ECONOMIC DEVELOPMENT in KENTUCKY

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1 ECONOMIC DEVELOPMENT in KENTUCKY Presented by Josh Benton Executive Director, Workforce Development Kentucky Cabinet for Economic Development November 18, 2015

2 WHAT IS ECONOMIC DEVELOPMENT?

3 OUR MISSION The Cabinet is Kentucky s primary State agency responsible for encouraging job creation, business retention and new investment in the state. Client Consultants Cabinet Local Government Programs administered by the Cabinet are designed to support and promote economic development, primarily by: Utilities Federal Government Other State Agencies Attracting new industries to the state Assisting in the expansion and retention of existing industries Leading a statewide network of support for entrepreneurs, small business owners and knowledge-based start-up entities Creating a Qualified Workforce Assisting communities in preparing for economic development opportunities

4 New & Expanding Industry Investment $3.3 Billion $3.7 Billion RECORD YEAR $2.69 Billion

5 NEW vs. EXPANDING INDUSTRY ANNOUNCEMENTS

6 GRADD Snapshot Top Sectors Manufacturing Health Care Retail Hospitality/Tourism Finance 49 Companies Located or Expanded Since January 2014 $502 Million Private Sector Investment Since January ,505 New Jobs Created ince January 2014 Source: Kentucky Cabinet for Economic Development, % Grad Unemployment Rate September % GRADD Unemployment Rate September 2014

7 Path Forward: Opportunities & Challenges Entrepreneurship Community Development Workforce Development

8 CREATING A CULTURE OF ENTREPRENEURSHIP

9 There are nearly 340,000 small business establishments in Kentucky Small businesses employ almost 700,000 Kentuckians 96.7 % 96.7% of businesses in Kentucky are small businesses 47.8% of Kentucky s private-sector labor force is employed by small businesses *private companies (government not included)

10 > Office of Entrepreneurship created in 2013 Last year, the Kentucky Innovation Network provided nearly 400 Kentucky companies with free services, including: Idea Assessment Market Research Prototype Development Business Strategy Capital Access Small Business and Entrepreneurship

11 COMMUNITY DEVELOPMENT

12 COMMUNITY DEVELOPMENT TEAM MISSION This new professional team at the Kentucky Cabinet for Economic Development seeks to build a broad public/private team to Increase commercial real estate development/investment in order to CREATE JOBS & IMPROVE QUALITY OF PLACE

13 COMMERCIAL REAL ESTATE INDUSTRIAL/LO GISTICS OFFICE RETAIL

14 > Kentucky has less than HALF the building inventory of competing states > Consultants and companies want ANSWERS when they look at a site > Create OPPORTUNITES for more Kentucky communities > STREAMLINE the building process > Build a COMPETITIVE ADVANTAGE WHY BUILD-READY?

15 Build-Ready recognizes and promotes industrial sites that can be developed and built on quickly. Clear of environmental issues with studies complete Infrastructure extension plans in place Building Pad Design and Concept PREPARING OUR INVENTORY

16 Workforce Development is Economic Development

17 1 Recruitment & Job Placement 2 Customized Training 3 Training Incentives 4 Skills Pipeline Development

18 Work Ready certifies a community s workforce by measuring the following criteria: High School Graduation Rates National Career Readiness Certificate Completion Community Commitment to Workforce Development Educational Attainment Soft Skill Development Internet Availability

19 State Board of Directors Chapters: Bluegrass Greater Louisville Northern Kentucky Lincoln Trail Greater Owensboro Cumberlands Southcentral Kentucky West Kentucky Chapters Being Finalized: Northeast Kentucky Chapters Under Consideration East Kentucky Shelbyville

20 Contact Us Josh Benton Kentucky Cabinet for Economic Development 300 West Broadway ::: Frankfort, Kentucky Executive Director Workforce Development

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