Under the direction of the Kentucky Economic Development Partnership Board, the Cabinet for Economic Development today announced it has engaged Boyette Strategic Advisors (BSA), an economic development consulting firm, to develop a statewide economic development strategic plan. Titled, Kentucky's Unbridled Future, the plan will provide direction to enhance job creation and investment in the Commonwealth of Kentucky over the next several years.
"State economic development agencies in today's global economy must have a clear understanding of their strengths, weaknesses and advantages on a global level," said Luther Deaton, chairman, president and CEO of Central Bank & Trust Company and vice chair of the Partnership Board. "They must adopt an adaptable, strategic and modern approach to economic development. The Partnership Board very much looks forward to the creation of such a plan for the Commonwealth."
The plan, which is expected to be completed by late October 2011, will identify emerging business sectors for Kentucky and make strategic recommendations designed to position the Commonwealth for economic development success based on its key assets for business.
In addition to thorough research to be conducted by BSA, input from a broad cross-section of stakeholders will also be a key component of developing the statewide economic development strategic plan. A series of visioning meetings will be held across the state to facilitate the process of gathering input from stakeholders. Additionally, citizens are encouraged to complete a confidential online survey that will help shape the outcome of the final plan.
"We want this process to truly be inclusive of anyone that wishes to share their thoughts and ideas for making Kentucky the most competitive it can be from an economic development standpoint," said Cabinet for Economic Development Secretary Larry Hayes. "We invite all those that have an interest in Kentucky's economic success to make their voices heard by attending one of the visioning meetings and completing the online survey."
The online survey can be accessed by clicking on
this link.
Dates, times and locations of the seven statewide economic development visioning meetings are as follows:
Tuesday, July 26 9 a.m. – noon CT Kentucky Dam Village 2184 U.S. Highway 62 Gilbertsville, Ky.
Wednesday, July 27 9 a.m. – noon CT National Corvette Museum Conference Center 350 Corvette Drive Bowling Green, Ky.
Thursday, July 28 8:30 a.m. – 11:30 a.m. ET Lexington Convention Center Elkhorn Rooms A-D 430 West Vine Street Lexington, Ky.
Thursday, July 28 2 p.m. – 5 p.m. ET Corbin Technology Center 1909 Snyder Street Corbin, Ky.
Tuesday, August 2 9 a.m. – noon ET KFC YUM! Center Hickman Camp Room 1 Arena Plaza Louisville, Ky.
Wednesday, August 3 9 a.m. – noon ET East Kentucky Expo Center Ballroom A & B 126 Main Street Pikeville, Ky.
Thursday, August 4 9 a.m. – noon ET The METS Center Auditorium 3861 Olympic Blvd. Erlanger, Ky.
"Having a clear and comprehensive strategic plan is a must for economic development organizations in today's evolving economy," said Mike Mangeot, president and CEO of the Kentucky Association for Economic Development. "I support the Cabinet's efforts to provide the Commonwealth with a blueprint that will move our economy forward. Additionally, I know that this plan will also be a valuable resource for our statewide network of local economic development organizations. I look forward to being a part of this process."
"It's absolutely essential that we stand back and ask ourselves how our economic development programs are working in today's economic climate, what Kentucky's competitive advantages are and how we can grow businesses in the Commonwealth," said Dave Adkisson, president and CEO of the Kentucky Chamber of Commerce. "A lot of the old rules are now obsolete because of the fall-out from the Great Recession and the new level of international competition for jobs, companies, money and talent. I'm thrilled that the Cabinet is taking a strategic look at the new reality we are living in. We can't afford to sit still."
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