The statement is - True.
Cincinnati is a city that was settled in the late 18th century, more specifically in 1788. The city grew very quickly and it had a very good economy which was constantly growing. That also made it more and more attractive for new settlers, which resulted in a rapid expansion of the city.
The reason why Cincinnati grew so quickly and had a booming economy was that most of the transportation of goods/products and people was still going through the waterways. The city had an excellent location to profit from that as it was located on the confluence of the Ohio River and the Licking River, so it became a very important regional center and transit zone.