Business and the Economy
Magazine Ranks Kentucky 10th in Nation for Industry Activity
FRANKFORT – Site Selection magazine’s annual Governor’s Cup rankings have placed Kentucky 10th in the nation for new and expanded industry activity in 2012. In 2012, Kentucky announced 354 location or expansion projects, resulting in 14,075 projected new full-time jobs and a capital investment estimated at nearly $2.7 billion.
Kentucky has finished among the top 15 states in the nation for the last five years in a row, according to a news release from Gov. Steve Beshear's office.
“This is another strong showing for Kentucky’s economic development activity,” Beshear said in the release. “This ranking reflects our dedication to economic growth, with a focus on attracting new businesses and supporting the expansion of our existing companies, reaching out to global markets through exporting, as well as showcasing all of the strategic advantages Kentucky offers.”
Site Selection, an Atlanta-based publication, has rated the states annually since 1978. The ranking is based on a state’s total number of qualified projects as tracked by Conway Data Inc.’s New Plant database.
Qualified projects include those that meet at least one of three criteria:
· involve a capital investment of at least $1 million;
· create 50 or more jobs; or
· add at least 20,000 square feet of new floor space.
During 2012, Kentucky generated 196 projects that met the above standards for Site Selection’s Governor’s Cup consideration, the news release said.
“Kentucky’s 10th-place finish in our annual Governor’s Cup facilities race is evidence that more and more companies are finding in the Commonwealth the location criteria they require in today’s economy,” said Mark Arend, editor in chief of Site Selection. “My colleagues and I congratulate Gov. Beshear, his economic development team and the local and regional economic development professionals who worked to make Kentucky the right location choice for so many expanding companies.”
Conway Data’s rankings are regarded by corporate real estate analysts as “the industry scoreboard.” The magazine’s circulation base consists of 44,000 executives involved in corporate site selection decisions.
In addition to the Governor’s Cup, Site Selection recognizes top metropolitan and micropolitan areas for their economic development successes. The Top 10 Metro Areas Ranking rated Lexington seventh in the Tier 2 class (population 200,000 to 1 million).
Kentucky ranked fifth in the nation for number of communities making the magazine’s Top Micropolitans list, with 10 communities making the cut.
Those communities include:
· Frankfort (tied for 23)
· Glasgow (tied for 23)
· Paducah (tied for 30)
· Richmond (tied for 30)
· Union City (Tenn./Ky.) (tied for 30)
· Campbellsville (tied for 45)
· Maysville (tied for 45)
· Somerset (tied for 45)
· Danville (tied for 86)
· Murray (tied for 86)
The article and rankings can be viewed in their entirety at www.siteselection.com.