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Notable defense contractors include Goodyear Tire and Rubber Company in Akron, Lockheed Martin in Akron, which won a contract to develop a space-ship in 2003 and produces the vertical launch ASROC missile, Columbus-based Zyvex Performance Materials develops the Piranha Unmanned Surface Vessel.Gravitational Energy Corporation, located in Cuyahoga Falls, proliferates Gravity Assisted Power (GAP) machines in cooperation with Dri Powder, LLC to the military.The overall economic impact of the bioscience industry in Ohio, including healthcare, amounted to 8.2 billion in 2007, representing 15.7% of Ohio's economic output.Biotech research and development employs directly 12,415 residents, while agricultural bioscience contributed the largest economic impact, at .7 billion.Medical device manufacturers employ 9,757 residents. Major hospital employers include the Cleveland Clinic Health System with 41,400 employees, Catholic Healthcare Partners in Cincinnati with 28,200, University Hospitals of Cleveland with 21,800, Ohio Health in Columbus with 15,300, Pro Medica in Toledo with 14,500, and Premier Health Partners in Dayton with 14,000.Welltower, an S&P 500 company headquartered in Toledo, is a major healthcare real estate firm.The top five states ranked with the lowest effective tax rate on new investment are: (1) Maine (3.0%); (2) Oregon (3.8%); (3) Ohio (4.4%); (4) Wisconsin (4.5%); and (5) Illinois (4.6%).Ohio is considered a center of science and industry, with museums dedicated to such in Columbus, COSI, the Great Lakes Science Center in Cleveland, the Imagination Station in Toledo, and the Boonshoft Museum of Discovery in Dayton.
The state was edged out by Texas and Nebraska for the 2013 Governor's Cup award from the magazine, based on business growth and economic development. As of 2010, Ohio was #6 in the country for Fortune 500 companies with 23.The economy of Ohio nominally would be the 27th largest global economy behind Saudi Arabia and ahead of Argentina according to the 2015 IMF report.The state had a projected GDP of 6.1 billion in 2013, up from 517.1 in 2012, and up from 501.3 in 2011, according to the Bureau of Economic Analysis.Defense systems play a smaller role in the industry.
Ohio corporations were awarded around .5 billion of United States Department of Defense procurements.
A new report by the Quantitative Economics and Statistics Practices (QUEST) of Ernst & Young in conjunction with the Council On State Taxation (COST), ranks Ohio as third in the nation for friendliest tax environment.