The Port’s work focuses on closing the racial wealth gap through equitable development to promote job creation, improve property value, increase homeownership, and achieve the highest and best use of real estate. Real estate is a key driver of both economic outcomes and quality of life, and we always consider how can we do more within our scope to expand access to local opportunity through real estate.
“When we talk about EE&I, we talk about it from a social perspective... but there’s a business opportunity (too). Ohio is number seven in the GDP list of top ten states, and has the lowest growth rate in the top 10. The power of EE&I can lift our GDP by 5% a year over the next five years.” - George Simms, President & CEO, Ohio Minority Supplier Development Council (OMSDC)
Why we are working to increase equity through our region's real estate:
Economic equity has always been a part of The Port’s fabric. It translates into innovation, competitive pricing, and more sourcing opportunities for minorities and women.
Housing development is not simply a by-product of economic development; but rather, an engine of economic stability and growth. The Port recognizes that a sufficient supply of housing, affordable to households of all income, is the foundation for economic mobility and opportunity. Jobs provide financial stability, and homes create wealth. Real estate is one of the fastest ways to shrink the wealth gap and to help restore the middle class. In Cincinnati, Black homeownership is only 33%. Nationally, about 42% of Black households own their home, compared to 72% of white households, and “if the typical Black-owned home was worth the same as the typical white-owned home, Black wealth would more than double.” Housing and homeownership is the foundation of everything else in our lives, and for too long, the lingering legacy of redlining and segregation has stifled Black residents from the opportunity available to their White counterparts.