Economic development: location, location, low cost

By wmadministrator

Kentucky consistently earns recognition nationally for economic development against much larger competition because it has strengths that make it the best place to do business in the United States. Here are the top 10 reasons why the Bluegrass State is the right place to grow your business.

1. We are right in the middle. Located within a day’s drive of two-thirds of the US population, the bluegrass region is at the center of a 34-state eastern US distribution area and the world’s most important industrial and consumer market.

2. Unsurpassed logistics. Kentucky ranks second nationwide for air freight shipments. The business is served by two international airports with three global shipping hubs — the UPS Worldport, the DHL Americas hub in northern Kentucky, and the Amazon Air Hub — as well as multiple FedEx ground hubs. Made in Kentucky today? It can be anywhere in the world practically overnight.

3. Effective networking. Kentucky is served by 20 interstates and major highways, major rail networks, the Ohio and Mississippi Rivers, five commercial airports and dozens of regional airports. This transportation network can efficiently ship products to anywhere in the world by air, rail, road, and water.

4. Business Expenses. According to CNBC, Kentucky ranks first in the nation for the cost of doing business. Kentucky’s innovative and progressive tax incentive programs provide flexible support for companies locating, expanding or reinvesting
the State.

5. Electrifying electricity tariffs. Kentucky has the lowest industrial electricity costs of the states east of the Mississippi – nearly 20% lower than the national average.

6. Training the workforce of the future. The Kentucky Cabinet for Economic Development provides free workforce recruitment and training assistance. In addition, KCED can develop a custom solution to meet specific requirements, saving time and money. In 2021 alone, KCED has trained over 95,000 people to support 5,000 businesses.

7. A business-oriented approach to education. Kentucky’s colleges and universities are true partners in creating the workforce of the future. They understand the needs of business, from innovative K-12 schools and apprenticeships to cutting-edge research universities and continuing education.

8. Strong support for innovation and entrepreneurship. Kentucky encourages innovation and small business startups through a number of unique, effective programs for entrepreneurs and investors. The KY innovation office offers start-up and capitalization support as well as mentoring to turn ideas into reality.

9. Unsurpassed quality of life. Dollars keep going in Kentucky! The cost of living in Kentucky is more than 10% lower than the US average; Housing costs are up to 30% lower. Life outside the office couldn’t be better. Central Kentucky’s breathtaking scenery is the heart and soul of America’s thoroughbred industry. Bluegrass music, crafts and visual arts are known around the world.

10. Entrepreneur-friendly attitude. The Kentucky Cabinet for Economic Development team will help you identify needs and work with you personally to develop solutions that maximize your success while reducing costs.