Cincinnati is the fastest growing region in Ohio, pulling ahead of Columbus in terms of employment levels and posting a higher gross domestic product, according to an economic forecast released by the Columbus-based Huntington Bank.
The Columbus Dispatch reported the forecast last week citing figures showing 1.16 million workers in Greater Cincinnati in 2024 compared to 1.15 million workers in the Columbus region and 1.07 million in the Cleveland area.
Greater Cincinnati's GDP hit $198 billion in 2024 compared to $182 billion for the Columbus region and $173 billion for the Cleveland region. Greater Cincinnati includes the city proper along with suburbs and parts of southeast Indiana and northern Kentucky.
"Cincinnati's advantage is partially related to having more Fortune 500 headquarters as well as the breadth of its finance and insurance industries," says Gary Painter, professor of real estate in the Lindner College of Business. "Both Columbus and Cincinnati are positioned well with strong universities and robust health systems."
UC students enjoy exploring downtown Cincinnati and surrounding neighborhoods. Photo/Andrew Higley/UC Marketing + Brand
The University of Cincinnati delivers a significant economic boost to the region and state of Ohio thanks to alumni impact, operations and research spending, student demand for goods and services, launch of startup companies and more.
A study looking at the 2021-22 fiscal year finds that UC's overall impact on the business community in southwest Ohio, northern Kentucky and eastern Indiana is $10.6 billion in added income to the business community, an amount that supports 125,057 jobs. For perspective, this means that one out of every 12 jobs in the region is supported by the activities of the university and its students.
Statewide, the study found that UC increases the economic base by $22.7 billion.
Painter, also the executive director of the UC Real Estate Center, says the presence of companies with headquarters in the Queen City such as Fifth Third Bank, Kroger, PNC and P&G along with medium-sized companies in the area have made the region resilient to possible economic downturns.
"I don't have any reason to imagine that Cincinnati will not continue to grow and thrive in an uncertain world," explains Painter.
He pondered whether Cincinnati could grow as fast as Nashville, Charlotte, Atlanta or Houston? The region has a good airport, a strong downtown and good finance assurance for new business or businesses ready to expand, Painter adds.
"We have the DNA that can create a strong ecosystem for growth," says Painter. "The potential for rapid growth as the Sunbelt has experienced is something we should plan for and be ready for and that means we have to build enough housing for a future workforce in Cincinnati."
Read the full economic forecast story in The Columbus Dispatch.
Featured top image of Cincinnati courtesy of Istock.
UC co-op student Emma Vail belongs to Bearcat Motorsports, which builds Formula One cars for competition against other schools. Photo/Andrew Higley/UC Marketing + Brand
