Northern Kentucky Tri-ED reveals 2008 economic impact study at Thoroughbred Awards

Northern Kentucky's Vision 2015 is ambitious.  Part of its objective is to create 50,000 jobs in the region by 2015.

"Northern Kentucky Tri-ED and the community continue to focus on achieving Vision 2015’s goal of creating 50,000 new jobs in our region," says Kenton County Judge Executive Ralph Drees, Chairman of the Northern Kentucky Tri-County Economic Development Corporation (NKY Tri-ED).

This mission was at the heart of NKY Tri-ED's Thoroughbred Awards, held in early March, at The METS Center.

The event honored new and growing businesses and featured a hope-filled keynote address by Dr. Pearse Lyons, President of Alltech, title sponsor of the upcoming 2010 World Equestrian Games in Lexington, Kentucky.

Dr. Lyons' address focused on what he sees as the four pillars upon which he built his company, and that Northern Kentucky can grow its industry: education, innovation, branding and cause (or having fun).

"When crisis hits, we must look at this as an opportunity. We cannot continue to do what we’ve been doing if we want to get to a new destination - we need to do something different," said Dr. Lyons. "A leader must absorb uncertainty."

Fortunately for the region, Northern Kentucky's leaders are ready for the challenge. Working toward Vision 2015, NKY Tri-ED collaborated on 20 projects in 2008 – an effort that created 1,826 net new jobs and invested more than $209 million in land, building and equipment, according to Dan Tobergte, President & CEO, Northern Kentucky Tri-ED.

This has been thoroughly quantified by Northern Kentucky University’s Center for Economic Analysis and Development (CEAD), which created an Economic Impact Analysis. CEAD's study suggests that corporate expansion and relocation to Northern Kentucky in 2008 expected to create 1,829 primary jobs and 1,566 indirect jobs.  The analysis projects that this growth could mean a total impact of $571,099,513 in sales for Northern Kentucky businesses, and a total of 3,918 jobs created in the Cincinnati metropolitan area, accompanied by $718,506,466 in business sales.  

Over the past 20 years, NKY Tri-ED has attracted an annual average of ten new businesses to the area and helped 12 local companies expand.

When the numbers are tallied, this totals 480 companies that have either relocated to the area or expanded for a total of 46,815 primary jobs created and $4.6 billion in capital investment.

Tobergte assures that there is a good reason for this.  “Northern Kentucky has been successful at attracting and growing companies to the region because of our qualified workforce, low cost of doing business and location,” he says.  

Writer:  Jonathan DeHart
Source:  Northern Kentucky Tri-County Economic Development Corporation, Ralph Drees, Dan Tobergte, Nicole King