Business and the Economy

Business news

‘Brexit’ Could Impact Kentucky Export Market

Jul 11, 2016

    Since the United Kingdom ranks second as a destination for Kentucky exports, its decision to leave the European Union is expected to have some impact on some Kentucky businesses.

Kentucky World Trade Center President Ed Webb and his staff are telling companies in the bluegrass state doing business with Britain to ‘pause.’ 

Webb says it looks as if it could be a four year process for ‘Brexit’ to fully play out.  Still, he says it’s likely to be felt here.  “Exporting will be tougher for Kentucky into the UK.  That’s a challenge of the currency depreciating obviously.”

Ky. American Water Rates Expected to Rise This Fall

Jul 7, 2016

Customers of Kentucky American Water Company should anticipate a 7.5% increase in their bills this fall.  The monthly increase for the average residential user is about $3 dollars.  It’s outlined in a settlement involving the water company, the city of Lexington, the attorney general’s office, and Community Action Council. 

Kentucky Tourism Gains

Jul 5, 2016


A study shows that tourism in Kentucky is doing pretty well.  It demonstrates the biggest jump in the past six years.

The Paducah Sun reports the Kentucky Cabinet for Tourism, Arts and Heritage recently released study shows the state with its largest overall gain in tourism dollars since 2009.

Kentucky officials say General Motors Corp. plans to invest $290 million at the automaker's Corvette plant in Bowling Green.

The company's North American manufacturing manager, Arvin Jones, said Friday the investment includes technology upgrades to improve the plant's manufacturing process. It could also create as many as 270 new jobs.

The investment announcement was made by Gov. Matt Bevin's office in Frankfort.

A relatively small sample of Kentucky’s independent retailers shows mixed reviews when it comes to evaluating their local economies.  The springtime survey was conducted by the Kentucky Retail Federation.   Federation Spokeswoman Sarah Rowlette says respondents noted workforce numbers haven’t changed much since the last survey.  “While you know, it’s great that we’re seeing the workforce appears to be stabilizing, outlook is unclear.”

Retired Miners Rally for Health Benefits

Jun 14, 2016
Stu Johnson / WEKU News

    An estimated 3500 retired coal miners and their families rallied on the issue of pension and health care benefits Tuesday in Lexington.  The participants were trying to get a message to Washington.

Retired miners filled Heritage Hall to lobby for the  Miners Protection Act.  It includes provisions related to preserving health care benefits.  The legislation comes following bankruptcy filings by certain coal companies.  

Toyota Marks 30 Years Since Groundbreaking in Central Kentucky

Jun 8, 2016
Stu Johnson / WEKU News


Central Kentucky’s largest manufacturer is celebrating a 30 year anniversary.  The Toyota story has been one of great growth.

The atmosphere was light on a brilliant sunny day, outside the auto plant in Scott County.  Toyota President Wil James noted a plane overhead pulling a company banner.  “Now if you haven’t noticed, 30 years has just flown by.  How about that timing,”

GE Appliances Sale To China-Based Haier Is Final

Jun 7, 2016

General Electric’s Louisville-based appliance division has a new owner.

GE Appliances is now part of the China-based Haier Company. The multibillion-dollar sale was finalized on Monday.

About 6,000 people work at Louisville’s Appliance Park, which was constructed by GE more than 60 years ago. The division will now be called “GE Appliances, a Haier Company.”

Chip Blankenship will continue as president and CEO. He said employees should not expect any major shakeups under the new owner.

Lexington Herald Leader/

Apple computer co-founder Steve Wozniak was in Lexington yesterday to be honored and speak at: ONE: the Alltech Ideas Conference.

Wozniak is the recipient of the 2016 Humanitarian Award for his  “dedication to inspiring innovation through education and creating one of the world’s most peaceful  revolutions.”

Alltech President Pearce Lyons welcomed Wozniak to the stage at Rupp Arena.

Businesses in a southern Kentucky tourist-rich area are hoping a National Park Service report released this week is an indicator of a strong upcoming summer season.  That report showed visitors to the state’s national parks spent over $113 million in the Commonwealth last year. 

Adam Phillips is McCreary County’s Tourism Director.  He says the area recently had a large trail race that had over 400 racers and others who accompanied them. “Obviously,” said Phillips, “That got us kind of off to a good start as far as the spring season goes.”

Chinese Lexmark Investment Not Expected to Change Workforce

Apr 20, 2016

The planned purchase of Lexmark by Chinese investors is not expected to impact the local workforce. The $3.6 billion purchase is expected to be final by the end of 2016.

Lexmark officials say the anticipated acquisition by Apex Technology, PAG Asia Capitol, and Legend Capital Management will result in few, if any, new job losses at the Newtown Pike facility.  The layoffs of 143 workers earlier this spring are being called a “restructuring” separate from this week’s announcement. 

Number of Tax E-filers Trumps Paper Returns in Kentucky

Apr 6, 2016

Officials with the Kentucky Department of Revenue are using safeguards to protect against growing concerns of fraud. Issues at the federal level earlier this year resulted in a break from processing state tax returns in Frankfort. 

Revenue Spokeswoman Pamela Trautner says the department is undergoing intensified reviews called ‘fraud edits.’  “It’s to try to match up information that’s from the return to make sure that that taxpayer and that return clearly is from the taxpayer and not somebody who is trying to file fraudulently,” said Trautner.

Bourbon Barrel Expansion in West Ky.

Apr 4, 2016

A company that produces bourbon barrels is expanding their operations in Kentucky, investing $12 million dollars in a new mill in Marshall County.

The American Stave Company is bringing around 48 full-time jobs to the area. The mill will produce wooden staves that will then be shipped to the company's cooperages to make bourbon and whiskey barrels.

Blue Grass Stockyards to Stay in Fayette County

Feb 26, 2016

    Officials with the Blue Grass Stockyards announced Friday they are staying put and plan to rebuild in Fayette County.  The Forbes Road facility burned to the ground on January 30.  The new 100 acre site will is situated along Iron Works Pike near Interstate 75.

Kentucky Produce Targeted for More Restaurant Dining

Feb 16, 2016
Stu Johnson / WEKU News

The farming landscape across Kentucky has changed greatly over the past decade.  While tobacco was a mainstay for farmers in many Kentucky counties years ago, now a variety of crops come from the fields.  Farmers are hopeful that more restaurants will use their produce.  Lexington Chef Jonathan Searle is a believer is using local items in his kitchen.  “There is so much special stuff being grown around here," said Searle.

Blue Grass Stockyards Ready to Move Forward with Rebuild

Feb 10, 2016
Stu Johnson / WEKU News

The chief operating officer of the Blue Grass Stockyards is expecting a thorough cleanup of fire debris at the Lexington site to begin in earnest very soon.  Jim Akers appeared before the House Agriculture Committee Wednesday to discuss the massive blaze that destroyed the 70 year old livestock auction complex in late January.

Producers of Kentucky bourbon and Tennessee whiskey are toasting another year of strong sales and revenue growth. Leading the way is growing demand for high-priced, super-premium brands.

The Distilled Spirits Council said Tuesday that combined U.S. revenues for bourbon, Tennessee whiskey and rye whiskey shot up 7.8 percent to $2.9 billion in 2015. Domestic volume rose 5.2 percent.

Burley Grower Issues in 2016

Dec 30, 2015
Stu Johnson / WEKU News


The number of tobacco growers in Kentucky has declined by tens of thousands over the last decade.  But, the long standing auction based sales practice has never gone away.

Lexington's Clark Manufacturer Expanding

Dec 29, 2015

  CLARK Material Handling Company is expanding its Lexington operation.  It amounts to almost a five million dollar investment.

The four point eight million dollar investment by CLARK is expected to create 30 full time jobs at the Lexington facility.  The long standing manufacturer plans to begin production of its four-wheel electric and three wheel electric forklift trucks next May.  Those models were  previously produced in Mexico. 

Lexington Summit Development Moves Along

Dec 27, 2015
Stu Johnson / WEKU News

Lexington’s Nicholasville Road is known for its commercial retail activity.  As Christmas shopping subsides, so might the traffic flow.  Another high profile project is underway on a much-talked-about piece of property nearby.

Kentuckians Among Likely ‘History-Making’ Travelers

Dec 22, 2015

Many Kentuckians will travel sometime this week and the vast majority will go by car.  Daniel Wheeler, AAA of the Bluegrass Spokesman, says they will likely be part of a history-making crowd.  “AAA projects the number of year-end holiday travelers will top a hundred million for the first time on record,” Wheeler said. “And nearly one in three Americans will take a trip this holiday season with a hundred point five million expected to journey 50 miles or more from home.”

Budgeting Comes into Play During Holidays

Dec 21, 2015

Keeping a household budget is a good suggestion any time of year, but the holidays might be considered a priority time to gauge spending.   Transylvania University Economics Professor Geoff  Williams says with more activities on the calendar during the holidays, it’s a good idea to plan ahead.  “Kind of thinking through the whole season might be helpful, too, Williams said.  “Like, who am I gonna see? What are the parties, what will happen? Who do I need to give gifts for?  If you look ahead, you can maybe sort of think about what the whole picture is gonna look like.”



Officials with the Georgetown Toyota plant are expecting next year’s production to be on par with this year’s efforts.  That includes taking on some additional responsibilities mid-year.

IRS Phone Scams Rank First Nationally and in Kentucky

Dec 15, 2015

Many Kentuckians this year have reported receiving phone calls from con artists pretending to be from the Internal Revenue Service. The national Better Business Bureau Council launched the ‘Scam Tracker’ program earlier this year. One of the most popular cons is from scammers who call people on the phone and tell them they owe back taxes.  Heather Clary with the Central and Eastern Kentucky BBB Chapter says similar activity is seen in her office.  “We receive several calls every day, maybe ten or twelve from consumers reporting this scam," she said.

Kentucky Ag Economy Experiencing a ‘Downward Spiral’

Dec 3, 2015

    2015 has not been as profitable as last year for many Kentucky farmers and prospects for 2016 don’t appear to be any better.  Reports on the states ag economy were delivered Thursday at the Kentucky Farm Bureau annual meeting in Louisville.

October Unemployment Rate Declines in 109 Counties

Dec 3, 2015

Kentucky’s unemployment numbers continue on a downward trend.  More than one hundred Kentucky counties saw lower rates in October compared to a year ago.

In fact, jobless rates fell in 109 Kentucky counties in October compared to the same month in 20-14.  The Kentucky Office of Employment and Training reports Woodford County recorded the lowest rate at two point eight percent followed by Fayette at three point one percent. The state’s highest unemployment rate was found in Magoffin in October at eleven point three percent. 

Ceremony Held to Highlight U.S. 68 Reconstruction Project

Nov 30, 2015

A new four lane highway between Paris and Millersburg could benefit existing businesses while opening up communities to additional retail.  State and county officials gathered Monday for the ribbon cutting of the widening of U.S. Highway 68.  Millersburg Mayor Sam Chanslor says one local industry is likely to see more traffic.  “Murray Mining hauls mining equipment in and out of town and it will make it a lot easier for them,” said Chanslor.  “We’re hoping that that’s gonna lead to attracting some other industries and also helps us promote our downtown district.”

    The majority of independent retailers surveyed this fall expect to carry the same amount of holiday inventory as a year ago.  They were polled through a questionnaire from the Kentucky Retail Federation.

Kentucky officials say the state's unemployment rate has dropped to its lowest level since the spring of 2001.

The state Office of Employment and Training said Thursday that last month's preliminary jobless rate was 4.9 percent, down from a 5 percent rate in September. The statewide rate in October 2014 was 5.6 percent.

Last month's statewide rate matches the 4.9 percent rate in May 2001.

Valvoline Breaks Ground on Global Headquarters in Lexington

Nov 16, 2015
Stu Johnson / WEKU News

Valvoline has called Lexington home for more than three decades and now the company has decided to build its global headquarters in the bluegrass.  Corporate and government officials celebrated Monday with a ground breaking in Lexington.  President Sam Mitchell says the decision to stay in Lexington just reaffirms the company’s commitment to the community.  “It’s been our headquarters for the last 35 years, so we’re making a long term commitment to stay right here in Lexington,” said Mitchell.  “It’s a great place to live.  Our employees love it here and there’s a lot of talent here too, s