Business & Industry:
The region serves as a health care, retail, and cultural center for both Central and Eastern Kentucky. Whether you’re seeking employment or looking to start a business, Lexington is an ideal destination for entrepreneurs, innovators, dreamers, and disruptors. Anchored by the state’s flagship, research university, the University of Kentucky, and fueled by a highly educated and affordable workforce, the Bluegrass Region’s entrepreneurial ecosystem is equipped with all of the resources that help startups succeed.
Despite a solid base of manufacturing and automotive suppliers, the Bluegrass Region is mainly a service-based economy. By itself, manufacturing is one of the larger employers and the highest wage payer in the Bluegrass. However, when combined, the various service sectors easily outpace manufacturing in both employment and wages. Especially strong in the areas of health care and education, the service sector continues to be the main economic engine for the region.
In terms of median and per capita income, the Bluegrass easily outpaces the state of Kentucky as a whole. It matches up much more favorably with the U.S. average on median household, family, and personal income, as well as per capita income.
Because of its relatively low utility costs, Lexington has remained a very affordable place to do business. Kentucky enjoys a tremendous competitive advantage in the provision of energy, natural gas, and water supply. The has the lowest cost of electricity in the industrial sector among states east of the Mississippi River. According to the Energy Information Administration, Kentucky’s industrial electricity rates are seventh lowest nationally and over 18% percent lower than the national average. This was certainly a contributing factor when the city was named #6 among Cities with the Lowest Startup Costs (SmartAsset).
One of Lexington’s key business attributes is its central location, especially from a logistics standpoint. It is 600 miles from over two-thirds of the U.S. population, sitting at the crossroads of two major interstates (I-75 and I-64) and giving companies here direct access to both north-south and east-west routes.
The University of Kentucky, Toyota Motor Manufacturing, Fayette County Public Schools, Amazon, Conduent, and Baptist Health are among the major employers within the Lexington MSA. Citizens also enjoy strong employment opportunities in equine related businesses, health care, retail and services. Principal manufactured products include automobiles, automobile parts, peanut butter, cutting tools, heating and air conditioning equipment, paper cups and products, software, sunroofs, and military equipment
Despite a solid base of manufacturing and automotive suppliers, the Bluegrass Region is mainly a service-based economy. By itself, manufacturing is one of the larger employers and the highest wage payer in the Bluegrass. However, when combined, the various service sectors easily outpace manufacturing in both employment and wages. Especially strong in the areas of health care and education, the service sector continues to be the main economic engine for the region.
In terms of median and per capita income, the Bluegrass easily outpaces the state of Kentucky as a whole. It matches up much more favorably with the U.S. average on median household, family, and personal income, as well as per capita income.
Because of its relatively low utility costs, Lexington has remained a very affordable place to do business. Kentucky enjoys a tremendous competitive advantage in the provision of energy, natural gas, and water supply. The has the lowest cost of electricity in the industrial sector among states east of the Mississippi River. According to the Energy Information Administration, Kentucky’s industrial electricity rates are seventh lowest nationally and over 18% percent lower than the national average. This was certainly a contributing factor when the city was named #6 among Cities with the Lowest Startup Costs (SmartAsset).
One of Lexington’s key business attributes is its central location, especially from a logistics standpoint. It is 600 miles from over two-thirds of the U.S. population, sitting at the crossroads of two major interstates (I-75 and I-64) and giving companies here direct access to both north-south and east-west routes.
The University of Kentucky, Toyota Motor Manufacturing, Fayette County Public Schools, Amazon, Conduent, and Baptist Health are among the major employers within the Lexington MSA. Citizens also enjoy strong employment opportunities in equine related businesses, health care, retail and services. Principal manufactured products include automobiles, automobile parts, peanut butter, cutting tools, heating and air conditioning equipment, paper cups and products, software, sunroofs, and military equipment
Upcoming Events: |
|
|