The Economic Impact of Hamilton County Development Company Investment Programs on Hamilton County and Greater Cincinnati
Prepared for:
The Hamilton County Development Company Hamilton County Development Company (HCDC) business investment programs,
including SBA 504 and Ohio 166 loans, business microloans, enterprise zone and
community reinvestment area agreements, and the small business incubator, have a
significant impact on economic activity in Hamilton County and Greater Cincinnati.
From 1997 to 1999, investment dollars generated through HCDC programs
created 4,327 new jobs in Hamilton County and generated $100 million in household
income for county residents. Over this same period, day to day operations of firms
relying on HCDC programs for investment support generated 20,336 jobs in Hamilton
County and increased Hamilton County household incomes by $634 million.
Overall, direct and indirect economic impacts of HCDC investment program
dollars were to increase total economic output of Hamilton County businesses by $99
million in 1997, by $143 million in 1998, and by $248 million in 1999. Continued
operations of firms seeking investment support from HCDC contributed $600 million to
total business production in Hamilton County 1997. In 1998 the total contribution of
these firms to Hamilton County business output was $1.2 billion, and in 1999 this figure
increased to $1.8 billion.
The impacts are even larger for Greater Cincinnati. From 1997 to 1999,
investment dollars generated 8,500 jobs and $228 million in household earnings for
Greater Cincinnati (including Hamilton County), while the operation of firms using
HCDC programs added 36,806 jobs to the Greater Cincinnati economy and generated
over $1 billion in earnings for Greater Cincinnati households. Impacts on total economic
output for the region of continued operations of these firms totaled $700 million in 1997,
$1.4 billion in 1998, and $2 billion in 1999.
Because of associated increases in economic activity in Hamilton County and the
Greater Cincinnati Region, HCDC supported investment dollars and business operations
of HCDC assisted firms also generate tax revenues for jurisdictions in the region. Over
the three years from 1997 and 1999, total estimated property and sales taxes generated for
Hamilton County alone equal $3 million. Over the three-year period, total estimated
additional property, sales, and earnings tax revenues for all jurisdictions in the Greater
Cincinnati Region are $19 million.
The estimated tax revenue impact consider only those generated by those firms
participating in HCDC programs during the year the investment took place. Day to day
operation of these firms will continue to generate economic output and tax revenues in
subsequent years. The best measure of the financial return on HCDC investment
programs is the performance of those specific projects funded through these programs in
terms of their ability to generate a stream of income into the future.
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