Black-Owned Businesses Have a $2.8+ Billion Economic Impact on Southwest Ohio & Northern Kentucky

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.

To read more, please visit the AACC’s research site here: https://www.aacconomics.com/