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According to data from the U.S. Bureau of Labor, Ohio ranks 30th for the median annual salary, which has been growing each year from 2020 to 2023. In 2020, the median salary was $53,612. That grew ...
National City branch in Springboro, Ohio.. National City Bank was founded on May 17, 1845, when a group of Cleveland, Ohio businessmen pooled $50,000 to organize the City Bank of Cleveland, the first bank opened under the Ohio Bank Act of 1845 in a small town with no gas, electricity, public waterworks, or railroad. [8]
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The economy of Ohio nominally would be the 20th largest global economy (behind Turkey and ahead of Switzerland) according to The World Bank as of 2022. [8] The state had a GDP of $822.67 billion in 2022, which is 3.23% of the United States total, [9] ranking 7th in the nation behind Pennsylvania and ahead of Georgia. [10]
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In the 1860s, the Standard Oil Company was founded by John D. Rockefeller in the city of Cleveland. In the early 20th century, about a quarter of the region's jobs were in steel mills. The Great Depression hurt the area's economy and caused up to 35% unemployment rate. The City of Cleveland went into default in 1978 and was $30 million in debt.
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