Commonwealth of Kentucky
Cabinet for Economic Development

KENTUCKY RECEIVES SILVER SHOVEL AWARD FROM AREA DEVELOPMENT MAGAZINE FOR ITS ECONOMIC DEVELOPMENT EFFORTS

Frankfort, Ky. -- For the second year in a row, the editors of Area Development magazine, a leading executive magazine covering corporate site selection and relocation, are acknowledging those states that have been among the most successful in creating new jobs and securing investments in new and expanded facilities. Kentucky’s efforts are recognized as part of this elite group in the magazine’s June/July issue, earning a Silver Shovel Award in the 3 million to 10 million population category.

"Kentucky’s success in attracting new industry, as well as helping existing businesses expand, is outstanding," said Governor Ernie Fletcher. "The recognition by Area Development magazine is an honor and tribute to the business climate our state offers. The Cabinet for Economic Development is to be commended."

"All economic development agencies make significant contributions to their states, but every year there are a few standouts," said Geraldine Gambale, editor of Area Development magazine. "This year, Kentucky was among those states deserving special recognition for its commitment and success in improving its citizens’ economic prospects."

The award was based on information submitted by the state about its 10 top job-creation and investment projects that began to materialize in 2006. Gambale explained that the 10 projects Kentucky submitted for consideration created more than 3,500 jobs and represented more than $1 billion in company investment. "They covered a range of industry sectors including auto parts, food products, transportation equipment, as well as distribution. Eight of the 10 companies were also new to the state," she added.

Each state was rated based on the following five weighted factors: direct job creation numbers, new jobs per capita, company investments, number of new facilities (either new to the state or at new locations within the state), and number of projects creating high value-added jobs.

States were compared within three population categories. In each category, Area Development awarded a Silver Shovel to states with the top three weighted scores. The Area Development article can be read in its entirety at: http://www.areadevelopment.com/annualReports/jun07/goldshovel.shtml.

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 2006 totaled more than $3.4 billion with the creation of over 18,500 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at http://www.thinkkentucky.com/.