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COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGY FY 2013-2018 KIPDA Region September 31, 2012

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COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGY FY 2013-2018 KIPDA Region September 31, 2012 COMPREHENSIVE ECONOMIC DEVELOPMENT STRATEGY FY 2013-2018 KIPDA Region September 31, 2012 Prepared by: Kentuckiana Regional Planning and Development Agency 11520 Commonwealth Drive Louisville, KY 40299 Tel: 502.266.6084 Fax: 502.266.5047 Comprehensive Economic Development Strategy Kentuckiana Regional Planning And Development Agency 2013 TABLE OF CONTENTS I. INTRODUCTION 1 II. EXECUTIVE SUMMARY 2 A. Goals, Objectives and Strategies 2 1. Coordination and Collaboration 2 2. Infrastructure 3 3. Transportation 3 4. Workforce Development 4 5. Economy 5 6. Quality of Life 6 7. Housing 7 B. Priority Projects 8 III. PUBLIC/PRIVATE PARTNERSHIPS 20 A. Organization and Management 20 B. CEDS Strategy Committee 22 IV. DEMOGRAPHIC ANALYSIS 23 A. Population Trends 23 B. Population Projections 25 C. Population By Age 25 D. Household Formations 26 E. Average Household Size 26 F. Income Levels 27 G. Education Levels 29 V. ECONOMIC BASE ANALYSIS 31 A. Labor Force 31 B. Commuting Patterns 32 C. Unemployment Rate 33 D. Employment Trends 35 E. Establishment Trends 36 F. Occupation Outlook 37 G. Wage Data 38 H. Largest Employers 39 I. Industry Expansion and Relocation 40 J. Industrial Sites and Buildings 43 K. Higher Education 46 L. Workforce Development 47 Page i Comprehensive Economic Development Strategy Kentuckiana Regional Planning And Development Agency 2013 M. Transportation 48 N. Infrastructure 49 O. Technology 52 D. Disaster Mitigation 53 VI. TARGET INDUSTRY ANALYSIS 58 A. Introduction 58 B. Business Climate Factors 59 1. Low Business Costs 59 2. Location 59 3. Skilled Work Force 59 C. Quality of Life Factors 63 D. Top Site Selection Factors 63 E. Competitive Assets and Constraints 63 1. Economy 64 2. Workforce and Education 64 3. Infrastructure 64 4. Organization and Communication 65 5. Housing 65 F. Target Industry Screening 65 1. Greater Louisville Inc. 65 2. Statewide Target Industries 65 3. Touri s m 68 VII. ACTION PLAN 69 A. Other Plans and Strategies 69 B. Goals, Objectives and Strategies 69 1. Coordination and Collaboration 69 2. Transportation 71 3. Infrastructure 70 4. Workforce Development 72 5. Economy 72 6. Quality of Life 73 7. Housing 74 C. Priority Projects 75 MAPS 3.1 – County Identification 21 4.1 – Median Household Income; By Census Tract 30 5.1 – Unemployment Rate; By Census Tract 34 5.2 – Major Employers 42 5.3 – Available Industrial Land and Buildings 45 5.4 – Existing Water and Sewer Lines 50 Page ii Comprehensive Economic Development Strategy Kentuckiana Regional Planning And Development Agency 2013 1 INTRODUCTION Comprehensive Economic Development Strategies (CEDS) are designed to bring together the public and private sectors in the creation of an economic roadmap to diversity and strengthen the regional economies. First, the CEDS is intended to provide an accounting of regional strengths, weaknesses, opportunities and t h r e a t s . For t h i s a n a l y s i s , KIPDA is required to analyze and document demographic, socioeconomic and market data. Second, the CEDS must include a prioritized listing of the goals and objectives for the region. This effort largely is based on input generated from an inclusive group representing a wide variety of local and regional interests. Finally, the CEDS must include an implementation strategy. The strategy must include a regional plan of action that inventories and prioritizes all investment opportunities, identifies local and regional jurisdictions that will be responsible for executing these opportunities. To do this, KIPDA staff organized a broad based and diverse public and private sector Strategy Committee. The Strategy Committee is made up of public and private representatives from each of the 7 counties that make up the Kentucky portion of the KIPDA: Bullitt, Henry, Jefferson, Oldham, Shelby, Spencer and Trimble counties. The Strategy Committee participated in various meetings throughout the process and provided key feedback and insight in guiding the development of the priority actions in Chapter 6. The EDA also notes that a CEDS must be a performance based plan resulting from a continuing economic development planning process. As such, the CEDS process also requires an annual progress report submission to the EDA that chronicles the progress of the KIPDA region in accomplishing the goals and objectives each year. The performance measure submission also will initiate KIPDA to assess the validity of the CEDS each year as market forces change as projects are completed as well as through natural economic change. In short, this document will serve a critical role in KIPDA’s efforts to assist existing businesses to stay and expand within the 7-county region, to encourage local and regional entrepreneurs to invest in the area and attract businesses from outside the KIPDA region. The report includes the following chapters: Chapter 1 – Introduction Chapter 2 – Executive Summary Chapter 3 – Public/Private Partnerships Chapter 4 – Demographic Analysis Chapter 5 – Economic Base Analysis Chapter 6 – Economic Cluster Analysis Chapter 7 – Action Plan 1 Comprehensive Economic Development Strategy Kentuckiana Regional Planning And Development Agency 2013 2 EXECUTIVE SUMMARY A. GOALS, OBJECTIVES AND STRATEGIES 1. COORDINATION AND COLLABORATION; A REGIONAL APPROACH TO ECONOMIC DEVELOPMENT ISSUE: Economic development efforts for the KIPDA region should be done through collaboration and cooperation of the seven KIPDA counties to maximize the potential of success and maintain the greatest flexibility to meet growth/relocating company’s needs. GOAL #1: To generate a regional economic development strategy that crosses jurisdictional boundaries. Action #1: Cultivate a sense of trust and cooperation between the various economic development agencies in the region through scheduled Regional Council meetings at the KIPDA offices. Action #2: Promote the hiring of knowledgeable, professional staff to fill positions relating to planning and economic development. Action #3: Ensure regular education/training sessions are available and advised for elected officials, department managers and community leaders that address various issues involving economic development within the region. Action #4: Regional Planning Council to establish ranking system that provides incentives on infrastructure projects for counties that are in full compliance with KRS 100. Action #5 Provide technical assistance to counties undergoing comprehensive plan updates as to the actions of adjacent counties for border property. Action #6: Strive to achieve consensus among the KIPDA counties before taking action on public issues. GOAL #2: Make available a regional data clearinghouse to provide complete, consistent information to recruitment prospects. Action #1: Continue to work with local, county and state government agencies on collecting and organizing information for each of the seven counties. Action #2: Provide access to all regional GIS and document files on the KIPDA website. 2 Comprehensive Economic Development Strategy Kentuckiana Regional Planning And Development Agency 2013 GOAL #3: To create opportunities for KIPDA counties to partner in economic development deals. Action #1: Work with each county to create a needs and opportunities list relating to their specific economic development goals and objectives. Action #2: hosting Economic Development collaboration meetings between bordering counties. Action #3: Work with local, county and state agencies to develop creative financing, revenue sharing and cost sharing programs that define the roles and responsibilities of each participant. 2. INFRASTRUCTURE; BUILD THE FOUNDATION FOR SUSTAINABLE ECONOMIC GROWTH ISSUE: Providing adequate infrastructure for the entire KIPDA region facilitates the opportunity to expand and enhance target marketing efforts. GOAL #1: To provide reliable, efficient and accessible infrastructure and public services to accommodate new development. Action #1: Encourage city/county capital improvement programs to coordinate public investment in infrastructure with economic development priorities. Action #2: Encourage water/sewer system regionalization and promote cluster development to minimize infrastructure costs and ensure quality, sustainable growth. Action #3: Promote the regional Solid Waste Management Plan to accommodate the region's solid waste disposal needs. Action #4: Support efforts to implement mandatory solid waste collection throughout the region. GOAL #2: To expand and upgrade water and wastewater facilities into the more rural areas of the region through partnerships with private and public utilities. Action #1: Increase the availability of affordable water and sewer service throughout the region, pursuing state and Federal grants and low-interest loans to expedite implementation of existing water/sewer facility plans. 1. Action #2: Identify potential short-term growth areas within the region to prioritize infrastructure investment. 3. TRANSPORTATION; IMPROVE THE CONNECTIVITY OF THE KIPDA REGION ISSUE: Continued improvement of all transportation systems, especially public transit, will open opportunities outside and within the urbanized area. GOAL #1: To develop an efficient and effective mass transit network for the region, including rail, bus and automobile systems. Action #1: Work with public and private partnerships to explore bus routes that reach into the more rural locations of the region to provide access to the employment centers. 3 Comprehensive Economic Development Strategy Kentuckiana Regional Planning And Development
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