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1 Why Kentucky? Governor Ernie Fletcher Commonwealth of Kentucky September 28-30, 2004.

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Presentation on theme: "1 Why Kentucky? Governor Ernie Fletcher Commonwealth of Kentucky September 28-30, 2004."— Presentation transcript:

1 1 Why Kentucky? Governor Ernie Fletcher Commonwealth of Kentucky September 28-30, 2004

2 2 Introduction to Kentucky 600 Miles

3 3 Kentucky: Quick Facts

4 4 Population of 4,117,827 –ranks 26th among the states Total land area is 40,409 square miles –ranks 37 th among the states Four largest cities: –Louisville 699,017 –Lexington 266,798 –Owensboro 54,312 –Bowling Green 50,663 Louisville is the 16th largest metro in the country Frankfort is the state capital

5 5 Top 10 Reasons to Choose Kentucky

6 6 #10 – Quality of Life Cost of living 11% below national average Lowest residential electric costs in U.S. Kentucky has the 9 th lowest crime rate in the U.S. The 12 th lowest median housing cost in the U.S. World class sporting events Cultural and recreational opportunities Temperate climate

7 7 #9 – Workers Compensation Reform Reform has reduced requests for claims by 56% from 1993-94 to 2001-02 Kentucky’s cost of workers compensation has declined 35% between 1996 and 2003 Workers compensation costs are near the national average

8 8 #8 – Low Taxes Our state and local tax burden is more than 15% below the national average Per capita state and local property taxes are the 5 th lowest in the nation Manufacturing machinery is exempt from all local property taxes and taxed at a low state rate of 15 cents per $100 value

9 9 #8 – Low Taxes No local sales taxes are permitted in Kentucky and most services are exempt from sales and use taxes Major sales and use tax exemptions for businesses include: –Machinery for new or expanded industry –Raw materials –Energy used in manufacturing, exceeding 3% of production costs

10 10 #7 – Great Financial Incentives Progressive tax incentives –Manufacturing –Service businesses –Technology businesses Grants for customized skills training are provided by the Bluegrass State Skills Corporation

11 11 #6 – Transportation Network Kentucky is the only state with two containerized cargo hubs, UPS and DHL The July 2004 issue of Air Cargo World ranked the top 50 cargo airports worldwide –Louisville Airport ranked 11 th –Cincinnati/N. Kentucky ranked 39 th The July 2004 issue of Air Cargo World ranked the top 30 cargo airports of North America in tonnage –Louisville Airport ranked 6 th –Cincinnati/N. Kentucky ranked 17 th

12 12 #6 – Transportation Network Extensive highway, air, rail and waterway transportation systems AirWaterwayHighway

13 13 #5 – Central Location Within 600 miles of Kentucky: –65% of the U.S. population –87% of the Eastern U.S. population

14 14 #4 – Attractive Business Climate Ranks 12 th in latest list of top 25 state business climates Kentucky has the lowest overall cost of doing business, east of the Mississippi River 4 th lowest nationally

15 15 #3 – Low Power Cost Industrial electric power costs rank as the lowest in the nation Kentucky’s abundant supply of coal and proximity to coal-burning utility plants should keep electrical power costs low for years to come

16 16 #2 – Productive Workforce Kentucky produces more value per dollar of wage than any of our competitor states Kentucky’s workforce is 5.1% more productive than the U.S. average Kentucky ranks 13 th among the 50 states in Gross State Product produced per $1 of wage

17 17 #1 – Education Kentucky’s Workforce Training Programs are ranked 5 th in the U.S. Kentucky’s schools are performing better in comparison to their national peers than ever before Computers are accessible to all students Workers have many opportunities to enhance educational skills

18 18 Choose Kentucky: Top Ten Reasons 1.Education 2.Productive Workforce 3.Lowest Industrial Electric Cost 4.Attractive Business Climate 5.Central Location 6.Transportation Network 7.Great Financial Incentives 8.Low Taxes 9.Workers Compensation Reform 10.Quality of Life

19 19 International Flavor

20 20 International Flavor 343 foreign-owned manufacturing and supportive facilities in Kentucky with 71,580 full-time employees 160 European-owned manufacturing and supportive facilities in Kentucky with 28,485 full-time employees

21 21 International Flavor Total international investments in Kentucky total more than $23.7 billion –7 th highest among the states per capita Total international investments in Kentucky have created 87,700 jobs –13 th highest among the states

22 22 International Flavor NationalityEstablishmentsEmployment Austrian5495 Belgian4600 British263,532 Danish2120 Dutch111,542 Finnish3431 French233,882 German5811,857 Irish7525 Italian4184 Luxembourg175 Norwegian155 Spanish31,518 Swedish81,575 Swiss31,052

23 23 Italy Comefri GmbH Gnutti Carlo SpA Perfetti Van Melle Camet Mecondor

24 24 International Flavor Exports exceed $10.7 billion –Ranks 12 th in U.S. Exports to the world support 47,400 jobs in Kentucky

25 25 Success Stories

26 26 Success Stories 2nd among states in the Site Selection 2003 Competitiveness Award, based on 10 quantifiable criteria for measuring business expansion activity (Site Selection, May 2004) 10th in 2003 Site Selection Governor’s Cup awarded annually to U.S. states with the most new and expanded facilities. KY has the smallest population of the states on the top 10 list (Site Selection, March 2004)

27 27 Success Stories 3rd for 2003 State Count of Towns in the Top 100 with 12 towns (Site Selection, March 2004) 6th as a location in survey of executives considering expansion and 6th in a survey of where companies have actually located. KY is the 2nd smallest state in either ranking (Plants, Sites and Parks, January 2004)

28 28 Success Stories Tied for 9th for Site Selection’s States with the Most Metros in the Top 100 with 4 metros (Site Selection, March 2004) 12th of all states in exports per capita in 2003 (Source: MISER 2003) Vehicle production ranks 4 th in the U.S. 9.8% of all cars/trucks produced in the U.S. are made in Kentucky

29 29 Success Stories “For a Small State, Kentucky is a fierce competitor for both domestic and international investment. From unique programs to worker training to education reform, Kentucky is a national leader.” Tim Veneble, Site Selection Magazine

30 Questions? Governor Ernie Fletcher Commonwealth of Kentucky

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