Site Selection Magazine recently released its annual rankings, underscoring Kentucky's growth in key economic sectors. Some highlights for the Bluegrass State: - Kentucky ranked 11th for Foreign Trade Zone merchandise received and 16th for exports - For warehouse/distribution activity, KY ranked 17th for imports - In production, Kentucky ranked 9th for imports and 12th for exports - Metro Louisville topped the list of Ohio River Corridor metros, thanks partly to companies like GE Appliances, a Haier company - Over 45% of ranked projects involved manufacturing, while logistics accounted for over 26% - Maysville also made the Top 10 Ohio River metros These rankings showcase Kentucky's manufacturing, logistics, and foreign trade strengths. With targeted workforce development initiatives, we're committed to accelerating growth in these vital sectors. Additionally, Roadmaster Drivers School recently opened a new training center in Shepherdsville to meet the demand for truck drivers. With an aging workforce, the industry needs 1.2 million new drivers in the next decade, making workforce development key. The school's president called Kentucky the best state for trucking careers. #mfg #logistics #siteselection #economicdevelopment #workforcedevelopment #evbatteries https://lnkd.in/g6mrCXxU
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Kentucky's economic transformation is turning heads nationwide! Site Selection Magazine confirms: - #8 nationally (consistent top 10 ranking) - #3 nationally in economic projects per capita (2023) - #2 in South Central region (2024 Prosperity Cup) From EV batteries to bourbon, the Bluegrass State's diverse economy has attracted $30B in new investments since 2019. Kentucky is rewriting the rules of economic success in big cities and small towns... Kentucky Cabinet for Economic Development #KentuckyEconomy #EconomicDevelopment #SiteSelection #ProsperityCup #AmericanInnovation
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MWM Q2 2024 Economic Update: AI, FDI, Manufacturing, Real Estate & More Our latest analysis examines key trends shaping the current economic landscape: - AI's growing impact across industries - FDI developments, including SelectUSA Summit insights - Manufacturing sector growth and workforce challenges - Industrial real estate market dynamics - Evolving site selection priorities We explore how these factors are influencing economic development in this election year. #QuarterlyUpdate #EconomicTrends #FutureOfWork #ManufacturingTrends #MWMUpdate #Economy2024 #Innovation
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We are excited to share a milestone project we've been working on for the past year: Mitsubishi Electric US is bringing 122 high-wage jobs to Maysville, Kentucky with a $143.5 million investment to produce highly efficient heat pump compressors. This is the largest project in Mason County in the last 20 years and a game-changer for the local economy. Here's a quick overview: 📈 Economic Impact: - 122 full-time jobs with an average hourly wage of $53.32 - Significant boost in local tax revenues, funding education, infrastructure, and public services 🏭 Facility Upgrade: - Repurposing an existing manufacturing facility to produce advanced twin-rotary variable capacity compressors - First-ever U.S. factory for these highly efficient heat pump systems 🌍 Sustainability Goals: - Mitsubishi Electric aims to make all its factories net-zero by 2030 - Investment supports reducing carbon emissions and improving energy efficiency 🤝 Community and Workforce Development: - Ongoing partnerships with Morehead State University and Maysville Community and Technical College - No-cost recruitment and job placement services, customized training, and job-training incentives Thanks to Gov. Andy Beshear, the Kentucky Cabinet for Economic Development, and all our partners who made this possible. This project not only brings new jobs and investments but also strengthens our community and showcases Maysville as a leader in green energy technology. #EconomicDevelopment #MitsubishiElectric #GreenEnergy #MaysvilleKY #JobGrowth #Sustainability #CommunityImpact https://lnkd.in/e7KPjPV4
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E-commerce is reshaping the U.S. industrial landscape at an unprecedented pace. The surge in online retail drives demand for warehouse space and distribution centers, fueling a nationwide industrial real estate boom. Industrial leasing activity has skyrocketed, with e-commerce now accounting for nearly 15% of all commercial real estate transactions. Southern U.S. is leading this renaissance, attracting $110 billion in manufacturing investments and outpacing all other regions combined. This growth is having profound effects on the job market. Hundreds of thousands of new positions are projected over the next few years, spanning roles from logistics to advanced manufacturing. Vacancy rates in industrial spaces are expected to normalize to pre-pandemic levels by 2025, signaling a robust recovery. The implications of this shift extend far beyond real estate. As e-commerce reshapes consumer behavior and supply chains, it's creating new opportunities for economic development across the country. #IndustrialBoom #EcommerceRevolution #JobMarketGrowth #EconomicDevelopment #RealEstateInsights
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Congratulations to Berea on the Mayde Road Rail Site certification as a CSX Select Site Bronze! Kudos to Elizabeth Carter and the team for making this happen. Excited to see the future growth and development this brings to the community! #CSXKentucky #EconomicDevelopment #ProudPartner 4o
On behalf of the CSX Industrial Development Team, I had the honor this afternoon to present leaders of the City of Berea, Kentucky, with a bronze rail spike signifying certification of the Mayde Road Rail Site in the City's industrial park as a CSX Select Site Bronze. Pictured L to R are: City Councilman Jim Davis, Mayor Bruce Fraley, CSX Industrial Development Manager Jody Lassiter, JD, MEDP, City Administrator Rose Beverly, Director of Business Development & Tourism Donna Angel, MWM Consulting Project Manager Elizabeth Carter, and MWM Consulting Co-Founder & Partner Lucas Witt, MBA. Special thanks and congratulations to my colleague Elizabeth Carter at MWM Consulting for her success in submitting the Mayde Road Rail Site for certification! Learn more about Berea's Mayde Road Rail Site at https://bit.ly/4bwAlqw. Photo credit: Keith Taylor, Publisher, The Berea Citizen. #CSXKentucky #ONECSX Kristina Slattery Andy Luttner Jenny Schenkenfelder Kentucky Cabinet for Economic Development Gina Greathouse Commerce Lexington Inc. Brad Thomas Brittany Cox Economic Development by Kentucky's Touchstone Energy Cooperatives
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Digital infrastructure has never been more critical for reliable business, commerce, and communication connectivity. The growth of new data center facilities is accommodating advanced technologies like AI and fueling widespread economic growth. Data-center-related jobs have surged by 20% nationwide, far outpacing overall U.S. employment growth. Each direct job in the data center industry helps create nearly seven and a half additional jobs throughout the economy. States like Virginia, Nebraska, and Ohio showcase the immense tax revenue and job creation potential. The ripple effects are just beginning. Other states will have opportunities to ride this wave of growth. #datacenters #economicgrowth #digitaltransformation #jobcreation #infrastructure #MWMConsulting
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Our MWM Consulting team is on the ground at the 2024 SelectUSA Investment Summit in Washington, D.C. We're here to connect with global leaders, share insights, and explore new opportunities for investment and growth. SelectUSA has facilitated over $200 billion in U.S. FDI, supporting more than 200,000 jobs. We’re excited to be part of this event that’s helping shape the future of investment! #SelectUSA #InvestmentSummit #MWMConsulting #EconomicGrowth #GlobalBusiness
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Lawrenceburg is a place where history meets opportunity. Think iconic bourbon brands like Wild Turkey Distillery and Four Roses Distillery alongside fresh names like Old Commonwealth Distillery and Lawrenceburg Bourbon Company. But it’s not just about bourbon. With major investments like Summit Polymers’ $40 million project and its perfect location between I-64 and the Bluegrass Parkway, Anderson County is ready for big things. #locationsin60 #MWMconsulting #andersoncounty #kentucky #Bourbon #growth #community #opportunity #lawrenceburgky
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2023 saw a record $13.8B in economic impact and 95K jobs, underscoring tourism's role in driving economic growth and business opportunities. This historic success highlights the thriving travel destinations and events that make our state a top choice for visitors. Andy Beshear attributes this boom to the dedicated efforts of Team Kentucky and strategic investments in our tourism infrastructure. From world-class destinations to warm hospitality, Kentucky has it all. 🏞️ #KentuckyTourism #EconomicGrowth #VisitKentucky #TourismSuccess #KentuckyProud https://lnkd.in/eKdZgnEA
Gov. Beshear: Kentucky Tourism Industry Achieves Historic Success With Record Year for 2023 in Economic Impact
kentucky.gov