Northern Kentucky Named top Mid-Market in South by Magazine
Northern Kentucky Tri-County Economic Development Corporation (Tri-ED) announced that Southern Business & Development (SB&D) named Northern Kentucky the 2013 Mid Market of the Year in the “Top Deals and Hot Markets 2013” in the South feature. This is the first time in Tri-ED’s 26-year history that the community has received this designation.
Kentucky ranked number nine in the 2013 SB&D 100.
“We’re thrilled that Northern Kentucky is being recognized for Tri-ED’s success in 2012, especially among our very competitive southern mid market peers,” said Steve Pendery, Campbell County Judge Executive and Tri-ED Chairman. “Northern Kentucky Tri-ED aggressively marketed the region throughout the economic downturn and now Boone, Campbell and Kenton counties are benefitting with new company locations and existing industry expansions creating new jobs in our community.”
On average, Tri-ED attracts or facilitates the expansion of 22 companies annually in Boone, Campbell and Kenton counties. In 2012, 24 new primary industry companies announced expansions in Northern Kentucky with 12 new market entries and 12 existing companies announcing expansions and new jobs in the region. 3,774 direct jobs were announced in 2012, nearly triple what was announced in 2011, and ranking fourth highest in Tri-ED’s 26-year history.
“2013 has gotten off to a strong start, the momentum of new jobs and investment in Northern Kentucky is on the upswing,” said Dan Tobergte, President & CEO of Tri-ED. “Newly Weds Foods location near CVG, the expansion at L’Oreal USA in Boone County and Ethos Laboratories’ redevelopment in Newport are all exciting developments for our region.”
Advanced manufacturing, office/tech operations, life sciences and e-commerce/logistics were strong sectors in 2012. “Northern Kentucky Tri-ED has strategically worked to create a diverse, primary industry economy in Northern Kentucky,” added Tobergte.
Scores (methodology explained below):
Northern Kentucky: 80 points
Lake Charles, La.: 50 points
Columbia, S.C.: 45 points
Chattanooga: 40 points
Charleston, S.C.: 30 points
Huntsville-Decatur: 30 points
Notable Northern Kentucky Deals:
Citicorp, 400 jobs
Elovations, 696 jobs, $14m investment
iHerb, 600 jobs, $30m investment
About SB&D's methodology:
We can't think of a better way to judge a state's attractiveness to industry than to count and identify the companies making significant financial commitments to that state. That's what we do with the annual SB&D 100. We count the number of companies making public commitments of 200 jobs or more and/or $30 million or more in investment.
All announcements found in the SB&D 100 were made public by a representative of the company. Job and investment totals are those that have been projected by a company spokesperson over a three-year period. Only new, expanded and relocated manufacturing and selected service projects are eligible for the ranking. Government projects such as prisons and military bases are eligible; however, retail, lodging and some entertainment-based announcements are not. Real estate investments such as office buildings and industrial parks are not eligible.
Ten points are earned for each SB&D 100 announcement and five points are given for each JMD (just missed deal). This year's SB&D Job 100 threshold is 313 jobs – number of jobs for the 100th largest project -- so all announcements made of 313 jobs or more earned 10 points. Five points are given for announcements of 200 to 312 jobs. This year's Investment 100 threshold is $102 million, meaning 10 points were awarded for announcements exceeding that investment, and five points for deals $30 million to $102 million. State of the Year honors were chosen based on performances the previous calendar year.
Market recognition is based totally on points. Markets include Mega (2.5 million-plus in population), Major (750,000 to 2.499 million), Mid (250,000 to 749,999) and Small (under 250,000).
Source: news release
Photo: RiverCenter Blvd. in Covington/RCN file