Black business owners contribute more than $2.8 billion to Cincinnati’s economy –

A brand new study out of Cincinnati shows that black jobs are booming and contributing billions of dollars to the local and regional economy.

The latest data from the Alpaugh Family Economics Center on the University of Cincinnati reveals that black-owned businesses supported $2.8 billion in economic activity. The report follows original study conducted in 2021, which was the primary of its kind within the country to quantify Chamber of Commerce data on Black-owned businesses, according to Urban rhythm. The latest data indicates an increased contribution and impact, as data from the unique study, first published in 2023, showed that Black-owned businesses contributed $1.4 billion to the economy.

“Business ownership provides a wealth-building opportunity for Black and African American individuals,” the brand new research report says. “This opportunity is especially significant for Black and African American families, whose median net worth of $24,100 was 7.8 times lower than the median net worth of white families in 2019.”

From the info collected, researchers developed a database of 1,417 black-owned businesses in southwestern Ohio and northern Kentucky. When the numbers were crunched, black-owned businesses supported more than 16,400 jobs, generating more than $635 million in revenue. These businesses also generated $1.4 billion in direct sales and employed more than 9,000 people, generating a minimum of $341 million in revenue. They also generated $34.3 million in profits and sales taxes for state and native jurisdictions.

Across the region, “Other Services,” “Professional Scientific and Technical Services,” and “Retail” had the very best variety of black-owned businesses. These industries accounted for more than 47% of companies within the eight regions the researchers studied.

These numbers offer hope that changes are on the horizon that may help close the wealth gap between black and white residents of Cincinnati.

According to Greater Cincinnati FoundationBlack ladies and men earn a median of $16 an hour, while white men and ladies earn $22 and $24 an hour, respectively.