Western & Southern Financial Group supported $27.4 billion of total economic output in the Cincinnati metropolitan statistical area between 2008 and ’22, according to a recent study by the University of Cincinnati Economics Center.
W&S worked with the UC Economics Center on an economic impact study, which measures the effect of an organization’s expenditures on the community. Total economic impact is measured as the sum of direct and indirect impacts.
The economic impact of Western & Southern includes the economic output, jobs and earnings supported in the region by the capital and operations expenditures of the organization, as well as the capital and operations expenditures of real estate development projects undertaken by Eagle Realty Group, the real estate arm of Western & Southern.
“I truly believe that Cincinnati is the best place to live, work and celebrate life,” said John Barrett, Western & Southern’s chairman, president and chief executive officer. “Our entire region has so much going for it, but what distinguishes our city from others is its untapped potential, and it’s also why investing in its growth, prosperity and vibrancy is so important.”
In addition to the total economic impact, the study also found that Western & Southern (between 2008-22):
- Supported 188,715 jobs, with $13.6 billion in earnings in the Cincinnati metropolitan statistical area.
- Generated $696 million in earnings tax revenue, $14.8 million in lodging tax revenue, and $169.4 million in sales tax revenue for state and local governments.
- Created $880.3 million in state and local tax revenue.
- Provided $103.2 million in philanthropic support to local organizations (in conjunction with the Western & Southern Financial Fund), and $6.3 million in sponsorship funding for community events.
- Supported nearly 700 organizations throughout the region in key areas including health care, education, human services and the arts.
“Western & Southern has long championed the Cincinnati region,” UC Economics Center Director of Research Brad Evans told the Cincinnati Business Courier. “But learning about the depth and breadth of Western & Southern’s involvement in the community was interesting.
“In addition to being a Fortune 500 company and a driver of our regional economy, Western & Southern’s philanthropic and sponsorship support has improved the quality of life for people in the community.”