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||$973||$691||40.8%|
|More Than 1,000 Employees||$1,480||$1,131||30.9%|
This page was created and is maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt is an executive, data scientist and software engineer who holds an MBA in Management Information Systems. In 2010, he partnered with scientists at Northwestern University to launch The Street Wire. This was one of the first mainstream uses of what would become “Narrative Science”, an artificial intelligence platform specializing in natural language generation. You can contact Kurt on LinkedIn here.