For example, the evaluation of where to locate a new facility, or which existing facility to expand, almost always includes an assessment of the state and the region. Some of the criteria considered include:
Many organizations use multifactor analysis to rank states, cities, and regions based on issues connected to public policy. Some, like the Tax Foundation, look at one aspect of competitiveness. In 2023, the Tax Foundation ranked Kentucky as having the 18th best overall tax environment in the country. Individual rankings included #23 for property taxes, #18 for individual income tax, #15 for corporate taxes and #13 for sales tax. A similar analysis is also done by people as they evaluate a region before making relocation decisions based on multiple “quality of life” factors including job opportunities, tax burden, housing costs and availability, public safety, education, inclusiveness, and other cultural amenities.
In today’s polarized political climate, it can feel intimidating to engage in government relations and advocacy work, but it is a necessary activity to building a more economically successful region. State and federal governments provide grant programs and other investments to help support regions with site development for jobs, infrastructure, affordable housing, childcare, transportation, broadband, and workforce training. Tax laws, incentives and regulations can help with the attraction of industry sectors and workers.
There is power in advocating as a united region to leaders in Frankfort and Washington, D.C. for policy priorities with mutual benefit for all communities. There is also power in educating government leaders about the rapidly changing landscape for competitiveness so we can work together on strategies to increase jobs, GDP, and labor force within our nine-county region.
To learn more about the priority policy issues for the Greater Lexington region, join Commerce Lexington and regional leaders at The Regional Summit on November 29 at the Hyatt Regency in Lexington.
To learn more or to register, VISIT HERE.