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MAY 2014 Kentucky tracks U.S. in sluggish job recovery KENTUCKY HAS BEEN generally tracking the U.S. as a whole in terms of total job growth since the last recession, but has not yet regained the jobs it lost. A recent study by the Kentucky Chamber of Commerce indicates the state re- covered from the 2007-2009 recession on pace with the national average. However, some key indicators show the Commonwealth could be doing better. Kentucky Chamber of Commerce Senior Economic Advisor Dr. Paul Coomes, Emeritus Professor of Economics at the University of Louisville, recently analyzed data from the U.S. Bureau of Labor and Statistics (BLS) to deter- mine how Kentucky was faring in recovery from the recession. “The Commonwealth shed 104,000 jobs in Kentucky Chamber Kentucky the last recession, measured from peak to news trough,” said Coomes. “Since the trough in July 2009, Kentucky has added on net 65,000 jobs, through March 2014, according to BLS.” Coomes says that among bordering states, Indiana and Tennessee have posted the national average. This trend, however, was ap- mining, and personal services – have shown strongest job growth since the recession, though parent prior to the recession – the state has lost major decreases in employment since 2009. they also had the largest percentage job loss ground against the national average since 1979. “It is encouraging that Kentucky continues during the recession. Among border states, The Chamber study also found that just to recover from the Great Recession,” said Ken- Kentucky holds the second lowest rate of seven industries accounted for almost all of the tucky Chamber President and CEO Dave Ad- employed working-age adults – just 56%, when job growth in Kentucky since 2009: kisson. “However, Dr. Coomes’ research shows the national average is 59%. n Employment services (primarily tempo- some troubling trends that we must work to “Moving this rate up 3 percentage points, to rary job services) overcome. It is my hope that these statistics will the national average, would be the equivalent of n Auto equipment manufacturing encourage a dialogue about how Kentucky can adding 100,000 more jobs,” said Coomes. n Educational services become more competitive in job growth in the According to Coomes, Kentucky has also n Restaurants future.” shown minimal gains in average earnings per n Ambulatory health care job, largely due to the industrial composition of n Nursing and residential care job growth. In 2013, Kentucky’s average yearly n Transportation and warehousing Download the Chamber’s economic pay was $46,400 – more than $9,000 below the Three industries – construction, coal report at kychamber.com/2014economy BUSINESS SUMMIT AND ANNUAL MEETING July 21-22 - Louisville Downtown Marriott NBC’s Chuck Todd to keynote Annual Meeting NBC NEWS Chief White House Correspondent Chuck University. Todd began his career in political journalism in Todd will present the keynote address during the Kentucky 1992 at the National Journal’s The Hotline. He is also co- Chamber of Commerce’s Business Summit and Annual author of How Barack Obama Won: A State-by-State Guide to Meeting on July 21. During the event, presented by the Historic 2008 Presidential Election. Bingham Greenebaum Doll, Todd will present his views on Now in its ninth year, the Business Summit and Annual national and state politics. Meeting, scheduled for July 21 and 22 in Louisville, provides “Chuck Todd is one of Washington’s foremost experts on an opportunity for business leaders throughout the political campaigns of all levels,” said Kentucky Chamber Commonwealth to discuss issues related to the local, President and CEO Dave Adkisson. “I’m sure he will offer his national and international economies. insights about the high profile U.S. Senate race here in “The Business Summit and Annual Meeting is one of Kentucky and speculate about the 2016 presidential race.” the most thought-provoking events one can attend in Outside his duties as Chief White House Correspondent, Kentucky. Bingham Greenebaum Doll is thrilled to once again Chuck Todd is the Chief White Todd is currently co-host of “The Daily Rundown” on be part of the conversation,” said Carolyn Brown, deputy chair House Correspondent for NBC. MSNBC and an adjunct professor at Johns Hopkins of Bingham Greenebaum Doll’s Lexington office. Business Summit speakers to explore what’s ahead for the Commonwealth WHAT SHOULD Kentucky’s goals be for n Ted Abernathy, former executive the future? And what needs to happen to director of the Southern Growth Policies move the state in the right direction? Those Board, on the topic of Kentucky’s Path to questions provide the theme of Kentucky Economic and Workforce Competitiveness Chamber’s Ninth Annual Business Summit n Gov. Steve Beshear (invited) and U.S. and Annual Meeting set for July 21-22, Rep. Hal Rogers, on The Future of Eastern Abernathy Beshear James Edwards 2014, in Louisville. Kentucky Summit speakers ranging from leading n Wil James Jr., president of Toyota corporate CEOs to Kentucky’s elected Motor Manufacturing, Kentucky, Inc., on officials will address topics focusing on The Future of Toyota, the Auto Industry economic growth, education, energy and and Kentucky’s Economy key industries. In addition, a facilitated n Virginia B. Edwards, president of Heiner conversation among a panel of Kentucky Editorial Projects in Education and editor in Comer Conway Edelen leaders will address the state’s need for chief of Education Week, on Kentucky’s creative initiatives in the coming years. Education Bet: Will It Be a Future of Specifically, the agenda will include: Progress and Promise? n U.S. Sen. Rand Paul, will present A New Vision for Kentucky’s Future CONTINUED ON PAGE 2 Paul Rogers Coomes Duncan Welcome new Chairwoman touts importance members! of early childhood education Please help us thank these companies KENTUCKY CHAMBER Chairwoman in high-quality early care for investing in the Chamber’s mission Elizabeth McCoy, president of Planter’s Bank in and education programs can by giving them your business. Hopkinsville, stood alongside Gov. Steve Beshear generate immediate sales of PRESIDENTIAL ADVISOR and Stu Silberman, executive director of the local goods and services, at- Prichard Committee for Academic Excellence, tract workers, create jobs R.J. Corman Railroad Group during a news conference in March urging sup- and aid in long-term eco- TRUSTEES port for quality early childhood care and educa- nomic security in Kentucky. Clarendon Flavors tion programs. ReadyNation/America’s Envision Contractors LLC The news conference was held in response to a Edge is a national organiza- recent report by America’s Edge that shows invest- tion of business leaders who EQUITY PARTNERS ments in early childhood programs provide a support proven education Kimberly-Clark Corporation significant economic boost for businesses and help investments that strengthen Ohio Valley Financial Group develop a skilled workforce. businesses and the economy. Kentucky Chamber Chairwoman Elizabeth McCoy joined Gov. Beshear to discuss the importance of early childhood education during a news conference at the Capitol. The Guardian Life Insurance Company “Looking longer term, we know that today’s “This report supports of America 4-year-olds are the workforce of tomorrow,” said what we are doing in Kentucky to focus our time cradle-to-career education system that is better preparing students for a complex world. We must STAKEHOLDERS McCoy. “Every child who enters the workforce and resources on early childhood education. with the skills Kentucky businesses need will help These efforts not only assist our communities but continue to partner with education, business, and AbbVie state and local leaders to maintain our progress Associated Builders and Contractors our state and our communities stay competitive in also begin preparing our future workforce at an of Indiana and Kentucky an increasingly challenging global marketplace.” early age,” Gov. Beshear said. “Kentucky has and to highlight the information in this and other Balluff, Inc. The America’s Edge report shows investments made enormous progress in creating a seamless, studies.” ChiroOne Wellness Center Cornerstone Environmental Group, LLC Daviess County Public Schools Dr. Schneider Automotive Systems FROM THE FRONT Ellis Park Summit panel to include Kentucky leaders Flagship Marinas Flottman Company n n Fowler Bell PLLC Mike Duncan, president and CEO, State Auditor Adam Edelen n Frankfort Country Club American Coalition for Clean Coal Electric- Hal Heiner, owner/partner of Capstone Garrett-Stotz Company ity, on The Future of Coal and Kentucky’s Realty, Inc. Grayson County Board of Education Economy The leaders will be interviewed by Ken- Harper's Country Hams, Inc. n Paul Coomes, emeritus professor of tucky journalists Al Cross, director of the Insti- Hermitage Farm, Inc. economics at the University of Louisville, tute for Rural Journalism and Community Hilton Garden Inn-Airport on The Future of the Nine Economic Issues at the University of Kentucky; Bill Hopkins County Board of Education Regions of Kentucky Goodman, managing editor and host of Ken- Insider Louisville tucky Tonight and One to One on KET; and Sam IServe Advisors LLC The “Kentucky Leaders Panel” will discuss Youngman, political reporter for the Lexington Kurtz Auction & Realty Company their thoughts on the issues that will impact Herald-Leader. Kwantek, LLC Kentucky’s future. Panelists will include the The summit will be held at the Louisville LRC - The Downtown Experts ProWaste following participants: Marriott Downtown July 21 and 22. For more n Siemens Industry, Inc. Building Ted Abernathy, former executive director of the South- Agriculture Commissioner James Comer information or to register, visit our website ern Growth Policies Board, last spoke to the Business n Technologies Division Attorney General Jack Conway kychamber.com/businesssummit. Summit audience in 2012. He will return to the Summit Steve Jones Chrysler Dodge this summer, speaking on the topic of Kentucky’s path to economic and workforce competitiveness.
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