Cincinnati experienced the state’s strongest growth in Black-owned employer businesses.
Black-owned businesses across Ohio are creating more jobs, paying higher wages, and expanding their share of the state’s economy, according to a new analysis of U.S. Census Bureau data.
“The data on the economic impact of Black-owned businesses in Ohio demonstrates that the state’s diversity is one of its greatest strengths and that the success of the Black community leads to success for the state overall,” the Health Policy Institute of Ohio stated, according to Cincinnati CityBeat.
Brookings researchers cautioned that continued progress is far from guaranteed, particularly as federal diversity-focused programs face increasing scrutiny.
“Recent attacks on government programs that center on diversity, equity, and inclusion threaten continuing progress,” the report states, pointing to the elimination of the Minority Business Development Agency and changes to U.S. Small Business Administration contracting programs.
The Brookings report also warned that systemic challenges remain.
“With numerous structural barriers to growth – such as credit access, intergenerational wealth gaps, and outsized levels of debt – Black-owned businesses will not magically grow without inclusive and intentional policy and investments,” researchers Andre Perry and Hannah Stephens wrote. “As underrepresented race and ethnic groups own more employer businesses, their share of ownership moves closer to their share of the population. This growth is a tool to combat centuries of racial disparities in ownership and wealth.”
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Source: Black Enterprise
