Business and the Economy

Business news

kentuckytourism.com

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
afr.com

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
kyforward.com

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
wkms.org

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
wkyt.com

    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. 

commons.wikimedia.org

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
forkliftaction.com

  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
newsroom.aaa.com

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
surfky.com

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.”

the diplomat.com

    

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
bbb.org

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
kgs.uky.edu

    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
examiner.com

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
wkyt.com

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.”

lex18.com

    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.

wtvq.com

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

Kentucky Grocery Shoppers Continue to Experience Spiked Egg Prices

Nov 16, 2015
www.extension.org

The price for a dozen eggs in Kentucky has climbed substantially over the last few months.  The demand for eggs is only expected to increase.

Kentucky Recognizes $12.8B Forest Products Industry

Oct 21, 2015
forestry.ky.gov

This is Forest Products Week in Kentucky. The commonwealth’s forest industry generates almost $13 billion for the state’s economy. State Division of Forestry Director Leah MacSwords says more than 700 processing facilities are found in 109 Kentucky counties.  She admits it’s a changing industry.  “Where we may see a drop in one forest product, certainly we’ve seen a drop in the paper industry, because people don’t read a lot of the material in paper as they used to,” said MacSwords.  “We’ll see other areas that will pick up the difference.”

Kentucky Corn, Soybean Harvest Looking Strong in 2015

Oct 16, 2015
wkyt.com

Kentucky corn and soybean farmers can expect a productive season.  The U.S. Department of Agriculture estimates the corn harvest to be up one percent and soybeans seven percent higher than last year. However, higher yields don’t always equate to more money for farmers.  University of Kentucky Agricultural Economist Todd Davis says farmers can sometimes save in production costs.  “It lowers your per unit cost.  So, you have more bushels to sell and I have my cost of production spread out over more bushels,” said Davis.

‘Pay What You Can’ Café Aims to End Hunger in Danville

Oct 13, 2015
Stu Johnson / WEKU News

    

A restaurant offering a unique dining experience is attracting a crowd in Danville.  It’s called Grace Café and lunch there comes at a price, but how much of a cost is left up to the patron.  The restaurant’s founder says the objective is to reduce food insecurity in Boyle County.

Record Ticket Sales for Breeders Cup at Keeneland

Oct 9, 2015
keeneland.com

The upcoming Breeders Cup Championships in Lexington is bringing in record ticket sales.  President Craig Fravel says sales have reached $19 million, surpassing the previous high of $10 million.  Fravel says that doesn't necessarily mean attendance will be a record breaker.   “You know we spent an awful lot of time and money creating a brand new campus over at Keeneland," he said.  It’s got a lot of trackside dining facilities, so it’s really more a function of high quality, high end seating arrangements."

Berea Voters Expand Alcohol Sales

Sep 30, 2015
migration.kentucky.gov

A Berea tourism official says allowing limited alcohol sales will be great for the economic future of the southern Madison County town. Voters on Tuesday approved alcohol sales by the drink for restaurants with food sales of at least 70 percent of their total business and that can seat at least 50 people.  Assistant Tourism Director Kerri Lee Hensely believes the change can produce rippling economic impacts.

Kentucky Businesses Interested in Trade with Cuba

Sep 28, 2015
business.wtcky.org

Representatives from the Kentucky World Trade Center are taking a business related trip to Cuba next month.  Lexington council members received an update last week of trade center activities. Center President Ed Webb says area business leaders approached him about a trip to Cuba. “Basically we said initially no because the embargo still exists,” Webb said. “It’s still in place which means we cannot do any kind of business activity except for humanitarian aid, which would be medical and food supplies.”

Lexington Revenues Much Higher Than a Year Ago

Sep 23, 2015
kentucky.com

Early fiscal year reports of revenues in Lexington are promising, but the city’s finance commissioner is urging caution. Bill Omara offered a financial report to the council’s budget committee this week. Revenues are running some $7 million ahead of the same time a year ago, but Omara says to make any firm revenue predictions now would be premature.  “We’re in a favorable position after two months but two months into the year is too early to make predictions or look for trends,” said Omara.

Stu Johnson / WEKU News

    

Florida Governor Rick Scott was in Lexington Tuesday to announce the expansion of a Kentucky-based firm to his state.  Scott says there are better business opportunities in the sunshine state.

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