On behalf of The Greater Cincinnati and Northern Kentucky African American Chamber of Commerce (AACC), researchers at the Alpaugh Family Economics Center measured the economic and fiscal impacts of Black-owned businesses in Southwest Ohio and Northern Kentucky.
Nationally, minority-owned businesses have been at the forefront of business creation. From 2017 to 2020, the number of Black-owned businesses in the United States surged by 13.6%, compared to a 0.5% increase in the total number of businesses. This trend is mirrored in Southwest Ohio/Northern Kentucky, where Black-owned businesses have demonstrated substantial economic contributions. Here are the highlights of this new analysis:
- In 2023, Black-owned businesses in Southwest Ohio and Northern Kentucky generated approximately $1.5 billion in direct sales and employed 9,024 people with earnings totaling $341.2 million.
- These businesses supported nearly $1.4 billion more in indirect sales, supporting 7,448 jobs with $293.8 million in earnings.
- Overall, Black-owned businesses contributed more than $2.8 billion in total sales, directly and indirectly supporting 16,472 jobs with $635.1 million in total earnings.
- State and local jurisdictions benefited from $34.3 million in earnings and sales tax revenue generated by these businesses.