Northern Kentucky Tri-ED Announces 2015 Economic Impact of Industry GrowthFebruary 17, 2016
Ft. Mitchell, KY – Northern Kentucky Tri-ED honored 22 companies that located, expanded or were launched in the region in 2015 at its annual recognition event, the Northern Kentucky Thoroughbreds, today at the Drees Pavilion. The 2015 Northern Kentucky Tri-ED Annual Report was released highlighting the direct and indirect impact of jobs and investment from primary industry companies and entrepreneurs.
“All of our economic indicators rose significantly in 2015, making it an excellent year for the three county region,” said Boone County Judge Executive Gary Moore, NKY Tri-ED Board Chair. “Northern Kentucky Tri-ED facilitated more projects and capital investment than in the previous three years, all significant contributions to the success of the Cincinnati MSA’s economy in 2015.”
2015 Project Impacts
On average, NKY Tri-ED attracts or facilitates the expansion of 22 companies in the three-county region each year. In 2015, 27 primary industry companies planned new investments in Northern Kentucky, including eight new market entries and 19 existing companies.
“Capital investment in new infrastructure and equipment in 2015 was the fourth highest for the Northern Kentucky region since 1987 and a 105 percent increase over 2014,” added Dan Tobergte, President and CEO of NKY Tri-ED. “This investment generated more than 2,400 direct new jobs in Northern Kentucky and will have a projected impact of 2,000 indirect jobs created for the Cincinnati MSA.”
The annual economic impact study of primary industry growth for 2015 was conducted by NKY Tri-ED and shows total impact of the 27 projects as follows:
|Jobs||Business Sales/Output||Labor Income||Capital Investment|
|Direct Effects on NKY||2,435||$355.5MM||$110.3MM||$459.8MM|
|NKY Indirect/Induced Effects||2,000||$187.1MM|
|Total Impacts on Cincinnati MSA||4,435||$542.6MM|
|% Increase Over 2014||17%||31%||9%||105%|
27 companies planned for new locations or expansions in Northern Kentucky in 2015, including:
|Boone County Distilling Co.||GotPrint.com||Robert Bosch Automotive Steering|
|Braxton Brewing||Greensky Trade Credit||Southeastern Freight Lines|
|Citi||Logomat Automation Systems||SPSI|
|David J. Joseph Company||Meggitt||Studio Vertu|
|DHL||Monoprice Inc.||Verst Group Logistics|
Retaining and Expanding Existing Businesses
NKY Boost, the award-winning NKY Tri-ED Business Retention & Expansion (BR&E) program, is a partnership effort with the region’s private businesses, local governments and regional allies.
Led by Wade Williams, SVP, and Kevin Donnelly, Senior Manager, in partnership with community allies, more than 80 business retention visits were conducted with a diverse group of local manufacturing, office, IT, distribution/logistics and entrepreneurial businesses to thank them for doing business in Northern Kentucky, to assist them in identifying growth opportunities and to resolve any issues constraining their growth.
“We developed nearly 30 percent of our 95 total project leads in 2015 through the NKY Boost program,” added Williams. “From our visits to our existing industry base, we know that 90 percent of companies in Northern Kentucky are hiring and 86 percent anticipate sales growth in the next year. Northern Kentucky’s economic future is bright.”
In honor of Duke Energy’s long standing support of economic development in Northern Kentucky, and specifically the start-up funding provided to launch NKY Boost, NKY Tri-ED and Duke Energy annually present the NKY Boost Ally Award. The award recognizes the support of an organization for NKY Boost and its exemplary service to Northern Kentucky businesses.
“Northern Kentucky Tri-ED is proud to recognize the Northern Kentucky Chapter of the Kentucky Federation for Advanced Manufacturing Education (NKY FAME),” said NKY Tri-ED Board Chair Moore. “NKY FAME has achieved significant momentum in developing an educated and trained workforce for the manufacturers in our region.”
Expanding High Growth Entrepreneurship
The Kentucky Innovation Network at Northern Kentucky, led by Casey Barach, SVP, is the regional leader in locating funding for companies in the early stages of development. In 2014-15, the NKY office assisted 45 clients, which ultimately created 262 jobs and secured $13.7 million in investment funds.
The Kentucky Angel Investment Tax Credit (KAITC), passed by the Kentucky legislature in 2014, drove nearly $7.5 million into early stage deals statewide. Fifteen Northern Kentucky early stage companies qualified under the new KAITC program, securing $1.3 million in investment. “The Kentucky Angel Investment Tax Credit is being recognized as one of the best tax credit programs in the US, helping us fund and grow more early stage start-up companies in Northern Kentucky and spurring other early stage investment funds in this region,” said Thomas Prewitt, Chair of Tri-ED’s Entrepreneurship Committee.
UpTech, the Northern Kentucky informatics business accelerator launched in 2012 and led by Program Director J.B. Woodruff, announced its fourth class of eight startup companies and was additionally awarded a $100,000 grant – the highest amount in the state – for continued operations by the Kentucky Cabinet for Economic Development.
About Northern Kentucky Tri-ED
Founded in 1987, the Northern Kentucky Tri-County Economic Development Corporation (Northern Kentucky Tri-ED) serves as the primary economic development entity for Boone, Campbell and Kenton counties in Northern Kentucky. Since 1987, more than 620 primary industry projects have created more than 54,000 jobs and invested more than $7.3 billion. Northern Kentucky Tri-ED is part of the Kentucky Innovation Network, a network of business leaders and mentors that encourage relationships, grow companies new and existing, and create jobs. Northern Kentucky Tri-ED is a key partner in Skyward, which manages the region’s strategic plan for growth, myNKY. For more information, visit www.NorthernKentuckyusa.com. Northern Kentucky Tri-ED can also be followed through social media channels via Facebook, LinkedIn, Twitter and YouTube.