Black Owned Businesses Drive Ohio’s Economic Growth, New Report Reveals
Nearly 130,000 workers in Ohio are employed by Black-owned businesses, creating a substantial economic impact across the state, according to a recent report. The findings were highlighted during the ‘State of Ohio Black Business’ event held on Wednesday.
The report emphasized two major points: Black-owned businesses are playing a significant role in Ohio’s economic growth, and there is untapped potential for expansion beyond the state’s major cities.
Eric Kearney of the Ohio Chamber of Commerce noted, “Many people assume that Black-owned businesses are concentrated only in metropolitan areas like Columbus, Cleveland, or Cincinnati. However, the study demonstrates growth opportunities across Ohio, with thriving pockets of Black-owned enterprises statewide.”
Ohio is home to three of the nation’s top 10 largest Black-owned businesses. Collectively, these companies, along with hundreds more in the state, generate nearly $12 billion annually, as reported by the Ohio Chamber of Commerce.
Stephen L. Hightower, President and CEO of Hightower’s Petroleum Co., shared his perspective on business growth: “Success is possible when you start from zero and learn to scale, partner, and network effectively. Scalability is crucial to remain competitive.”
The report also revealed that Black-owned businesses contribute over $500 million in state taxes each year. This impact is inspiring for young entrepreneurs seeking guidance and mentorship in Ohio’s business community.
The event fostered collaboration among business owners to address challenges and explore opportunities. Organizers expressed their commitment to making the ‘State of Ohio Black Business’ an annual event to continue promoting growth and networking.
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