Yahoo Finance $1.4 Billion Economic Impact of Black Businesses in the Cincinnati Region
Greater Cincinnati and Northern Kentucky African American Chamber of Commerce Announces Results of Groundbreaking UC Economics Study
CINCINNATI, Jan. 28, 2021 (GLOBE NEWSWIRE) -- As it celebrates its 25th anniversary, the Greater Cincinnati and Northern Kentucky African American Chamber of Commerce (AACC) announced, at today’s annual meeting, the results of a groundbreaking study. The analysis, in partnership with UC Economics Center, shows the Greater Cincinnati Black businesses included in the analysis support more than $1.4 billion of operations expenditures and are responsible for directly employing 8,680 people with $540 million in earnings throughout the Cincinnati Metropolitan Statistical Area (MSA). Additionally, earnings by Black-owned businesses generate approximately $6.2 million in sales tax to the states of Indiana, Kentucky, and Ohio and an additional $1.2 million to the five Ohio counties (Brown, Butler, Clermont, Hamilton, Warren) included in the Cincinnati MSA.
This is the first study in the nation by a Chamber of Commerce to quantify the economic impact of Black businesses. Findings are from top industries in the MSA including professional, scientific, and technical services, construction, health care, and retail and wholesale trade.
“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.
“We’re proud to partner with the African American Chamber on this landmark study,” said Christopher Nicak, UC Economics Center’s co-director of Research. “The results speak to the importance of Black businesses, now and moving forward, on Cincinnati’s regional economy.”
“We have the data, now let’s take out the emotion and determine how we address the disparities that prevent this number from being larger,” said Jason Dunn, AACC Board chair. “As we celebrate our 25th year, our focus is towards the next generation of entrepreneurs and building on this foundation to ensure our region is competitive.”
About the Greater Cincinnati and Northern Kentucky
African American Chamber of Commerce (AACC)
The AACC is the largest African American Chamber in the State of Ohio. It is as committed to inclusion as business development; and as focused on advocacy as on building capacity. The AACC leverages regional partnerships and collaborates with organizations and supplier diversity and inclusion experts to empower businesses to succeed. The AACC is your business advocate providing business education series, marketing programs and networking events to grow your business.
The AACC was founded in 1996 by a group of African American business owners and consumers seeking to improve the economic status of African Americans and the African American community. The vision was to form an organization, which would advocate on behalf of emerging and established businesses, help to create new market opportunities, and provide access to capital, and revitalize African American communities.
Contact: Rich Walburg
Game Day
(513) 205-7424
rwalburg@gamedaypr.com
