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Situated in the heart of America,
between the upper Midwest and the Deep South, the State
of Kentucky is the choice location for new business
and industry.
With a total population of slightly more than 4 million,
Kentucky offers enticing locations such as the nation’s
16th largest city, Louisville, the rolling bluegrass
of central Kentucky, the majestic mountains of the eastern
part of the state and the rich farmlands of southern
and western Kentucky.
Historically an agrarian state, Kentucky has distinguished
itself over the last two decades as an excellent location
for manufacturers and supportive services. In fact,
over the last ten years or so, while almost all of America
saw a decline in manufacturing employment, Kentucky’s
rose by over 4%. Kentucky has been a perennial leader
in jobs created by state and recently ranked 6th in
a Plant, Sites and Parks Readers’ Survey which
asked corporate executives where they would consider
locating their businesses. Kentucky was one of the smallest
states to even make the rankings.
The reasons for this transformation are numerous, but
are generally attributed to the following:
LOCATION
Kentucky is within a day’s drive of two-thirds
of America’s population and has great access to
the market centres of the East Coast. An excellent road,
rail, barge and air system is highlighted by two air
cargo hubs (UPS and DHL). There are 9 daily flights
to Europe including one daily to London.
BUSINESS CLIMATE
Kentucky has the fourth lowest cost of doing business
in the nation, according to an independent study, and
has the lowest of any state in the region. The tax burden
is more than 15% below the national average with low
property tax rates and the exemption of manufacturing
equipment from sales tax.
WORKFORCE
Kentucky’s workers are over 5% more productive
than the national average according to the same study.
Further evidence of the high standard of the state’s
workers is demonstrated by the scores of awards Kentucky
operations have received for the quality of their products.
In fact, in the late 1980’s, after Toyota began
producing the Camry in Kentucky, company president Fujio
Cho said, “Our…reason for choosing Kentucky
was the quality of the workforce. We had reason to believe
that Kentucky’s people were hardworking, intelligent
and reliable, but I had no idea how exceptional they
were until I started working with them on a daily basis
at the (Georgetown, KY) plant”.
INCENTIVES
Kentucky has been a leader in providing progressive
tax credits and other incentives to new manufacturing
operations and supportive services. It is often said
that imitation is the most sincere form of flattery.
Kentucky’s incentives programmes have been imitated,
but not
equaled, by many competitor states.
LOW-COST UTILITIES
Simply said, Kentucky has the lowest industrial and
residential electric costs in America.
INTERNATIONAL FLAVOUR
For international companies, particularly those from
Europe and Britain, Kentucky has been fertile ground
for investment. There are 343 foreign-owned facilities
in Kentucky with 71,580 full time employees. 158 of
these are from Europe including British America Tobacco,
ThyssenKrupp Budd, Webasto and BP Amoco. But Kentucky
is more than just a great place for industry. If locating
your business in the state also means that you will
be making it your home, you will be pleased to find
a wide range of cultural and recreational opportunities
available. Numerous lakes, parks and other outdoor activities,
coupled with museums, performing arts and world-class
sporting events, make the state a wonderful place to
live and raise a family. A low crime and cost of doing
business rate add to the attractiveness of living in
the Bluegrass State.
In Kentucky, you will find all the ingredients necessary
to develop a recipe of success for your new business
location. For more information, please contact:
Chuck Willis
Assistant Director
Department of New Business Development
500 Mero Street, 23rd Floor
Frankfort, Kentucky 40601
Tel:
+1 502 564 7140
E-mail:
chuck.willis@ky.gov
Website:
www.thinkkentucky.com
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