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March 5, 2013

Kentucky ranks 5th on new, expanded industry

By Ronnie Ellis CNHI

FRANKFORT — An Atlanta-based publication has ranked Kentucky fifth in the nation for new and expanded industry activity in 2012.

Kentucky had 10 cities ranked in the top micropolitan list: Glasgow was tied for 23rd, along with Frankfort; Richmond tied for 30th; and Somerset tied for 45th.

Other cities on the list are Paducah (tied for 30), Union City, Ky./Tenn. (tied for 30), Campbellsville and Maysville (tied with Somerset for 45), Danville (tied for 86) and Murray (86).

Lexington rated seventh in the class for cities with populations of 200,000 to 1 million.

Site Selection has rated the states for such activity since 1978. Rankings are based on a state’s total number of qualified projects as tracked by Conway Date Inc.

Certified projects must meet at least one of three criteria: capital investment of at least $1 million; 50 or more jobs; and at least 20,000 square feet of new floor space. Kentucky had 196 projects which met one or more of those criteria.

Kentucky’s 10th-place finish, according to Mark Arend, editor in chief of Site Selection, “is evidence that more and more companies are finding in the commonwealth the location criteria they require in today’s economy.”

Last year, according to the press office of Gov. Steve Beshear, Kentucky announced 354 location or expansion projects which offer the potential for 14,075 new jobs and a capital investment estimated at nearly $2.7 billion.

“This is another strong showing for Kentucky’s economic development activity,” Beshear said. “This ranking reflects our dedication to economic growth with a focus on attracting new businesses and supporting the expansion of our existing companies.”

The article and rankings can be viewed at www.siteselection.com.

RONNIE ELLIS writes for CNHI News Service and is based in Frankfort. Reach him at rellis@cnhi.com. Follow CNHI News Service stories on Twitter at www.twitter.com/cnhifrankfort.

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