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Kentucky Receives National Acclaim for Economic Development

By wmadministrator

Kentucky has been recognized by Area Development magazine for its successful efforts to create new jobs and secure investments in new and expanded facilities.

Founded in 1965, Area Development has more than 45,000 executive subscribers and is considered one of the nation’s leading executive magazines covering corporate site selection and relocation.

The magazine’s annual Gold Shovel/Silver Shovel awards are presented to states “that have generated top job-creation and investment projects” and are “highly active in business development, from conducting foreign trade missions to crafting innovative incentive packages and work-force development programs –  all of which attract new companies, stimulate investment, create jobs, and strengthen tax bases.”

Area Development contacted all 50 states and requested verifiable information about the top 10 job-creation and investment projects initiated in 2006. Only those projects that actually broke ground or expanded and initiated new hiring were considered. Each state was rated based on five weighted factors: direct job creation numbers, new jobs per capita, company investments, number of new facilities, and number of projects creating high value-added jobs.

States were compared within three population categories. Georgia received the Gold Shovel award, presented to the state with the highest weighted overall score.

Michigan, Pennsylvania and Texas were awarded the Silver Shovel in the over 10 million population category. Kentucky was joined by Alabama, Missouri and Wisconsin in the three- to 10 million category. Kansas, Nebraska and Utah were winners in the under three million category.