Home » Lexington climbs higher in U.S. economic development rankings

Lexington climbs higher in U.S. economic development rankings

Top 10 for projects for metros of 200,000 to 1 million
Downtown Lexington, Ky.

LEXINGTON, Ky. — The Greater Lexington region continues to be an attractive place for business and industry, according to Site Selection Magazine’s annual rankings of the top metros based on economic development activity.  For 2023, the region achieved a significant move up the rankings in both total projects (10th) and projects per capita (7th), jumping into the Top 10 nationally for Tier 2 Metros with a population between 200,000 and one million.

“We are very excited about this new recognition for the region,” Commerce Lexington’s Executive Vice President of Economic Development Gina Greathouse said. “This success over the last few years is due in large part to the collaborative effort of many regional economic development partners who have worked together to attract new businesses and support the expansion efforts of many existing companies. This ranking reaffirms Greater Lexington’s position as a leading destination for business.”

Site Selection, a trusted publication renowned for its in-depth analysis and insights on corporate real estate strategy and economic development, ranks areas based on the number of qualified projects, which meet at least one of the following criteria: a minimum capital investment of $1 million, the creation of at least 20 new jobs, or an addition of at least 20,000 s.f. feet of new floor area.

A key factor in Greater Lexington’s success has been its strong emphasis on regionalism. Private and public sector leaders within the nine-county economic development region have been working collaboratively on a Regional Competitiveness Plan aimed at making the region more competitive for jobs and talent.  In addition, efforts have been bolstered by the long-time efforts of the Bluegrass Alliance – a group of economic development professionals throughout the region.  By embracing regionalism, Greater Lexington is better equipped to attract a skilled workforce, secure business sites, expand housing inventory, and access education and training resources.

“Recognized as a top metro area, we leverage regional collaboration to foster innovation, such as our initiative to establish a new regional business park. Together, we have built a foundation for prosperity by working hand in hand towards a common goal,” said Jack Conner, long-time Bluegrass Alliance partner and the Executive Director of Scott County United.

Site Selection also ranks states and micropolitan areas in these annual rankings. Kentucky’s 3rd place ranking in per capita projects reflects the state’s strong performance in attracting investments and promoting growth. Similarly, Frankfort was noted for its placement as 4th among micropolitan areas. These recognitions not only showcase the effectiveness of collaboration but also emphasize the significant role played by states and smaller urban areas in driving economic opportunities.

As Greater Lexington continues to build on this momentum, Commerce Lexington and its regional partners remain committed to supporting the region’s economic development initiatives. With a focus on collaboration, strategic planning, and sustainable growth, Greater Lexington is poised to attract new opportunities and drive economic prosperity for years to come.

For more information about Greater Lexington and Commerce Lexington’s economic development efforts, please visit www.locateinlexington.com.