Economic impact study illustrates Uptown Cincinnati’s significant impact on local economy
A study on the economic impact of the area of Uptown Cincinnati was recently published by the University of Cincinnati Economics Center. The report summarizes the economic and financial impact of almost all of Uptown’s anchor institutions — Cincinnati Children’s Hospital Medical Center, Cincinnati Zoo and Botanical Garden, TriHealth, University of Cincinnati and UC Health — and the roughly 1,092 auxiliary businesses operating in Uptown’s five core neighborhoods: Avondale, Clifton, Corryville, CUF (Clifton Heights, University Heights, and Fairview), and Mt. Auburn.
Together, the Uptown anchor institutions and the businesses contribute substantially to the economies of the 15-county Cincinnati Metropolitan Statistical Area (MSA) and the state of Ohio, the study revealed.
The report concludes, “It is clear from the findings detailed within this report that Uptown Cincinnati substantially contributes to the local economy, both from its anchor institutions and auxiliary businesses.” The impact analyzed is from 2020 numbers, which coincided with the COVID19 pandemic, a challenging year for many businesses and neighborhoods.
The report includes a comparison of the growth over the last two decades between Uptown, the City of Cincinnati, and the state of Ohio. It also estimates the potential economic impact of the development projects for the Uptown Innovation Corridor. Finally, the report approximates land value impacts of Uptown Cincinnati.
“We are very proud of the work our anchor institutions and businesses have completed in Uptown,” said Beth Robinson, President and CEO of Uptown Consortium Inc. (UCI) “Despite a difficult year for many, we were able to continue to support, develop, and impact the Uptown area for the better.”
As a nonprofit community development corporation, UCI is dedicated to the long-term sustainability and growth of the Uptown region using collaboration and community engagement. That’s why UCI engaged the Economics Center to perform an updated economic impact analysis of Uptown Cincinnati.
The current report highlights three key findings:
The total economic impact of businesses in Uptown: $15.8 billion
The combined economic impact of anchor institutions and auxiliary businesses located in Uptown neighborhoods have a direct impact of more than $8 billion through their operations and capital expenditures and employ nearly 75,000 individuals with earnings of over $5 billion. Their total impact is approximately $15.8 billion in economic output, and they support the employment of 146,776 individuals with earnings of $9.3 billion.
The total economic impact of anchor institutions outside of Uptown: $4.2 billion
The total economic impact of anchor institutions’ operations and capital expenditures occurring outside of Uptown Cincinnati is also significant. While these impacts do not physically occur within Uptown, they are supported by the Institutions’ main operations in the Uptown community. These anchor institutions have a direct impact of more than $2.1 billion through their operations and capital expenditures outside of Uptown and employ close to 16,000 individuals with earnings of $1.5 billion. The total impact of these operations is $4.2 billion and supports 33,334 employees with earnings of $2.7 billion.
The total economic impact of anchor institutions and Uptown businesses: $20.1 billion
Together, the Uptown anchor institutions, located within and outside of Uptown, and Uptown businesses have a direct impact of more than $10.1 billion on the Cincinnati MSA through their operations and capital expenditures, for a total impact of nearly $20.1 billion. Additionally, these businesses directly employ more than 90,000 employees with earnings of $6.5 billion, for a total impact of supporting more than 180,000 jobs with earnings of approximately $12.0 billion.
Uptown Cincinnati’s economy remains strong
Finally, the report concluded that “Uptown Cincinnati’s economy remains strong, and in some respects has outperformed the economies of the City of Cincinnati and the State of Ohio in the last two decades.” Between 2001 and 2020, while the City of Cincinnati and the State of Ohio lost jobs, Uptown Cincinnati has added 3,478 jobs, representing a 9.2 percent increase in employment.
This relative growth is expected to continue, particularly given the considerable investment in the Innovation Corridor, a mixed-use development enhancing Uptown’s innovation, medical, and research industries.
The Economics Center analyzed the potential impact of five development projects totaling approximately $1.4 billion which will take place in the Innovation Corridor. Upon completion, these projects are estimated to support more than $2.4 billion in total economic output, $635.5 million in total earnings, and 7,862 total jobs.
“All of this emphasizes the collective power of Uptown anchors and businesses,” Robinson said. “It’s thrilling to see our vision for Uptown come to life. Together, we are creating a district that is incubating talent and continuing to attract innovative businesses.”
For more information about the study, please email Brooke Duncan at firstname.lastname@example.org
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