Doing Business in Kentucky. Presented by Finn Weisse Director , European Representative Office September ____, 2013. Kentucky. Kentucky Fast Facts. Population: 4,339,435 26th largest in U.S. T otal land area: 40,409 square miles 37th largest in U.S. Largest cities:
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Presented byFinn Weisse
Director, European Representative Office
September ____, 2013
26th largest in U.S.
Total land area: 40,409 square miles
37th largest in U.S.
Frankfort is the state capitol
Kentucky exports in 2012 hit a record $22.1 billion
KY Exports All Sectors, 2009-2012 ($ Billions)
Exports to Japan were up 22.9%; Austria up 106%; Sweden up 215%; and Italy up 41.5% over 2011 exports
Exports added nearly $4.7 billion to Kentucky’s GDP and created 45,760 jobs in 2012
Kentucky ranks 19th in the U.S. in exports; 14th on a per capita basis
Year-to-Date Comparison (thru August)
Investment ($ billions)
#1 in Job Growth Rate in Eastern U.S. November 2011 to November 2012
KentuckyTop Job Growth Rate in Eastern U.S.
In 2012, Kentucky enjoyed the tenth-largest gain in jobs relative to the size of its economy, adding 37,600 jobs, a 2.1 percent increase. – Bureau of Labor Statistics
Source: U.S. Bureau of Labor statistics
Nations visited on recent economic development trips
Approximately 420 foreign-owned facilities from 30 nations employ nearly 79,000 full-time in Kentucky.
Three-year employment growth rate among foreign-owned facilities was 12 percent, compared to overall growth rate of 6 percent.
In 2012, nearly 35 percent of new capital investment and almost 20 percent of all new jobs announced in Kentucky were a result of foreign direct investment.
Within 500 miles of more than 60 automotive and truck assembly plants
Within 600 miles (1000 km) of 65% of the U.S. population
Within 2-hour flight time of 60% of U.S.
Over 450 automotive-related facilities in Kentucky employ more than 79,000 full-time employees
Four OEM Assembly plants
Automotive-related employment accounts for nearly 17 percent of total manufacturing employment statewide
2011 – 2012
134 auto industry location or expansion announcements
~ 7,200 new jobs
$1.76 billion invested
Ranked #2 in Automotive Manufacturing Strength by Business Facilities magazine:
When you factor in the expansion of Toyota’s huge assembly complex in Georgetown, GM’s commitment to build next-generation Corvettes in Kentucky, and a new advanced battery technology center, you have the makings of a 21st Century automotive powerhouse.
Ranked 1st in competitive utility rates by site location consultants in 2011
Lowest industrial power cost (5.05¢ per kWh) in the Eastern U.S.
More than 25% lower than U.S. average
Area Development Magazine, 2011 Site Consultants Survey; Energy Information Administration/Electric Power Annual (2010); Ibid
Ranked 7th most business
friendly state for new firms
CNBC ranked Kentucky #1 in lowest cost of doing business (labor, taxation, transportation, energy) in the U.S. in 2011
North American Business Cost Review (2010), Tax Foundation (2012)
Business Facilities Magazine (Summer 2011)
Lowest cost of living in the U.S.
12th lowest residential electric costs
9th lowest crime rate
12th lowest median housing cost
52 state parks and 50+ major lakes
70,000 miles of rivers
Source: C2ER 2011 ACCRA Cost of Living Index
57 German-owned facilities in Kentucky employ more than
178 European-owned facilities in Kentucky employ nearly
The Cabinet serves as your liaison
with various partners