Kentucky’s agriculture industry is faring better than early predictions. The agriculture industry, which includes crops, cattle, and horses, last year earned over five billion dollars. That figure is beyond Kentucky’s reach this year, but, University of Kentucky Agriculture Economist Will Snell says many farmers should still do okay.
Tax revenues coming into Lexington city hall seem to indicate the local economy is ‘relatively stable.’ The local unemployment rate in the six percent range, is about one percent lower than a year ago. City Revenue Director Bill Omara says a number of taxing categories are down slightly, but service-related fees are up. “Services category was over budget. That’s a large category that takes into detention fees, e-m-s fees, parks fees. Those types of fees that are general fund related,” said Omara.
Creating art and selling it are two very different things. In marketing their creations, the executive director of the Kentucky Arts Council, Lori Meadows says many artists struggle with setting a fair, but competitive price. “Really looking at pricing, what kind of marketing that you can do as an artist that will promote the image that you want to put forward,” said Meadows. To further their businesses, Meadows says artists must work well with buyers and galleries.
Hoping to make the Kentucky Horse Park into a major convention center, officials are asking Lexington city leaders for help. Two years ago this week, Lexington was playing host to the World Equestrian Games. Horse Park Director John Nicholson says the international event pumped more than 200 million dollars into the region’s economy. The longtime director says high gasoline prices, 85-million dollars in improvements and the state’s fiscal crisis then put a financial strain on the horse park. Now, Nicholson says state officials want the park to become self sufficient. Still, he told council members he’s not looking for a handout.
FRANKFORT Ky. (Sept. 25, 2012) – Thunder Tool & Manufacturing Ltd. has purchased a 30,000-square-foot facility in Richmond. The company plans to create 45 new, full-time jobs and invest $2.2 million in the project. “Thunder Tool is a tremendous success story out of Canada, and we’re thrilled it chose Kentucky as the place to begin its growth in the United States,” Gov. Steve Beshear said in a statement.
Gross receipts for Keeneland’s eleven day yearling sales were down slightly from a year ago. But, the average price and median figure were up. Just over 25 hundred horses were auctioned off during the eleven day sale, A little more than 29 hundred horses were sold last year. The cumulative average price this year increased 14 percent while the median jumped up 50 percent.
An international law firm is expected to bring more than 200 jobs to the Lexington community. Bingham McCutchen announced Wednesday plans to open a shared services center next spring. Company officials say the center will eventually house about 250 employees, who will be relocating from Bingham offices or hired from the Lexington area. The move is tied to pending state and local economic development incentives.
Governor Beshear is in India for a seven day economic development visit. This is the governor’s third trip to India. Last year, he announced 250 new jobs in Elizabethtown for the India based packaging company, Flex Films. The firm is investing 180 million dollars in the Commonwealth. Almost 30 percent of all capital investment and more than 22 percent of all jobs announced in 2011 were the result of foreign owned enterprises.
FRANKFORT – Ford Motor Co. Monday announced that the company, its employees and dealers are donating more than $1.2 million to nonprofits in the Louisville and Lexington areas this year. As part of its new Operation Goodwill partnership with area Ford and Lincoln dealers as well as employees at its Kentucky Truck and Louisville Assembly plants, Ford is focusing its philanthropic efforts on areas of greatest concern to Louisville and Lexington area residents.
Another opportunity to gauge the strength of Kentucky’s Equine industry takes place over the next two weeks at Keeneland. The Keeneland Yearling Sale is regarded by many leaders in the thoroughbred industry as a ‘barometer’ on their business Keeneland spokeswoman Julie Balog says one year olds from Kentucky, Indiana, New York, and Pennyslvania are auctioned off this week and next
There’s still plenty of work to do on the ten –year, five-billion dollar chemical weapon clean-up at the Bluegrass Army Depot. Still, leaders in the public and private sectors are already wondering ‘What’s next?’ A long term economic study could provide an answer. It’ could be a dozen years before the last of the chemical munitions stored at the Bluegrass Army Depot is neutralized. Then, as many as two thousand of people who worked on the clean-up will need new jobs. With some planning, David Dutlinger, who’s with the Bluegrass Area Development District, thinks they can find a new mission, but there needs to be a game plan.
FRANKFORT - International online fashion distributor Nasty Gal will locate a 527,000-square-foot national distribution center in Shepherdsville in Bullitt County. The move will create 300 new, full-time jobs and an $18 million investment, according to a news release from Gov. Steve Beshear's office.
The nation’s three largest book publishers – Hachette Book Group (USA), HarperCollins Publishers LLC and Simon & Schuster Inc. – have agreed to pay more than $69 million to all 50 states, including Kentucky, and four districts and territories for conspiring to fix prices on electronic books, Attorney General Jack Conway announced Thursday.
LAWRENCEBURG – Anderson County community leaders and company officials from Wild Turkey brand-owner Gruppo Campari broke ground Tuesday on an all-new visitor center at the Wild Turkey Distillery in Lawrenceburg.
Businesses and organizations authorized to do business in Kentucky were required to file annual reports with the secretary of state’s office and pay a $15 filing fee no later than July 2. Those that missed the deadline were notified that they were no longer in good standing with the secretary of state’s office and allowed through Sept. 10 to remedy the delinquency before being administratively dissolved or having their certificates of authority revoked.
Lexington - Lexmark has announced a restructuring of the Lexington-based company that will see it stop manufacturing inkjet printers and eliminate 1,700 jobs worldwide - most of those in manufacturing - according to the company's website. Once completely implemented the restructuring will save the company about $95 million a year, a website news release said. Five hundred jobs are expected to be cut in Lexington - 350 full-time positions and 200 contractors, according to the company.
An Eastern Kentucky employment program has scheduled two benefits fairs to help more than 2,000 people laid off from coal mines and factories in the region this year. The events will provide people an opportunity to get help with unemployment insurance, learn about mortgage and tax assistance, and get information on training for new careers and other services. The benefits fairs are scheduled for 10 a.m. to 6 p.m. Aug. 28 at the Mountain Arts Center in Prestonsburg and 10 a.m. to 5 p.m. Sept. 10 at the East Kentucky Expo Center in Pikeville.
Kentucky’s export business appears to be moving along at a good pace. The latest figures from the U.S. Department of Commerce show the state’s merchandise exports grew nearly eight percent in the first half of 2012. The ten point seven billion dollars in exports breaks the previous record of almost ten billion dollars set in the first half of 2011.
Leisure and recreational businesses in Rockcastle County hope to capitalize on a new state adventure tourism program. The aim is to promote tourism businesses near trailheads in communities like Livingston. Already, Rockcastle County Judge Executive Buzz Carloftis says they offer outdoor activities, such as an airboat, canoes, and tubing. He says horse and bike trails also weave their way along the Rockcastle River.. “As this takes hold, and we hope, trust, and pray that it does. If it takes hold, there will be more businesses in operation. Before you know it, you’ve got a thriving community again, based on tourism,” said Carloftis
Louisville businessman Ed Hart has—again—formally entered a bid to re-open the Kentucky Kingdom theme park. Hart and a group of investors have responded to the Kentucky Fair Board's request for proposals to re-open the park. The letter was delivered to Fair Board president Harold Workman today, and outlines a $40 million plan. Ten million of that would come from the group, and the rest would be borrowed but guaranteed by the state.