Industry in Kentucky

As the world economy has changed over the past century, going from an agricultural, to manufacturing, and now a service oriented economy, so goes Kentucky, its just going a lot slower. Manufacturing was still the largest industry group in the state in 2002. As manufacturing slows in the U.S. as a whole however, manufacturing in Kentucky is still hanging on. Down over 15% statewide in Gross State Product, while agriculture fell over 13%, the changes have occurred much slower than the rest of the country in the period from 1998 to 2002.

Kentucky’s probusiness climate, and aggressive recruiting and incentive programs for business look to be paying off.. It doesn’t hurt that for five years running Kentucky’s energy costs have been the lowest in the nation either. Only 62% of the national average state-wide. Other resources like an excellent supply of quality water, and an educated and productive work force. Kentucky labor ranks 23rd in productivity in the United States. Connect Kentucky is a private group of technology minded privately funded business, government entities, and universities hoping to have improve technology in Kentucky, and have comprehensive Broad-Band Coverage state-wide by 2007.

Kentucky’s Quality of Life Quotient Rankings by Expansion Management ranked Lexington a 5-star community, while Cincinnati, Evansville, Henderson, and Owensboro all ranked as 4-star cites in 2004, the same year Louisville was recognized as on of America’s Most Livable Cities, by Partners for Livable Communities.

Industries on the rise the past ten years are Educational Services at over 42.2% growth, Finance and Insurance at 36.8%, and the Arts, entertainment and recreation sector had a growth of 30.3%.

The Kentucky Economic Development Finance Authority was established within the Cabinet for Economic Development to encourage of course, economic development, and business expansion, and job creation by providing financial support through an array of financial assistance and tax credit programs. They believe helping business in this way furthers the Commonwealths goals of achieving long-term economic growth and full employment for the citizens of Kentucky.

Author Ron Stemple
Copyright 2006, Ron Dowell