COMMERCE LEXINGTON INC.
Lexington, Ky., is known for its scenic beauty, thanks to the many Thoroughbred horse farms that surround the city. However, Lexington and its region are so much more when it comes to attracting business. Beyond the diversity of its landscape, Central Kentucky also boasts a wide variety of educational and health care choices, job and career opportunities, arts and cultural amenities, and an economy so diverse that it was once named among the most “recession-proof” cities in America.
Lexington and the surrounding area’s robust economy are due in large part to its diversification of employment opportunities. No single employment sector comprises more than 18 percent of the labor force in the metro area. Employment is dispersed among government, education and healthcare, retail trade, manufacturing, professional and business services, and construction.
In a recent report by Emsi, a labor market analysis and economic modeling firm, the Lexington MSA ranked ninth of 382 Metropolitan Statistical Areas in industry diversity. This report measures the distribution of total employment for MSAs amongst 12 major industry clusters, showing that Lexington’s employment is more evenly distributed than the typical metro area.
Emsi stated, “[Industry] diversity is an important topic for economic developers who are focused on economic resiliency and growth.”
Central Kentucky has remained a very affordable place to do business compared to other cities across the country because of its low utility costs, educated workforce, location and logistics advantage, and below-average cost of living. Lexington was recently recognized among cities with the lowest startup costs (#8, SmartAsset), best real estate market (#6, WalletHub), and cities with high salaries combined with low costs of living (#3, GOBankingRates).
Lexington’s central location and excellent transportation system have been major factors in its growth and development. Not only is Lexington 600 miles from 50 percent of the U.S. population, it sits at the crossroads of two major interstates, 75 north-south and 64 east-west, giving companies here a logistics and workforce advantage. Around 32 percent of Central Kentucky’s labor force resides outside the region.
The University of Kentucky, Toyota Motor Manufacturing, Fayette County Public Schools, and Eastern Kentucky University are among the major employers within the Lexington MSA. Meanwhile, strong employment opportunities exist in equine-related businesses, health care, retail and services. Principal manufactured products include automobiles, automobile parts, peanut butter, cutting tools, heating and air conditioning equipment, paper cups and products, software, sunroofs, and military equipment.
All of this adds up to quality living in Central Kentucky, but don’t take our word for it. Our community was named among Southern Living’s list of The South’s Best Cities (#10), TripAdvisor’s Destinations on the Rise (#10), and U.S. News & World Report’s Best Affordable Places to Live in 2018 (#12).
Find out how Commerce Lexington Inc. helps businesses grow at CommerceLexington.com or LocateInLexington.com.
Commerce Lexington
330 E. Main St., Suite 100
Lexington, KY 40507
(859) 254-4447
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