A new report conducted by the Center for Economic Analysis and Development, Haile College of Business, Northern Kentucky University, pegs the total economic impact of CBC members was $29.95 billion with 96,808 jobs and $1.89 billion in total taxes.
This total impact includes direct contributions from CBC members, as well as indirect and induced effects. Indirect impact comes from the ripple effect of CBC members’ spending on other local businesses, while induced impact results from employees spending their wages in the local economy.
The direct economic impact of Covington Business Council member businesses at $17.75 billion for the Northern Kentucky economy, equating to 50,668 jobs and $1.19 billion in direct taxes. This figure represents the spending, employment, and taxes directly tied to the operations of Covington Business Council member companies in Northern Kentucky.
Charting the direct economic impact on the Cincinnati region as a whole, the numbers are similar: $17.66 billion in direct impact; 50,668 jobs and $1.09 billion in taxes. The direct impact to the Commonwealth of Kentucky is almost identical in those categories: $17.36 billion in impact; 50,668 jobs; and $1.19 billion in taxes.
The five largest total impact industries in Northern Kentucky are:
1. Energy Distribution ($12,87 billion, 14,809 jobs and taxes $977 million in taxes)
2. Telecommunications ($5.66 billion, 17,669 jobs and taxes $611 million in taxes)
3. Hospitals ($3.5 billion, 19,099 jobs taxes $74.7 million in taxes
4. Banking, Finance and Insurance ($2.8 billion, 15,632 jobs and $46.5 million in taxes
5. Waste and Recycling ($1.86 billion, 8,423 jobs and $43.1 million in taxes
CBC Executive Director Pat Frew expressed amazement at the results.
“I understood the importance of growing the membership of the Council as we have done, tripling the membership since 2010 to more than 530 member companies, and how that impacts engagement in the local economy,” Frew said. “But this study illustrates that without the hard work and growth of these industry players, organizations like the CBC would not exist. We are so grateful for the impact these leading companies have on our region. Further, this shows that local elected and regional leaders need to take note when these leading businesses lend their voices to issues that directly affect their businesses.”
Janet Harrah, Senior Director of the Center for Economic Analysis and Development at Haile College of Business, Northern Kentucky University, Said, “The economic contributions of CBC member businesses are a testament to their critical role in sustaining and growing the Northern Kentucky economy. The data highlights not only their direct impact but also the broader ripple effects across the region, underscoring the interconnections of our local industries.”