KENTUCKY HAS 3 COMMUNITIES RANKED IN THE TOP 25 PLACES IN THE U.S. TO LOCATE A COMPANY

FRANKFORT, KY - The rankings are out for the first annual Mayor's Challenge in Expansion Management magazine and Kentucky has three communities in the top 25 spots. Lexington ranked seventh overall, followed by the Northern Kentucky area at fifteenth and Louisville at twenty-second. Expansion Management, a leading international economic development publication, annually tracks states’ performances in economic growth and activity.

"These rankings are the result of Kentucky's creation of a positive business environment," states Governor Paul Patton. "We believe that investing in our future is paramount in Kentucky."

Gene Strong, Secretary of the Kentucky Cabinet for Economic Development attributes technology and education as key factors in keeping Kentucky in the top rankings. "The knowledge-based economy is thriving in Kentucky where public and private investment continues to provide funding for education, research and technology."

Lexington was ranked 32nd out of the nearly 400 competitors in the Education Quotient and Louisville and Northern Kentucky with the UPS and DHL hubs, ranked 7th and 26th in the Logistics Quotient.

In the site selection process one must consider a range of issues from tax structure and regulatory climate to quality of life. Whether the facility will be a distribution center, manufacturing facility, call center, a back office operation or a corporate or regional headquarters, all off these factors will be important to one degree or another. 

During the course of the year, Expansion Management magazine examined 329 metropolitan statistical areas from a variety of perspectives. The six major studies conducted were Education Quotient, Health Quotient, Logistics Quotient, High-Value Labor Market Quotient and Legislative Quotient. Each of the studies was given equal weight, with the winners doing the best, on average, in all six. 

During 2002, 481 companies located or expanded in Kentucky resulting in 12,720 net new jobs created. Investment was estimated at over $3 billion. 

For more information, see the entire article and the Top 50 chart in the attachments below. Or find them on the Expansion Management website at www.expansionmanagement.com.

The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2002 totaled more than $3.2 billion with the creation of nearly 13,000 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at www.thinkkentucky.com.