On behalf of The Greater Cincinnati and Northern Kentucky African American Chamber of Commerce (AACC), the Center’s research team released the results of its study, “The Economic Impact of Black-owned Businesses in Southwest Ohio Communities.” Our analysis found the economic impact of Black-owned businesses on our region totals more than $2.1 billion dollars.
The impact of Black-owned Businesses in Southwest Ohio communities is responsible for directly employing 5,914 people with more than $306 million in earnings throughout the Cincinnati Metropolitan Statistical Area (MSA). Additionally, earnings by Black-owned businesses generate approximately $6.7 million in income tax for the state of Ohio and more than $13.5 million in fiscal impacts to the region and state.
In 2021, on behalf of the AACC, the Center’s research team conducted the first study of its kinds in the nation that quantified the economic impact of Black businesses, setting a benchmark for this analysis. Findings are from top industries in the MSA including professional, scientific, and technical services, construction, health care, and retail and wholesale trade.
The top three industry sectors for Black-owned businesses continue to grow and include Transportation and Warehousing (17.3 percent), Health Care and Social Assistance (15.3 percent), and other services, ranging from professional services to event planning, life coaching, and cosmetology/beauty salon services, (21.5 percent of all businesses).
Additionally, the new study provided new geographic insights into the location of Black-owned businesses. Hamilton County has the highest number of businesses within the four-county study area (Butler, Clermont and Warren counties) and those businesses represent $1 billion of direct economic output supporting 3,382 jobs with earnings of $168.3 million. To that end, the study offers a new understanding of the impact of specific communities. For example, Forest Park/Springdale is responsible for 172 jobs generating $9.2 million in earnings with an overall impact of $37.9 million and Mason is responsible for 59 jobs generating $2.9 million with an overall impact of $18.4 million.
To learn more about each study, visit www.aacconomics.com.