Why Southern Kentucky?
Growing Population
Southern Kentucky—the center of which is Bowling Green, the third largest city in Kentucky—has a population of more than 284,000 and a labor force of nearly 138,000. The region saw a healthy growth rate of 11.4% from 2000 to 2010, higher than both Kentucky and the national average. Warren County (Bowling Green) grew by 23 percent, making it one of the fastest growing communities in Kentucky.
Central Location
Located conveniently on Interstate 65, Southern Kentucky is a central location that has easy access to northern and southern U.S. business facilities. The region is within 100 miles of the eastern U.S. population center and within a day’s drive of more than 185 million U.S. res
idents (more than 60% of the total population).
Business-Friendly Environment
Southern Kentucky is governed by dedicated officials who understand the value of business. In the 2011 Enterprising States Report prepared by Praxis Strategy Group and Joel Kotkin on behalf of the United States Chamber of Commerce and the National Chamber Foundation, Kentucky is #8 on the list of Top Performing States for Taxes and Regulations. Supporting this finding is the creation of Incentives for New Kentucky (INK), which was enacted by Governor Steven Beshear and the state legislature in 2009 to revise previous incentive programs and create new incentive opportunities for economic development. INK’s support has helped create 14,700 new jobs and retain more than 4,800 existing jobs since the legislation’s implementation.
Rapid Job Growth
In 2010, Bowling Green was ranked #3 in the nation for communities under 200,000 population for projects and job creation by Site Selector Magazine with 21 projects and more than 1,600 new jobs created. The Bowling Green Metropolitan Statistical Area (MSA) is ranked in the top 25 percent of MSAs for economic development efforts by gross domestic product.
Skilled Workforce
The Southern Kentucky labor market includes more than 138,000 workers. Labor output in Kentucky is 1.9 percent above the national average.
Low Costs
According to Economy.com’s June 2010 edition of North American Business Cost Review, Bowling Green was ranked in the top 7 percent of 384 metropolitan areas for lowest overall business cost. These low costs are supported by a low cost of living in South Central Kentucky (10% lower than the national average) and a low tax burden. The state has the 3rd lowest average electric rates in the U.S., both at the industrial and residential level.
Average wages in South Central Kentucky are 82 percent of the national average. Less than 5 percent of workers are part of a labor union and there have been no successful union organizing efforts in the past 5 years. Kentucky is the 4th lowest cost of doing business state in the country according to a 2011 CNBC report.
Available Property and Buildings
Across the region is a wide range of affordable, high quality properties to give clients the flexibility to best meet individual property needs. An added attraction for properties and buildings in the region is the ready availability of fiber optics that can meet even the most demanding requirements.
The Kentucky Transpark is Southern Kentucky’s premier industrial park with 900 acres of land, CSX rail, fiber/dark fiber and T-1 up to DS3, on-site technical training schools and many other amenities. Speculative Building III is currently being constructed in the Transpark—a 118,000 square foot shell building with 38’ eaves and 40’ x 100’ column spacing.
Advanced Education
Southern Kentucky is home to numerous post-secondary institutions including Western Kentucky University, Bowling Green Technical College, Daymar College and Lindsey Wilson College.
More than 20,000 students are enrolled at Western Kentucky University, which is the fastest growing university in Kentucky. The university offers ABET-accredited engineering programs in civil, electrical and mechanical engineering and is home to many research and development assets, including the only large-chamber scanning electron microscope at a North American university.
Bowling Green Technical College, part of the Kentucky Community and Technical College System (the nation’s fastest growing technical college system), provides workforce training and degrees in a variety of fields along with international certifications.
Quality of Life
The 2011 Enterprising States Report identified Kentucky as #1 in the nation for quality of life. Home to the National Corvette Museum and Mammoth Cave (the world’s largest cave system), Southern Kentucky offers unique entertainment and recreation opportunities in all 10 counties.
Bowling Green has launched a $150 million downtown redevelopment project that includes the Bowling Green Ballpark—home to the Bowling Green Hot Rods, a Class A Midwest team and affiliate of the Tampa Bay Devil Rays—and the Southern Kentucky Performing Arts Center (SKyPAC), which is scheduled to open in March 2012. Planned additions to the downtown redevelopment project include
· A private investment mixed-use building estimated at $25 million and featuring shops, restaurants, office space and condominiums developed by Music City USA.
· A seven-block corridor leading to Western Kentucky University, with a parking garage and hotel.
· A new Western Kentucky University nursing school adjacent to The Medical Center and Graves-Gilbert Clinic.