Toledo's historic Dorr Street Corridor was once the beating heart of Black culture, wealth and business in the city. Now, community leaders and local politicians are striving to restore its former vibrancy.
Decades of urban renewal projects, including the construction of the interstate, eroded much of what was once known as "Black Wall Street."
Anita Lopez, a Lucas County Commissioner, emphasized the importance of economic development in revitalizing this historic area.
"When we have construction, we have businesses opening, that means jobs, jobs, jobs," Lopez pointed out. "And that's one of my promises, to help infuse employment opportunities and create opportunities for individuals to earn more money, and make money while doing construction."
Lopez's vision aligns with ongoing redevelopment efforts for the Dorr Street Corridor, with plans for new businesses and housing. However, some community members remain skeptical, questioning whether the project will truly benefit the local population or lead to gentrification.
Groups like the African American Legacy Project of Northwest Ohio are hopeful the area can return to its historic roots.
Charlesena Smith, a longtime Toledo resident and volunteer with the African American Legacy Project, is working to ensure redevelopment focuses on restoring Black ownership and creating a safe, inclusive environment for residents and visitors alike. Smith recalls the corridor's former glory and said she is hopeful for its future.
"I would like to see this place go back to what it used to be," Smith stressed. "Owning our own business, bringing the people that's coming through here (who) can stop by and feel safe. That's exactly what I think should happen."
The efforts are seen as steps toward reclaiming a part of Toledo's history while providing modern-day economic opportunities. As community members and political leaders push forward, Toledo's Black Wall Street could once again be a cornerstone of local wealth and culture.
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A new survey of public company audit firms reveals businesses are concerned the upcoming election could affect their financial performance.
The Center for Audit Quality found more than 60% of roughly 1,200 audit partners surveyed worry about potential disruptions.
Julie Bell Lindsay, CEO of the center, said few companies are adjusting their business strategies.
"It suggests that while businesses expect some market turbulence and some uncertainty, they feel equipped to navigate through that," Lindsay explained.
Delta Air Lines recently said election-related uncertainty would affect its fourth-quarter revenue as consumers hold off on discretionary spending. Lindsay added geopolitical concerns also remain a top risk factor for businesses, as conflicts in Ukraine and the Middle East continue to affect the global economy.
Despite ongoing resilience, audit partners' outlook for the economy over the next year is only neutral, with most believing a recession is likely on the horizon. Lindsay noted audit partners are watching for potential indicators, including recent federal rate cuts, a possible government shutdown and a fluctuating labor market.
"They also continue to see that inflation could be an ongoing concern over the next twelve months," Lindsay reported. "I will say that the audit partners in our surveys have been pretty accurately predicting what inflation is going to do."
Lindsay emphasized top priorities for businesses in 2025 remain cost management, improved financial performance and growth. She said labor shortages are no longer a priority among economic risks as employers seek to upskill workers and increase compensation. Still, layoffs and decreasing workplace flexibility remain top strategies for companies to improve their bottom line.
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Despite Indiana's recent high-profile business deals, the state's economic fundamentals are lagging, with declining income and education levels posing significant challenges.
Experts argue deeper investments in education and infrastructure are needed for sustainable growth.
Michael Hicks, director of the Center for Business and Economic Research at Ball State University, noted some troubling figures.
"The share of adults with a college degree relative to the country having slipped," Hicks noted. "We see our per capita income relative to the country has slipped substantially, two percentage points, which is sort of a shocking three-decade change in two decades."
Although state officials pointed to low unemployment and rising capital investments as proof of success, Hicks contended without a focus on education and infrastructure, Indiana's long-term economic outlook remains uncertain.
State officials highlighted new projects such as a $3.2 million investment in Kokomo by Stellantis and Samsung SD designed to expand electric vehicle battery manufacturing operations in Indiana as signs of progress. However, Hicks warned the announcements do not address deeper economic issues.
"The numbers they're sharing are just measurements that they have working through IEDC (the Indiana Economic Development Corporation)," Hicks observed. "It has nothing to do with the actual amount of capital that's flowing into the state. That's lower than it has been in most years. So, there's nothing fabulous happening now that is anything other than a press release."
Hicks believes Indiana should prioritize education, environmental policies and regulatory improvements to create sustainable growth.
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Just as inflation starts to ease, Mississippi small businesses face another looming threat: the potential expiration of the small business deduction.
It is also called the Qualified Business Income deduction and if Congress does not renew it, it could affect nearly 266,000 small businesses in Mississippi, which employ more than 430,000 people.
Leah Long, Mississippi state director for the National Federation of Independent Business, said the Main Street Tax Certainty Act, which has bipartisan support, is set to expire in 2025. It is the law allowing small companies to deduct up to 20% of their qualified business income.
"It's a massive hit to their business, because they rely on that," Long stressed. "They're also facing issues like inflation, cost pressure and the uncertainty of the economy. So right now, the biggest focus is on that and getting the congressional members to sign on to support it, to reinstate it and make it permanent."
The Federation's August jobs report found 40% of small business owners had job openings they could not fill in August, up two percentage points from July.
Long pointed out if no action is taken by Congress, it would amount to a big tax hike for nine out of 10 small businesses nationwide, compromising their ability to grow and hire workers.
"When small businesses are doing well and they have more money, they're able to invest more into their business, they're available to best invest more into the economy and also in their communities," Long explained. "These small business owners are the ones that sponsor your kids' T-ball team."
She noted while measures like the Inflation Reduction Act have provided some aid, passing bills like the Main Street Tax Certainty Act will be crucial to support Mississippi business owners.
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