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Executive Summary Commonwealth of Kentucky Magistrates Henry W. Bertram Magistrates Alan Whaley Pendleton County Judge/Executive Gary Veirs Bobby Fogle 233 Main St. Room 4 Stacey Wells Falmouth, Kentucky 41040 Ph (859) 654-4321 Fax (859) 654-5047 [email protected] www.pendletoncounty.ky.gov To The Pendleton County Community: This Pendleton County economic marketing analysis was prepared to provide meaningful data, information and insight to local leaders involved in enhancing the quality of life for Pendleton County residents as well as developers and entrepreneurs interested in economic development opportunities. The data contained in the analysis is designed to be current, general in nature and to highlight social and economic trends Pendleton County is experiencing. The data comes from several sources all of which are government agencies. Cumulatively, this analysis offers insight into the socio economic character of the county which local leadership can use in formulating policies to address community development needs which result in the fundamental and sustainable growth and development of the Pendleton County community. A review of this analysis also offers a realistic overview of the economic development potential Pendleton County has to offer to commercial, industrial and housing developers and entrepreneurs. The leadership and staff of Pendleton County stand ready to assist in interpreting the data or providing further information to interested organizations or individuals. Those with enquiries about this analysis or Pendleton County are invited to contact the Pendleton County Fiscal Court at 859-654-4321. Henry Bertram, Judge Executive Pendleton County Fiscal Court TABLE OF CONTENTS: PAGE TABLE OF CONTENTS I. LIST OF GRAPHICS II. ACKNOWLEDGEMENTS IV. INTRODUCTION V. EXECUTIVE SUMMARY VI. CHAPTER I. PENDLETON COUNTY COMMUNITY PROFILE 1 CHAPTER II. DEMOGRAPHIC TRENDS ANALYSIS 24 CHAPTER III. RETAIL TRADE ANALYSIS 121 I. ACKNOWLEDGEMENTS: An analysis of this magnitude could not be prepared without the cooperation and collaboration of many contributors. The Community Development Office greatly acknowledges the assistance provided by the Pendleton County Chamber Of Commerce, the Pendleton County Industrial Development Authority and the Northern Kentucky Area Development District in the preparation of this analysis. The Community Development Office offers special thanks to Northern Kentucky University for providing an internship program, which allowed the Community Development Office to acquire two exceptional research assistants, Matt Skeen and Michelle Snovak. They contributed greatly in the preparation of the data sets and graphics. The work they performed was invaluable to the completion of the analysis. The Community Development Office also offers special thanks to Ron Crouch, Director of the University Of Louisville’s Urban Studies Center and Dr. Eric Thompson, Associate Director of the University Of Kentucky’s Center For Business And Economic Research, for their guidance and peer review of the research material. The Community Development Office would like to acknowledge the leadership, vision and support shown this project by Henry Bertram, Judge Executive of Pendleton County and Gene Flaugher, Mayor of the city of Falmouth. This document is, in part, the product of their continuing work to enhance the quality of life for all citizens of Pendleton County through a sound, systematic and collaborative planning process. INTRODUCTION: The purpose of this analysis is to determine Pendleton County’s potential to expand its economic base, which includes commercial, industrial and service sector development. It contains a general overview of key demographic, economic and locational data sets which not only provide county leadership with information critical in policy making but also provide entrepreneurs, developers and investors with tools useful in determining the county’s potential as a commercial, industrial or service sector business location. Also, this analysis is designed to contain information useful to existing business owners who seek opportunities to expand their existing businesses in the county. Each data set presented in this analysis was strategically selected for review because of its unique role in contributing to quality of life. The research presented here is designed to be general in nature, easily updateable and expandable. These data can be further refined where necessary for application by a particular user. Also, as new reliable data becomes available, they will be incorporated in this analysis. Throughout most of this analysis, Pendleton County is compared to all the counties in the Northern Kentucky Area Development District including Boone, Kenton, Campbell, Carroll, Gallatin, Grant and Owen with the additions of Bracken and Harrison counties. These latter two counties are included in the analysis because they border Pendleton County and share many cultural and economic ties with Pendleton County. These counties and Pendleton constitute the planning group. This comparison is performed to provide perspective as to how well or poorly Pendleton County is progressing relative to the region. Where available, the data sets for the planning group are presented for the decades of 1960 to 2000. This time period constitutes the planning period. In some cases, data projections are available beyond 2000. Where applicable, they are incorporated. The purpose of including data sets from several time periods is to develop an understanding of quality of life trends Pendleton County is experiencing relative to the planning group. In most cases, data contained in this analysis was derived from the U.S. census, CITY AND COUNTY DATA BOOK. Where not applicable or available in this publication, data was derived from other reliable sources, which, in many cases, collected information from one or more government agencies. In all cases, the data contains the source for verification. For more information about this analysis, the potential for development in Pendleton County or TO OBTAIN A PDF COPY OF THE GRAPHICS AND MAPS VIA E-MAIL, CONTACT: Bill Mitchell, Staff Jack Wright, Executive Director Pendleton County Community Development Office Pendleton Industrial Development P.O. Box 213, 135 West Shelby Street Authority Falmouth, Kentucky 41040 P.O. Box 213, 135 West Shelby Street Falmouth, Kentucky 41040 Phone: 859-654-4567 Fax: 859-654-4309 Phone: 859-654-4332 E-mail: [email protected] Fax: 859-654-4309 E-mail: [email protected] V. EXECUTIVE SUMMARY: This analysis first begins with a Pendleton County community profile. This profile highlights Pendleton County’s geographic location, rate of population growth, area manufacturers, tax structure and availability of community services. This chapter is structured to provide community resource information important to developers seeking to locate or expand a business in the county. Pendleton County is strategically located within 60 miles of 2,700,000 people and a 24 hours driving time of one-half of the U.S. population. The county lies midway between Lexington, Kentucky to the south and Cincinnati, Ohio to the north. U.S. 27 bisects the central portion of the county moving north/south toward Cincinnati and Lexington. Interstate 75 is located 15 miles to the west in Grant County. This positioning has lead to an above average increase in population growth. In fact, the county’s population growth from 1960 to 2000 is greater than that of the state average or that of the entire planning group. The county’s rate of unemployment has also seen benefits by remaining lower than that of the state average for the entire planning period and that of the planning group for all decades except 1990. A 35-minute or less commute to the urban areas coupled with 10 major local manufactures and other local employment providers accounts for this low unemployment rate. The county’s positioning also provides advantages for those seeking post secondary education. Twenty-five major colleges and universities are located within 60 miles of the county. Research next turns to a demographic trends analysis of Pendleton County. This analysis provides socio economic information about Pendleton County and the planning group from 1960 through 2000. It is intended as a tool in analyzing a county’s rate of improvement in quality of life over the planning period. Pendleton County is a young and growing community. It has an above state average rate of population growth and in migration of residents. This has produced a population with the third lowest median age in the planning group. These residents constitute a substantial middle class with incomes higher than the state average. This has also produced lower poverty rates for total population and children in poverty than the state average. The distribution of employment in the county is not as varied as in many counties in the planning group. Manufacturing, construction and service occupations constitute less of a share of the total workforce in Pendleton County than they do in many counties in the planning group. The percentage of jobs in agriculture and government employment in Pendleton County, however, is considerably higher than that of the planning group. This, coupled with the second highest commuter rate in the planning group, leads to the conclusion that Pendleton County residents are employed at rates above the state average, but in occupations that exist outside of the county. VI. A consequence of high rates of commuter migration is trade. Retail trade expenditures
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