Kentucky has a variety of advantages that make its business climate unsurpassed. And now that Kentucky is a Right-to-Work state, our advantages have grown. Check out this synopsis of our business climate as well as some of the main reasons you’ll find Kentucky right for you.
Top 10 Reasons for Locating or Expanding Your Business in Kentucky:
- Central location in the eastern United States
Within a day’s drive of two-thirds of the U.S. population, Kentucky is located at the center of a 34-state distribution area in the eastern United States, Kentucky’s location advantage facilitates the distribution of goods and materials to a massive industrial and consumer market. Kentucky’s borders are within 1000 km of over 65 percent of the nation’s population, personal income and manufacturing business establishments. That helps when you have to move product, meet with a customer or close a sale.
- Overnight worldwide shipping options
Kentucky ranks 3rd among all U.S. states in total air cargo shipments. That is because Kentucky business is served by not one but two international airports plus major shipping hubs, giving companies a leg up on getting products, papers and packages into the global stream of commerce. Kentucky offers the UPS World Port in Louisville, DHL Americas hub in Northern Kentucky, the Amazon Prime global hub in Northern Kentucky, plus several large FedEx ground hubs throughout the state. Due to this strong presence by the world’s most prestigious logistics companies, products manufactured in Kentucky can get anywhere in the world virtually overnight.
- Comprehensive transportation network
Kentucky is well served by 20 interstates and major highways, major rail networks, barge traffic on the Ohio and Mississippi rivers, five commercial airports and dozens of regional airports. Our ideal transportation network can move products easily and efficiently by air, rail, road and water to all points of the globe. Additionally, Kentucky is in the midst of a broadband revolution – bringing high-speed internet to every county in the Commonwealth.
- Low Cost of Doing Business
Kentucky ranks second lowest in the nation for cost of doing business according to CNBC Financial News. Kentucky’s innovative and progressive tax incentive programs also provide the flexible financial assistance businesses need when locating, expanding or reinvesting in the state.
- Low cost of power
Among the more significant location factors having a direct influence on bottom line costs is the annual capital that must be committed to utility consumption. Kentucky has the lowest cost of electricity in the industrial sector among states east of the Mississippi River and one of the lowest in the U.S., coming in nearly 20 percent lower than the national average.
- Workforce training
Not only are our labor costs below the national average, Kentucky offers workforce recruiting and training assistance for new and existing employees at no charge. Kentucky is currently investing $100+ million into new and expanded workforce training facilities throughout the state. We also offer a personalized approach to your workforce needs – you tell us what you need, and we custom-design a solution, saving you time and money. Last year alone, we trained more than 95,000 people and supported more than 5,000 companies.
- Business-minded educational approach
Kentucky colleges and universities are true partners in the development of the workforce of the future. They understand the needs of business. In fact, from innovative K-12 schools and apprentice-style training to cutting edge research universities and continuing education programs, education is a way of life in Kentucky.
- Strong support for innovation and entrepreneurship
Kentucky’s drive to encourage business innovation and small business startups is evident by the array of unique and effective programs offered for both entrepreneurs and investors. Our statewide Kentucky Innovation Network features 12 offices located throughout Kentucky that offer startup and capitalization assistance as well as mentoring to turn small businesses into larger ones.
- Excellent quality of life
With one of the lowest cost of living rates in the U.S., your money goes further in Kentucky! The cost of living is more than 10 percent lower in Kentucky than the U.S. average, and housing costs alone are up to 30 percent lower. Plus, life outside the office just couldn’t be better than it is in Kentucky. Our breathtaking countryside is home to the heart and soul of America’s thoroughbred industry. Our bluegrass music, crafts and fine arts are known around the world, and our state parks are among the finest in the nation.
- Business-friendly attitude
Businesses want fast, efficient and personalized service, and Kentucky provides it. We listen to you, help identify your needs and then we work with you one-on-one to devise solutions that will maximize your success while lowering your lower your cost of doing business in Kentucky. Whether you are across the street or across the globe our team is eager to assist your business grow in Kentucky.