The latest study of Black-owned businesses in Southwest Ohio and Northern Kentucky shows they generated more than $2.8 billion in economic activity in 2023. The study was conducted by UC's Alpaugh Family Economics Center for the Greater Cincinnati and Northern Kentucky African American Chamber of Commerce.
The study finds Black-owned businesses in an eight-county region:
- generated $1.5 billion of direct sales and employed 9,024 individuals with earnings of $341.2 million;
- supported an additional $1.4 billion of indirect sales, which indirectly supported an additional 7,448 jobs with earnings of $293.8 million; which
- resulted in a total of $2.8 billion in sales that were responsible for — directly and indirectly — supporting 16,472 jobs with $635.1 million in earnings in the eight-county region; and
- generated $34.3 million in earnings and sales tax revenue for state and local jurisdictions.
You can read the full report at the bottom of this page.
RELATED: Black-owned businesses show increasing positive impact on regional economy
The study included Butler, Clermont, Hamilton, Montgomery, and Warren counties in Ohio, and Boone, Campbell, and Kenton counties in Kentucky.
"When we talk about billions of dollars, and you're talking about hundreds of employees that are generated through Black-owned businesses, it is a testament to the idea that when we talk about economic vitality, economic vibrancy, it is being created through entrepreneurs who raise their hand and say, 'I want to be a part of this American story. I want to be a part of what it takes to create employment opportunities and churn in our region,' " says Royce Sutton, principal executive at Penultimate LLC and a Chamber board member. "Black businesses are doing it, and they're doing it extremely well."
Tarita Preston is founder of Tarita Preston Coaching, providing professional life and leadership coaching. She says it's important to understand the impact of Black businesses and Black entrepreneurs.
"It is very empowering and inspiring because it's not so much of what happens to us, it's how we react and how we start to excel, regardless of whatever the challenges are — that is just giving us more resilience," she tells WVXU. "To see that the numbers are growing, that we're having greater impact in the billions, I think is impressive, and it's uplifting for me to know that there's more out there. There's more expansion, there's more growth."
This is the third time the Chamber has sponsored the economics study. Alpaugh Family Economics Center Co-executive Director Brad Evans says it does show growth, with the bulk of businesses being in Hamilton County and Cincinnati. However, it's hard to compare this year's findings with previous results because the geographic region being studied was expanded this year.
From 2021: Black-Owned Businesses Have 'Impressive' $1.4 Billion Economic Impact On Region
Journey Steel, a steel fabrication and erection company in Roselawn, is seeing good growth and is looking to expand by opening facilities in several other states, according to Daniel Rayford, vice president of the company's drone operations.
"(Our drone operations) plan is to be in all 50 states eventually, and our construction side is already doing work in several states," he says.
"I believe (the study) was important because it not only shed light on the impact that a lot of Black-owned businesses who fly under radar have on our economy, but also inspires the next generation of companies to follow in our footsteps."
