CINCINNATI (WKRC) – The Greater Cincinnati and Northern Kentucky African American Chamber of Commerce (AACC) announced the findings of a new study conducted by researchers at the Alpaugh Family Economics Center at the University of Cincinnati.
“It’s important because people speculate on the impact of Black-owned business, but we got real data so we can support these businesses, so people know Black- owned businesses provide a real impetus to the local economy,” shares the CEO for the Greater Cincinnati & Northern Kentucky African American Chamber of Commerce, Eric Kearney.
The research highlights the significant economic and fiscal impacts of Black-owned businesses in Southwest Ohio and Northern Kentucky.
“Any time you can identify businesses and quantify the impact, you set the baseline,” shares the Co-executive director of the Alpaugh Family Economics Center, Brad Evans.
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.
Business owners share they are proud to be creating a positive impact in our community.
“We carry premium lighting from Italy and a Wonder brand of furniture our customers love us, and we love them,” shares Switch Lighting and Design owner, Bertie Ray III. “Do it. Don’t waste time, never a wrong answer, never wrong time to get started. Get started now,” he says about starting a business.
“We’ve been in business for ten years and I feel our program begin five star rated is creating an impact on our families with providing quality care,” shares the owner of Water Lilly Learning Center, Gerrie Davis.
The industries with the most Black-owned businesses in Southwest Ohio and Northern Kentucky were the professional, scientific, and technical services industry; the retail trade industry; and the other services industry. Collectively, these three industries represented approximately 47.4% of the Black-owned businesses in Southwest Ohio and Northern Kentucky in 2023.