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FHA Loans in Ohio

About This State and its People, Places, and Industries

Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S., it is the 7th-most populous with nearly 11.5 million residents. The state's capital is Columbus. The Anglicized name 'Ohio' comes from the Iroquois word ohi-yo’, meaning 'great river'. The state, originally partitioned from the Northwest Territory, was admitted to the Union as the 17th state (and the first under the Northwest Ordinance) on March 1, 1803. Although there are conflicting narratives regarding the origin of the nickname, Ohio is historically known as the 'Buckeye State' (relating to the Ohio Buckeye Tree) and Ohioans are also known as 'Buckeyes.

The government of Ohio is composed of the executive branch, led by the Governor; the legislative branch, which comprises the Ohio General Assembly; and the judicial branch, which is led by the Supreme Court. Currently, Ohio occupies 18 seats in the United States House of Representatives. Ohio is known for its status as both a swing state and a bellwether in national elections.

The population density of Ohio ranks ninth among all U.S. states. Nonetheless, Ohio currently has a negative net population migration, and an increasing rate of unemployment.

From just over 45,000 residents in 1800, Ohio's population grew at rates of over 10% per decade until the census of 1970, which recorded just over 10.65 million Ohioans. Growth then slowed for the next three decades, and approximately 11.35 million people resided in Ohio in 2000. As of July 1, 2008, the state's population was estimated at 11,485,910 by the United States Census Bureau. Ohio's population growth lags that of the entire United States, and Caucasians are found in a greater density than the United States average. As of 2000, Ohio's center of population is located in Morrow County, in the county seat of Mount Gilead. This is approximately 6,346 feet south and west of Ohio's population center in 1990.

As of 2007, 6.5% of Ohio's population is under 5 years of age, compared to a national rate of 6.9%.Also, 13.4% of Ohio's population is over 65 years of age, compared to a United States rate of 12.6%.Females comprise 51.3% of Ohio's population, compared to a national rate of 50.8%.

In 2009, Ohio was ranked #4 in the country for best business climate by Site Selection magazine, based on a business-activity database. The state has also won three consecutive Governor's Cup awards from the magazine, based on business growth and developments. As of 2007, Ohio's gross domestic product (GDP) was $466 billion. This ranks Ohio's economy as the seventh-largest of all fifty states and the District of Columbia.

The Small Business & Entrepreneurship Council ranked the state #10 for best business-friendly tax systems in their Business Tax Index 2009, including a top corporate tax and capital gains rate that were both ranked #6 at 1.9%.Ohio was ranked #11 by the council for best friendly-policy states according to their Small Business Survival Index 2009. The Directorship's Boardroom Guide ranked the state #13 overall for best business climate, including #7 for best litigation climate. Forbes ranked the state #8 for best regulatory environment in 2009. Ohio has 5 of the top 115 colleges in the nation, according to U.S. News and World Report's 2010 rankings, and was ranked #8 by the same magazine in 2008 for best high schools.

Ohio's unemployment rate stood at 10.7 in May 2010, adding 17,000 new jobs that month. Ohio's per capita income stands at $34,874. Moody's is predicting a 1.3% increase in personal income in 2009 for Ohio, compared to the 2007 rate of 4.7%. As of 2007, Ohio's median household income is $46,645, and 13.1% of the population is below the poverty line, slightly above the national rate of 13%. Ohio's employment base is expected to grow 5% from 2006 to 2016, a net gain of 290,700 jobs.

The manufacturing and financial activities sectors each compose 18.3% of Ohio's GDP, making them Ohio's largest industries by percentage of GDP. Ohio has the largest bioscience sector in the Midwest, and is a national leader in the "green" economy. Ohio is the largest producer in the country of plastics, rubber, fabricated metals, electrical equipment, and appliances. 5,212,000 Ohioans are currently employed by wage or salary.

By employment, Ohio's largest sector is trade/transportation/utilities, which employs 1,010,000 Ohioans, or 19.4% of Ohio's workforce, while the health care and education sector employs 825,000 Ohioans (15.8%). Government employs 787,000 Ohioans (15.1%), manufacturing employs 669,000 Ohioans (12.9%), and professional and technical services employs 638,000 Ohioans (12.2%). Ohio's manufacturing sector is the third-largest of all fifty United States states in terms of gross domestic product. Fifty-nine of the United States' top 1,000 publicly traded companies (by revenue in 2008) are headquartered in Ohio, including Procter & Gamble, Goodyear Tire & Rubber, NCR Corporation, AK Steel, Timken, Abercrombie & Fitch, and Wendy's.

Ohio is also one of 41 states with its own lottery, the Ohio Lottery. The Ohio Lottery has contributed over $15.5 billion to public education in its 34-year history.

Ohio is home to major professional sports teams in baseball, basketball, football, hockey, and soccer. The state's major professional sporting teams include: Cincinnati Reds (Major League Baseball), Cleveland Indians (Major League Baseball),[128] Cincinnati Bengals (National Football League), Cleveland Browns (National Football League),[129] Cleveland Cavaliers (National Basketball Association),[130] Columbus Blue Jackets (National Hockey League), and the Columbus Crew (Major League Soccer). Baseball's first fully professional team, the Cincinnati Red Stockings of 1869, were organized in Ohio.

Ohio has eight NCAA Division I-A college football teams, divided among three different conferences. It has also experienced considerable success in the secondary and tertiary tiers of college football divisions.

In Division I-A, representing the Big Ten, the Ohio State Buckeyes football team ranks 5th among all-time winningest programs, with seven national championships and seven Heisman Trophy winners. Their rivals are the Michigan Wolverines. They typically play each other in their last game of the regular season. The Buckeyes have won the last four matchups.

Ohio has six teams represented in the MAC conference: the University of Akron, Bowling Green, Kent State, Miami University, Ohio University and the University of Toledo. The MAC Conference headquarters are based in Cleveland.
The University of Cincinnati Bearcats represent Ohio in the Big East Conference.

Division I-AA Youngstown State is a perennial power in the Missouri Valley Football Conference, having won four FBS National Championships under (now OSU Head Coach) Jim Tressel.

Division III Mount Union College boasts a record-setting ten National Championships and also hold the record for 110 consecutive game winning streak from 1994 until 2005. They have won two of the last three D-III National Championship games.

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