Ernst & Young study shows five-year economic impact totaling more than $31.5B

In 2014, REDI Cincinnati was formed as a collaboration among top business leaders to drive job growth and serve as the critical first point-of-contact for companies locating or expanding in the three-state, 16-county Greater Cincinnati region that includes Northern Kentucky and Southeast Indiana. 

The collaborative efforts of REDI Cincinnati and its partners have resulted in numerous accolades for the region over the last five years. Most recently, Greater Cincinnati earned the prestigious Site Selection Magazine Governor’s Cup Award as a Top 10 U.S. Metro Area (pop. 1 million plus), advancing in the 2019 rankings from #6 to #5 nationwide. 

At its five-year anniversary celebration on March 21, REDI Cincinnati leaders released a study by Ernst & Young (EY) business management consultants showing direct, indirect, and induced economic impact from projects the organization worked to bring to Southwest Ohio from 2014-2018. Those figures break down as follows.

Employment (New and Retained Jobs)
Direct: 61,562
Indirect: 33,928
Induced: 43,855
Total: 139,345 

Labor Income (New Payroll)
Direct: $3.6B
Indirect: $2.5B
Induced: $2.1B
Total: $8.2B 

Gross Domestic Product (GDP)
Direct: $9.8B
Indirect: $4.0B
Induced $3.9B
Total: $17.8B 

Economic Output
Direct: $18.9B
Indirect: $6.3B
Induced $6.2B
Total: $31.5B

Here are more notable takeaways from the EY economic impact study:

• Impact numbers are recurring and continue to contribute to the economy beyond the given project year.
• History suggests that companies are more likely to expand and grow in their current or initial location.
• Anecdotally, $31.5B in ongoing economic impact would equate to hosting the Super Bowl in Greater Cincinnati 79 times each year. 

The study also showed wide-ranging diversity of location and expansion projects in Greater Cincinnati. Economic output for the manufacturing segment totaled $15.2B, while office-related projects — HQ, IT, back-office subsectors, etc. — produced an economic output of $13.8B. 

Looking to the future, REDI Cincinnati continues to invest in people, partnerships, and technology to streamline and amplify Greater Cincinnati’s message to the world, while connecting the business community and serving as a diligent partner for groups working to grow talent and develop sites throughout the region.