Progress in Northern Kentucky seems to be everywhere you look these days -- in the condos cropping up along Bellevue's riverfront, in Covington's start-up scene, and in recent expansions at The Cincinnati/Northern Kentucky International Airport (CVG) and Northern Kentucky University (NKU).
A recent analysis completed by Northern Kentucky Tri-ED shows that Northern Kentucky's success -- which dwarfs that of even some larger cities -- stems from smart use of independent resources and good decision-making within Northern Kentucky as a stand-alone "micropolitan" area within Greater Cincinnati.
According to the numbers, this thriving region continues to hold promise.
An annual economic impact study released by NKU's Center for Economic Analysis and Development (CEAD) in March 2012 reveals that business projects in Northern Kentucky created 1,303 primary industry jobs and garnered $343M in capital investment for the area in 2011. That's the fourth highest capital investment in Tri-ED history, far surpassing the 25-year average of $208M.
NKY as a standalone market
The Cincinnati area grew tremendously in 2011, beating out cities like Pittsburgh and Chicago to land sixth overall on
Site Selection magazine's list of top metropolitan areas. If Northern Kentucky were ranked a a stand-alone MSA, it would outpace many medium-sized U.S. Zones -- those with 200,000 to 1 million residents -- and tie Pennsylvania's Allentown/Bethlehem/Easton area for fourth place with 28 investment projects.
|
Rank* |
Metro |
State |
Projects |
|
1 |
Baton Rouge |
LA |
38 |
|
T2 |
Dayton |
OH |
34 |
|
T2 |
Tulsa |
OK |
34 |
|
Northern Kentucky: Boone, Campbell, Kenton Counties |
28 |
|
4 |
Allentown/Bethlehem/Easton |
PA/NJ |
28 |
|
5 |
Harrisburg/Carlisle |
PA |
27 |
|
6 |
Akron |
OH |
26 |
|
*Metro areas with populations 200,000 - 1 million. Source: Site Selection Magazine, 2012 |
Boone County in particular excels when compared with similarly-sized cities, and would vault to the top of the list a full five projects ahead of its second-place competitor. Taken together, the tri-county area compares in size to cities such as Charlottesville, VA, and Decatur, AL.
|
Rank* |
Metro |
Projects |
|
Boone County, KY |
18 |
|
1 |
Decatur, AL |
13 |
|
2 |
Springfield, OH |
12 |
|
3 |
Williamsport, PA |
10 |
|
*Metro areas with populations less than 200,000, by number of projects, 2011. Source: Site Selection. |
The report also shows NKY's tri-county area driving economic success for the entire Commonwealth, showing strong growth in new jobs, investments, announcements, and lead generation.
"Northern Kentucky continues to surprise and surpass other regions of the country when it comes to high quality of life, low cost of living, low taxes and tremendous access for logistics,” says Governor Steve Beshear. "For a quarter of a century now, Northern Kentucky Tri-ED has carried the banner for the region, constantly showcasing why Northern Kentucky is uniquely positioned to help companies succeed, not only now, but for the next 25 years and beyond."
"The success achieved by these economic development projects has multiple effects in the region," says Dan Tobergte, president and CEO of Northern Kentucky Tri-ED. "When primary industry companies get started, expand their operations, or relocate here from other areas, it creates not only direct opportunities, but indirect opportunities as well."
Tobergte cites logistics, distribution, and staffing as just a few examples of the local sectors that have benefitted peripherally from industrial growth in recent years.
A diverse manufacturing base coupled with a reliable system of transporting goods -- by air, highway, and water -- are what put Northern Kentucky ahead of the pack, according to Janet Harrah, Senior Director at NKU's Center for Economic Analysis and Development.
"Nationwide, manufacturing has been coming back, in terms of employment, faster than most industry sectors," says Harrah. "So the fact that we have a large manufacturing base, and a very diversified base at that, has really helped us in terms of job growth over the last 12 to 18 months."
Doing our part
While no economic trend is guaranteed or indefinite, Northern Kentucky residents can support positive momentum at the individual level.
"We are all ambassadors to where we live, work and play," says Tobergte. "We have a hand in showing that this is a friendly, accommodating area -- whether it's the taxi driver, the hotel desk clerk, the restaurateur -- it's incumbent on all of us as we interact in the community.
"We've heard it a number of times, [that corporate site selectors] make decisions about whether their primary industry company is going to invest based on the feel they get for the community," he adds. "It can make a big difference in some of these important decisions that are made."
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