| 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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