CINCINNATI — A study by the Greater Cincinnati and Northern Kentucky African American Chamber of Commerce found that Black-owned businesses have made a $2.1 billion impact on the local economy.
From 2021 to 2022, the economic impact of Black-owned businesses in the Tri-State increased by $70 million. Those businesses are also directly responsible for employing 5,914 people who are earning more than $306 million throughout the Cincinnati Metropolitan area.
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.
"For those that had any doubt of the value of Black-owned businesses, this kind of study should put that to rest," said Dr. David Mahon, executive director for the UC Economics Center.
Transportation and warehousing, health care and social assistance and other services like professional or technical services are the top three industry sectors for Black-owned businesses.
One business focusing on professional services, event planning, has seen plenty of success. Nostalgia Wine Bar was recently chosen to be featured in a national wine and food tour put on by Dywane Wade's "Wade Cellars."
"It was so unique," said George Walker, Wade Cellars National Brand Ambassador. "It was so welcoming, it was so classy."
Singer/songwriter and co-producer of the event, Lauren Eylise said it's all about showcasing culture.
"Putting it in the forefront and speaking to the power that we have as a people," Eylise said.
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.
"This data says to you, hey there is a viable market, a welcoming environment for me and my family and my business," said Erc H. Kearney, AACC president and CEO.
To learn more about each study, click here.
“Our region and our businesses have much to celebrate. This impressive analysis from the UC Economics Center shows a robust number of growing enterprises, jobs created, and communities positively impacted by our Black businesses,” said Eric H. Kearney, AACC president, and CEO. “Black Businesses are an important part of the tax base in communities throughout the region.”
READ MORE
Black-owned business experiencing rebound from pandemic lows
Black-owned banks offering more opportunities to minorities
Black-owned bookstore brings seeds of change
