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22
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209.05
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48.2
0.00
0.00%
 
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52.84
+0.01
+0.02%
 
CTBI
47.3
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43.6
+0.55
+1.28%
 
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23.36
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+1.65%
 
GM
45.76
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HUM
237.17
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6.15
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+0.1
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TPX
65.23
+0.48
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-0.02
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AFAM
46.65
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1006.34
+3.4
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BGC
22
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+1.38%
 
CHDN
209.05
+0.4
+0.19%
 
CSVI
48.2
0.00
0.00%
 
CSX
52.84
+0.01
+0.02%
 
CTBI
47.3
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12.12
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FFKT
43.6
+0.55
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GE
23.36
+0.38
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GM
45.76
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HUM
237.17
-0.56
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IR
91.3
-0.02
-0.02%
 
KND
6.15
+0.15
+2.50%
 
KR
20.44
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318.94
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SYBT
38.05
+0.1
+0.26%
 
TPB
18.61
-0.02
-0.11%
 
TPX
65.23
+0.48
+0.74%
 
TXRH
50.18
+0.23
+0.46%
 
UPS
118.34
-0.02
-0.02%
 
XRX
33.09
+0.08
+0.24%
 
YUM
76.21
+0.01
+0.01%
 

Commentary on life in Kentucky

By LaneReport.com Staff

Venture Funding in Bluegrass Region Tops $37 Million for Early Stage Companies

Fifty-five early-stage companies in central Kentucky reported an 82 percent increase in funding and 35 percent growth in jobs for 2007 as part of an annual survey conducted by the Lexington Venture Club. Survey results and individual company achievements were featured at an annual event Jan. 24 celebrating Bluegrass Region entrepreneurs and early-stage companies.

“These phenomenal increases in activity tell us that the Lexington area is a very healthy location to grow these early-stage tech companies,” said Bob Quick, Commerce Lexington president and CEO. “Venture capital and a skilled workforce are the two most important issues to these companies, 40 percent of which are biotech and health-care related.”

The companies also represent the information technology and software, food and consumer products, advanced manufacturing, businesses services, education and media business sectors.

Bluegrass early-stage companies attracted a record $64.5 million in funding during 2007, with more than half coming from venture capital. Additional funding came from “angel” investors, federal grants, Kentucky state funds including a new state matching program, strategic partners and the entrepreneurs themselves. Venture capital investment has grown from zero dollars in 2003 (the first year of the survey) to over $37 million in 2007.

“This survey demonstrates the strong growth that is possible if we focus our economic development efforts in key areas, such as the horse, health care and high-tech industries,” said Mayor Jim Newberry. “The growth in these young companies and the good-paying jobs they have produced are very encouraging signs for the future of our economy.”

These early-stage companies employed 422 people in 2007 – 341 held full-time positions with an average salary of $61,300. A record 162 new jobs were created.
“This is a case where the numbers speak for themselves,” said UK President Lee T. Todd Jr. “Being able to invest $64.5 million in early-stage companies right here in the Bluegrass is amazing – and it shows how much this community is starting to understand the value of the knowledge economy. It also shows how much value a research university adds to its community. Thirty-two of the 55 companies that received funding are based on UK research or are associated with UK through a collaborative agreement. Providing new ideas, innovative breakthroughs and high-tech career opportunities is precisely what a Top 20 public research university can and should do for this community. And we look forward to doing more of it in the years ahead.”

Survey results are available at www.lexingtonventureclub.com.

Kentucky Needs Transportation Funding Options
By C. Edward Glasscock

Kentucky faces a future of gridlock and lost economic opportunity without funding solutions to complete the Ohio River Bridges Project and other major transportation needs. Fortunately, Kentucky Senate President David Williams, state Rep. Don Pasley and other legislators are searching for solutions to the state’s mounting transportation funding crisis.
They, along with Kentucky Transportation Cabinet Secretary Joe Prather, recognize that the state cannot build the bridges project in the Louisville region, the Brent Spence Bridge in northern Kentucky, or the bridge in western Kentucky between Henderson, Ky., and Evansville, Ind., without new funding sources.
Sen. Williams is sponsoring legislation – Senate Bill 7 – that would establish the necessary framework to get these projects completed. This approach would free up more road funds for smaller projects in all of Kentucky’s 120 counties.
According to cabinet figures, the state lacks funds for any new road projects before late 2009. Also, Kentucky’s six-year road plan is $2 billion short of being able to fund authorized projects.
In Louisville, a new Ohio River bridge has not been built in nearly 45 years. In the fast-growing eastern region, there is a five-mile gap in what should be a cross-river link. Those problems are corrected by the bridges project, which has been through years of design and is ready to advance to construction and right-of-way acquisition. That progress can happen with new funding options.
Sen. Williams’ bill would allow establishment of public authorities, with state and local oversight, to issue bonds, enter into contracts with public or private entities, and set and collect high-speed electronic toll revenue. Other states are using high-speed electronic tolls, car registration fees, and a variety of local, regional and state taxes for transportation improvements.
With construction inflation running in double-digit numbers, putting off a decision on funding will result in more costly projects while safety problems and congestion worsen. The 2008 General Assembly needs to adopt new transportation funding options and build a stronger economic foundation.

Human Resource Managers Cite 50 Companies in Fourth Annual Best Places to Work in Kentucky Award
Fifty commonwealth employers are being recognized by the Kentucky Society for Human Resource Management (SHRM) State Council, in conjunction with the Kentucky Chamber of Commerce, in the fourth annual Best Places to Work in Kentucky competition sponsored by Humana Inc. The specific company rankings will be announced at an awards dinner Apr. 17 at the Lexington Convention Center in downtown Lexington.

Winners from across the state have been selected in two categories: small/medium-sized (companies of 25 to 249 employees) and large-sized (companies of 250 employees or greater). The program is a multi-year initiative designed to motivate companies to focus, measure and move their workplace environments toward excellence. Twenty-five small/ medium and 25 large employers are receiving recognition.

The selection process, managed by Best Companies Group, is based on an assessment of the employee policies and procedures and the results of internal employee surveys. The survey feedback all participating companies receive will enable them to develop the plans and implement the steps necessary to create a great workplace and continue to improve the performance of their business.

Numerous studies show a strong correlation between profitability and creating a good place to work. The Best Places to Work in Kentucky initiative is based on the famous Fortune magazine 100 Best Companies to Work for in America list. Thousands of companies are assessed annually for Fortune to compete for this honor. In addition to the positive effect the award has on their employee relations and recruitment, the driving force for companies to participate in this program is the remarkable effect that workplace improvements can have on their bottom line.

According to the Bureau of Labor Statistics, Kentucky has more than 14,000 privately owned establishments with 20 or more employees. The goal of Best Places to Work in Kentucky is to raise the bar among the state’s employers and create excellence and employee satisfaction in the workplace that will attract talented people for years to come. This initiative is integral for Kentucky to compete in both national and global arenas.

Kentucky SHRM has 14 local chapters with a membership of nearly 3,000 human resources and business professionals across all industries. Among the prestigious state and local entities endorsing the Best Places to Work in Kentucky project are the Kentucky Chamber of Commerce Executives, Kentucky Community and Technical College System, Kentucky League of Cities, Kentucky Workforce Investment Board, Kentucky World Trade Center, Leadership Kentucky, Northern Kentucky Chamber of Commerce and Commerce Lexington.

Further details about the Best Places to Work in Kentucky initiative can be found online at www.bestplacestoworkky.com.
The Best Places to Work in Kentucky 2008
(Alphabetical order – rankings will be revealed
at an awards dinner on April 17)

Small/Medium Companies……….Primary Location
Atmos Energy Corporation……….Owensboro
Benefit Insurance Marketing……….Lexington
Bluegrass Community Hospital……….Versailles
Catholic Health Initiatives……….Erlanger
Chilton & Medley PLC……….Jefferson
Citizens First Bank……….Bowling Green
Crowe Chizek and Company LLC ……….Louisville
Dean, Dorton & Ford, PSC……….Lexington
Franklin Bank & Trust Company……….Franklin
Georgetown Community Hospital……….Georgetown
Independence Bank……….Owensboro
Kentucky Orthopedic Rehab Team (KORT)……….Louisville
KPMG LLP……….Louisville
Middlesboro Nursing + Rehabilitation Facility………. Middlesboro
Mountjoy & Bressler, LLP……….Louisville
Neace Lukens……….Louisville
Our Lady of the Way Hospital……….Martin
Sturgill, Turner, Barker & Moloney, PLLC……….Lexington
Summit Energy Services, Inc……….Louisville
Tenmast Software Company……….Lexington
Town & Country Bank and Trust Company……….Bardstown
Traditional Bank……….Mt. Sterling
Trilogy Health Services, LLC……….Louisville
Woodward, Hobson & Fulton, L.L.P………..Louisville
ZirMed, Inc.    Louisville

Large Companies……….Primary Location
Appriss Inc………..Louisville
Baptist Hospital East……….Louisville
Bellarmine University……….Louisville
Central Bank……….Lexington
Central Baptist Hospital……….Lexington
Commonwealth Hotels Inc.
(Corporate office & Kentucky properties)……….Covington
Corning Inc………..Harrodsburg
Edward Jones……….Louisville
Fifth Third Bank (Central Kentucky)……….Lexington
First Federal Savings Bank……….Elizabethtown
Fischer Homes……….Crestview Hills
Frankfort Regional Medical Center……….Frankfort
Hilliard Lyons (J.J.B. Hilliard, W.L. Lyons, Inc.)……….Louisville
Kindred Healthcare, Corporate……….Louisville
King’s Daughters Medical Center……….Ashland
National Patient Account Service……….Louisville
Norton Healthcare, Inc………..Louisville
Pikeville Medical Center……….Pikeville
Saint Joseph HealthCare……….Lexington
Sam Swope Auto Group, LLC……….Louisville
Somerset Community College……….Somerset
SouthEast Telephone……….Pikeville
Stites & Harbison PLLC……….Louisville
Stoll Keenon Ogden PLLC……….Lexington
Wyatt, Tarrant & Combs, LLP……….Louisville

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