Economic development: continuation of the upward trajectory

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By wmadministrator

The Kentucky economic development community is very optimistic that 2022 will see a continuation of the strong growth seen in 2021. More than $ 11 billion in projects have been announced, impacting all regions of the state, but especially the region. central strip which includes I-65 and I-75. , where vehicle manufacturing and the many important operations of the metal industry that support it continue to grow. The Commonwealth is at the forefront of the national shift towards more efficient and sustainable industry and manufacturing.

“As the country recovers from the ongoing COVID-19 pandemic, the main issue facing many regional businesses is finding and retaining a skilled and skilled workforce. It was a problem before the pandemic, but now the lack of workers is preventing many businesses from operating at full capacity. Although many people have left the workforce in the past year, business education across the country and Kentucky reached record levels at the end of 2020 and have remained high. One issue that will impact the local economy for 2022 and beyond is the lack of available land in Fayette County, resulting in rapidly rising housing costs, a flight of jobs and talent to the counties. surrounding areas and an increase in gentrification and inequalities in our neighborhoods. Lexington continues to be a popular place to live and work, and its nearly completed convention center renovation will increase its capacity to host all types of events and enhance central Kentucky as a destination region.

Quick bob President and CEO, Commerce Lexington Inc.

“What an exciting time in Kentucky! As we recover from the COVID-19 pandemic, we have seen many record investments in our state over the past few months and we are poised for further growth. At the Kentucky House, we are proud of these accomplishments and look forward to an even brighter economic future. To achieve these goals, we will work to implement pro-growth policies such as tax reform and solutions to increase our workforce. The business community is excited to work with the Governor and the Legislature to continue to make the Commonwealth the best place to live, work and feel at home. “

Ashli ​​Watts President and CEO, Kentucky Chamber of Commerce

“The economy will continue on its upward trajectory in 2022 with private sector-led growth in key areas. Once the supply issues are resolved, demand for housing, automobiles, consumer packaged goods and other products will accelerate. Workforce issues will remain a concern, with demand for innovative approaches and hybrid solutions. The OneNKY community will address economic opportunities through an open approach to business, efficiency and impact, which will result in higher standards of health, education and growth. The importance of continued transformation in 2022 will take our community and the Commonwealth to new heights. “

Karen finan President / CEO, OneNKY Alliance

“The Kentucky team, working to increase jobs, wages and investment for private sector companies, projects strong and continued economic performance in Kentucky next year. Team Kentucky and partners are working to attract companies to the advanced battery supply chain, following BlueOvalSK’s announcement in September that Ford and SK Innovation will build the nation’s largest electric vehicle battery plants in Kentucky. In addition, the state government strives to generate significant interest in the state from other target industries. These include metals; food, beverages and agrotech; health care; logistics and distribution; and manufacturing. Much of the current and projected growth in these industries is demand driven, and Kentucky continues to make a strong case as a top national location for investment due to its ideal geographic location, from industrial power to low cost, high quality of life and low cost. of life.”

-Andy Beshear Governor, Commonwealth of Kentucky

“GLI is optimistic that the huge positive momentum from large economic development investments like the Ford SK battery plant announcement, along with pent-up consumer demand and increased job security, will continue until ‘in 2022 and will have a major impact on our economy through increased spending and travel and the return of large-scale events. In 2021, new and existing businesses in our region announced nearly $ 7 billion in new investments and the creation of over 9,000 new jobs. As global supply chain shortages are resolved, our flagship industries will be able to maximize their operations and meet demand. We anticipate that labor shortages will still impact businesses to some extent in 2022. GLI will continue to advocate for solutions to underlying causes, such as accessible child care, to deliver people at work and fully staffed companies.

Sarah Davasher-Wisdom President and CEO, Greater Louisville Inc.

“We are very optimistic about a strong economy in Kentucky and Northern Kentucky in 2022. Our region and state has generated tremendous economic success and activity in 2021. We expect this trend to continue based on this. of our project activity. We’ve learned that a year is a long time in a pandemic and that it’s important to be nimble: plan for the long term while being prepared to pivot when necessary. The strong interest in urban office space in Newport and Covington continues and with the renovation of Newport on the Levee and the launch of the new Ovation office space, we anticipate this will be a strong sector in 2022. Corporex’s investment in new equipment at CirclePort also offers opportunities for a regional or US headquarters. We have seen a strong interest in Northern Kentucky from electric vehicle manufacturers and the proximity to the Cincinnati / Northern Kentucky International Airport (CVG) is a huge plus. Office, technology and manufacturing have driven NKY’s growth in 2021 and we expect this to continue into 2022. “

Lee crume President and CEO, Northern Kentucky Tri-ED

“At SPEDA, we are ready to continue to achieve record economic and community growth. Over the past two years, Somerset and Pulaski County have seen announcements of record investments of over $ 300 million and more than 1,000 new jobs to be created. As the capital of Lake Cumberland, we are witnessing unprecedented collaboration, multi-million dollar expansions, new business openings, innovations and a renaissance within our downtown core, which is the heart of our community. Without a doubt, the most pressing issue facing our community, state, and nation is the workforce. As a society, we need to restore the values ​​of hard work, raise awareness of training and good employment opportunities, reduce reliance on government support and work together to solve this very important issue.

Chris Girdler Chairman and CEO, Somerset-Pulaski Economic Development Authority

“Kentucky has emerged from the pandemic with record momentum that is matched by continued opportunity. In 2022, we will see an aggressive global movement of projects aligned with the Kentucky target and emerging markets. We will see the growth of the existing industry that takes advantage of the intrinsic and manufactured advantages of the Commonwealth. It is imperative that communities continue to prepare the people, products (sites and buildings) and programs necessary to provide safe site selection experiences. Speed ​​to market is key in 2022, and we’ll see more ribbons cut and broken in communities that have strategically prepared. KAED is positioned to assist communities with corporate retention / expansion resources, intelligence tools for all jurisdictions, product development programs and as a corporate recruiting partner. Internally, KAED has made a significant investment in a new data-driven public policy strategy designed to further accelerate Kentucky’s global competitiveness and economic development.

Matt tackett President and CEO, Kentucky Asociation for Economic Development


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