Kentucky was ranked 5th in the country in economic competitiveness in 2008 by Site Selection Magazine, a leading international economic development and corporate real estate publication.
The results were announced in Site Selection’s May 2009 issue. The award debuted in 2003, and Kentucky has consistently been ranked in the Top 10.
Northern Kentucky consistently contributes to both the success of the Cincinnati MSA and the Commonwealth of Kentucky through the attraction and retention of business to the area. Substantial job growth and capital investment is generated as a result for both the MSA and the Commonwealth of Kentucky. In 2008 alone, Northern Kentucky economic development activity tracked through Northern Kentucky Tri-ED is expected to create 1829 primary jobs and 1566 indirect jobs resulting in a total impact of $571,099,513 in business sales in Northern Kentucky. As a result, 3,918 total jobs are expected to be created within the Cincinnati MSA with $718,506,466 in business sales.
“Kentucky has been very aggressive in its economic development strategy under the leadership of Governor Beshear, and this ranking demonstrates our work is seeing results,” said Economic Development Cabinet Interim Secretary Larry Hayes. “We have a great team at the Cabinet for Economic Development, as well as a wonderful network of local economic development professionals across the state. This honor is a testament to their hard work and dedication to creating economic opportunities for the citizens of Kentucky.”
The annual Competitiveness Award goes to the state-level economic development agency that gets the most points based on 10 criteria, including new and expanded facilities, job creation and growth.
“We’re honored to be recognized once again by Site Selection Magazine in its annual Competitiveness Award,” said Kentucky Gov. Steve Beshear. “I have set a clear strategic vision for Kentucky’s economic future, and we are actively implementing that vision to ensure that Kentucky remains competitive even during this national economic downturn. I am confident that Kentucky will emerge even stronger in the future.”
The Site Selection rankings were based on the following criteria:
• Total new and expanded facilities per 1 million population in 2008;
• Total capital investment in new and expanded facilities per 1 million population in 2008;
• Total new jobs created at new and expanded facilities per 1 million population in 2008;
• Total actual number of new and expanded facilities in 2008;
• Percentage growth in new and expanded facilities from 2007 to 2008;
• Three-year growth change (from 2005 to 2008) in new and expanded facilities;
• Ranking in Site Selection's most recent Annual Business Climate Survey (Nov. 2008);
• Number of top 100 metros in the annual ranking of top metros;
• Number of top 100 small towns in the annual ranking of small towns; and,
• Number of 100-plus-job projects per 1 million population in 2008.
“Businesses in most industries are scaling back expansion plans, so state economic developers must double their efforts to attract capital investment," said Mark Arend, editor in chief of Site Selection Magazine. "Kentucky's fifth-place finish in our annual ranking of Most Competitive States should indicate clearly to corporate location decision makers that its economic development strategy is delivering results, even in a challenging economic climate.”
Writer: Feoshia Henderson
Sources: Site Selection Magazine, Kentucky Cabinet for Economic Development
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