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How Kentucky is Marketed in a Global Economy Presented by: Gene Strong, Secretary

How Kentucky is Marketed in a Global Economy Presented by: Gene Strong, Secretary Kentucky Cabinet for Economic Development August 9, 2002. Cabinet for Economic Development. Recruitment of New Industry Business Development Expansion of Existing Industry Community Development

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How Kentucky is Marketed in a Global Economy Presented by: Gene Strong, Secretary

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  1. How Kentucky is Marketed in a Global Economy Presented by: Gene Strong, Secretary Kentucky Cabinet for Economic Development August 9, 2002

  2. Cabinet for Economic Development • Recruitment of New Industry • Business Development • Expansion of Existing Industry • Community Development • Finance and Incentives • KEDFA • Financial Incentives • Other Programs/Departments • Regional Development • Office of the New Economy

  3. MARKETING STRENGTHS Location Market Access Real Estate Business Climate Business Cost Industrial Electric Productive Workforce Quality of Life Pro-Business Gov’t

  4. LOCATIONS & EXPANSIONS 1992 to July 2002 Total Investments$25.3 Billion Total Jobs Created221,200 RESULTS

  5. Carroll County Locations & ExpansionsInvestment

  6. Carroll County Locations & ExpansionsEmployment

  7. LOCATION & EXPANSION Announcements RESULTS

  8. LOCATION & EXPANSION Announcement Comparison 106 RESULTS 72

  9. As of 2003, there were 21 manufacturing facilities located in the Carroll County area. The total employment for these facilities equals 2,670. Carroll County Manufacturing

  10. POVERTY RATE -5.3% RESULTS 12th Highest Percentage Decrease -16.8% Percentage DECREASE 1989 to 1999

  11. BUSINESS CLIMATE • 18th fastest growing economy. • 23 of the Fortune 25 have facilities in Kentucky. • 28 of the top 50 Global Corporations have facilities in Kentucky. • 3rd largest producer of cars and light trucks. STRENGTHS “Kentucky is fast becoming one of the nation’s industrial hot spots, especially in the automotive industry.” Expansion Management

  12. PRODUCTIVE WORKFORCE • Kentucky’s ranks 13th in productivity. • Kentucky’s workforce is 6% MORE PRODUCTIVE than the U.S. average. STRENGTHS

  13. QUALITY OF LIFE • 6th LOWEST crime rate. • 6th LOWEST median home price. • 3rd LOWEST residential electric costs. • 19th LOWEST residential natural gas costs. • 3 out of every 4 Kentuckians now enjoy access to the internet. • Top ranking institutions of higher education. STRENGTHS

  14. PRO-BUSINESS GOVERNMENT • Incentives • KREDA KJDA KIDA KEZA • KIRA KEOZ BSSC KIFA • Governing Magazine ranked Kentucky government 4th overall in financial management, human resources, information technology, capital management, and managing for results. STRENGTHS

  15. ANNOUNCED LOCATIONS 1992 to July 2002 Total Investments$9.4 Billion Total Jobs Created96,100 RESULTS

  16. MAJOR LOCATIONS RESULTS

  17. ANNOUNCED EXPANSIONS 1992 to July 2002 Total Investments$15.9 Billion Total Jobs Created124,800 RESULTS

  18. MAJOR EXPANSIONS RESULTS

  19. LOCATIONS & EXPANSIONS 1992 to July 2002 Total Investments$25.3 Billion Total Jobs Created221,200 RESULTS

  20. LOCATION & EXPANSION Announcements RESULTS

  21. LOCATION & EXPANSION Announcement Comparison 106 RESULTS 72

  22. PER CAPITA INCOME State Ranking 1991 - 44th 2000 - 40th 48.6% RESULTS 47.2% Percentage Increase 1991 to 2000

  23. POVERTY RATE -5.3% RESULTS 12th Highest Percentage Decrease -16.8% Percentage DECREASE 1989 to 1999

  24. MANUFACTURING VALUE ADDED 72.1% 12th Highest Percentage Increase RESULTS 50.1% Percentage Increase 1991 to 2000

  25. MANUFACTURING EMPLOYMENT State Ranking 12th 9.2% RESULTS -3.6% Percentage Increase 1991 to 2001

  26. FOREIGN INVESTMENT • Japanese Total Announced Investment • $2.78 Billion • 60 Japanese location announcements represent $1.27 billion and 8,026 jobs. • Currently 127 Japanese owned facilities in Kentucky employing 36,550. RESULTS

  27. FOREIGN INVESTMENT • European Total Announced Investment • $3.19 Billion • 46 European facility announcements represent $0.75 billion and 5,056 jobs. • Currently 165 European owned facilities in Kentucky employing 29,487. RESULTS

  28. FOREIGN INVESTMENT Affiliate Employment State Ranking 1991 - 21st 1999 - 14th 40.4% RESULTS 24.8% Percentage Increase 1991 to 1999

  29. FOREIGN INVESTMENT Property, Plants, Equipment 97.6% State Ranking 1991 - 17th 1999 - 12th RESULTS 68.5% Percentage Increase 1991 to 1999

  30. RANKINGS • Kentucky ranked 2nd in the 2001 Site Selection Governor’s Cup. • KCED designated one of the Top Ten Economic Development Groups for 2001 by SiteSelection. RESULTS • Kentucky ranked 6th for facilities, 8th for capital investment and 7th for jobs for new and expanded facilities per one million population in 2001 by Site Selection.

  31. RANKINGS • Eleven Kentucky communities ranked in Site Selection’s 2001 Top 100 Small Towns for corporate expansion. • Area Development magazineranked Kentucky 3rd in Top Non-Manufacturing Job Creation for 2001. • Kentucky’s Citicorp project ranked 4th in Area Development’s2001Top Job-Creating Projects. • Expansion Management magazine ranked BSSC 5th in 2001 among state programs for facilitating customized business training services. RESULTS

  32. RESULTS-ORIENTED INITIATIVES • Established a state recruitment marketing plan. • The Office for the New Economy (ONE) established. • Kentucky Innovation and Commercialization Centers (ICCs) created. • Established the Commonwealth Seed Capital LLC. • Developed the Kentucky Economic Development Information System (EDIS). RESULTS

  33. RESULTS-ORIENTED INITIATIVES • Established the Regional Industrial Park program. • Established the Mexico and Chile foreign offices. • Revised incentive program legislation in 2002 . RESULTS

  34. EDIS www.thinkkentucky.com/edis/ • 391 users per day. • Average user is on our site for 14 minutes. TOOLS

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