Kentucky ranked eighth in the nation for new and expanded industry activity in 2011 by Site Selection magazine’s annual Governor’s Cup rankings, the state’s best showing ever.
Site Selection ranked states by projects with either a minimum $1 investment, at least 50 new jobs or the addition of at least 20,000 s.f. in floor space. Kentucky generated 198 such projects in 2011. In total, the state had 326 location or expansion announcements, resulting in 13,230 projected new full-time jobs and capital investment of more than $2.6 billion.
“Kentucky’s eighth-place finish in our annual Governor’s Cup facilities race means its business climate is considered highly desirable by capital investors,” said Mark Arend, editor in chief of Site Selection. “Gov. (Steve) Beshear, his business-recruitment team and local economic developers across the state are clearly delivering the location solutions companies require.”
Meanwhile, eight Kentucky “micropolitan” areas earned recognition for their economic development successes. The Top Micropolitan Ranking includes Danville and Somerset (tied for 13); Glasgow (21); Paducah (tied for 32); Madisonville, Corbin, Mount Sterling and Richmond (tied for 48).
“This ranking shows Kentucky’s determination to succeed and grow our industrial base, despite the challenges during the recent economic climate,” said Gov. Beshear. “Plus, this high ranking is even more impressive when one considers Kentucky has the smallest population of any state at the top of the list.”
“It’s exciting to see Kentucky communities performing so well in the micropolitan rankings, where they are compared to hundreds of areas of similar size all over the country,” said Kentucky Cabinet for Economic Development Secretary Larry Hayes.