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Price WaterhouseCooper’s Ranks Ohio Second for Aerospace Attractiveness

Ohio ranked No. 2 for “aerospace attractiveness” in PricewaterhouseCooper’s (PwC) annual ranking of the world’s most attractive locations for aerospace development.

The index by the global assurance, tax, and consulting firm, examines strengths across variables of locations within the United States and globally, with the goal of providing organizations with data that helps them plan for the future.

The United States maintained its No. 1 rank globally, making Ohio second only to Georgia and outranked No. 3 Washington state for its attractiveness to aerospace and aircraft developers.

Ohio ranked second among U.S. states this year, due to its attractive corporate tax structure, healthy economy and strong industry presence, according to PwC’s 2020 report.

This year, Ohio ranked No. 1 in the tax policy category, up from eight last year. (Ohio has no corporate income tax but does levy business taxes on gross receipts), the report states.

Ohio’s 38,000 aerospace and defense workforce makes it the largest U.S. state supplier to Boeing and Airbus according to the PwC report.

The state has an aerospace and defense ecosystem of more than 550 aerospace and aviation organizations, including NASA’s Glenn Research Center and the Ohio Aerospace Institute in Cleveland, Battelle Air Force Research Laboratory in Columbus and the Ohio Unmanned Aircraft Systems Center in Springfield, Ohio.

Ohio is also becoming a hub for innovations in urban air mobility and autonomous aviation systems, the PwC report states. Aircraft engines and parts accounted for the highest export value of $5.9 billion in 2019 (11.1% of Ohio’s total exports).

Ohio also is home to GE Aviation in Cincinnati, which won a $140 million contract from the U.S. Defense Logistics Agency in April for military turbofan plane engine supplies, according to the PwC report.

This article is taken from an original post made by the Cleveland Business Journal on September 2, 2020.  Read original article here.

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