2009-2010 Market Review Front Covers.qk:Layout 1 9/28/09 9:28 PM Page 991 2009-2010 MARKET Special Report REVIEW$ 50 of the Bluegrass 12 NIGHTLIFE DRIVES DEVELOPMENT Downtown Lexington attracts flurry of restaurants, bar projects as streetscape master plan launches 2009-2010 Market Review Front Covers.qk:Layout 1 9/28/09 9:28 PM Page 992 2009 Market Review 1-18.qk:2004 Market Review 1-24.qk 9/28/09 9:12 PM Page 1 2009 Market Review 1-18.qk:2004 Market Review 1-24.qk 9/28/09 9:12 PM Page 2 2009 Market Review 1-18.qk:2004 Market Review 1-24.qk 9/28/09 9:13 PM Page 3 2009 Market Review 1-18.qk:2004 Market Review 1-24.qk 9/28/09 9:13 PM Page 4 2009 Market Review 1-18.qk:2004 Market Review 1-24.qk 9/28/09 9:13 PM Page 5 2009 Market Review 1-18rev_jc.qk:2004 Market Review 1-24.qk 9/29/09 12:56 PM Page 6 Kentucky’s Best Educated Workforce 2009-10 MARKET REVIEW of the Bluegrass Market Review of the Bluegr ass is a community profile published annually by Lane Communications Group. Cover Photo by Shaun Ring STATISTICAL DATA Fayette County................................................94 Anderson County..........................................96 Bourbon County ............................................97 Boyle County....................................................98 Clark County .................................................. 99 Table of Contents Franklin County............................................100 The Bluegrass......................................................8 Jessamine County........................................101 Bluegrass ADD................................................14 2010 Alltech FEI World Games Special Report Madison County ..........................................102 Commerce Lexington ................................15 Following page 56 Mercer County ............................................103 Bluegrass Business Scott County..................................................104 Development Partnership..............16 Legal Services ..................................................57 Woodford County ....................................105 Demographics..................................................18 Medical Services ............................................60 Estill County ..................................................106 Economic Development............................20 Media ....................................................................66 Garrard County ..........................................106 Financial Services............................................28 Business & Real Estate Ser vices ............73 Harrison County..........................................107 Land Swap..........................................................38 Made in the Bluegrass ................................84 Lincoln County ............................................107 Utilities..................................................................40 Arts & Culture ................................................88 Nicholas County..........................................108 Education ............................................................44 Weather............................................................109 Powell County ..............................................108 Research, Technology Sports ................................................................110 & Commercialization ........................48 Publisher Associate Publishers Chief Financial Officer ED G. LANE RICHARD J. KELLY STEVE ROHLFING, CPA LaneThe Report ROBIN LACHAPPELLE Editorial Director DONNA HODSDON Pre-press & Printing MARK GREEN LISA TURNER PUBLISHERS PRINTING CO. Market Review Editor Business Manager Design & Production AMY OWENS JIM CURRY STONE ADVISORY Creative Director Comptroller JESSICA MERRIMAN ALMA KAJTAZOVIC Market Review of the Bluegrass is published annually by Lane Communications Group, local and state agencies, including Kentucky Employment Services Workforce under an exclusive agreement with the Bluegr ass Area Development District. For Development Cabinet, Kentucky Cabinet for Economic Development, the University information and advertising rates, contact Lane Communications Group, 201 East of Louisville Urban Studies Institute and the Univ ersity of Kentucky Center for Main Street, 14th Floor, Lexington, Kentucky, 40507, Voice: (859) 244-3500. Fax: (859) Business and Economic Research. All data are believed to be accurate and current, 244-3555. www.kybiz.com. but are not warranted by Lane Communications Group. © 2009 Lane Communications Group. All material in this publication is protected under applicable copyright laws. Reprinting or using any materials from the Market Review of the Bluegrass is prohibited without express wr itten consent by the publisher. Market Review of the Bluegrass is published by Lane Communications Group. Lane Communications Group is a member Data provided in the Market Review of the Bluegr ass have been provided by many of the Alliance of Area Business Publications. 6 The Lane Repor t’s 2009-2010 Market Review of the Bluegrass 2009 Market Review 1-18.qk:2004 Market Review 1-24.qk 9/28/09 9:13 PM Page 7 2009 Market Review 1-18.qk:2004 Market Review 1-24.qk 9/28/09 9:13 PM Page 8 THE BLUEGRASS Triangle Park and its dramatic fountains are among downtown Lexington’s most beautiful sights. Jeff Rogers photo Growing Strong in the Bluegrass “Kentucky is a place where spirits are free more treasured than in the Bluegrass, the Quality of life, to soar and big dreams can be fulfilled. Central Kentucky area where We relish competition and cherish our breathtaking scenery, rich history, unique diversified economy champions for their willingness to push culture and warm hospitality combine to beyond conventional boundaries to reach create one of the most recognized and and well-educated new heights of success.” beloved places on earth. For decades, the Bluegrass region – workforce make HIS is the meaning of the 17 counties served by the Bluegrass “Kentucky Unbridled Spirit,” Area Development District – has been the Bluegrass a the brand of the famous for its Thoroughbreds, which commonwealth of Kentucky. have attracted people from around the Nowhere are champions – globe and have helped to ear n Lexington special place to live Twhether they have two legs or four legs – the title of “Horse Capital of the World.” 8 The Lane Repor t’s 2009-2010 Market Review of the Bluegr ass 2009 Market Review 1-18.qk:2004 Market Review 1-24.qk 9/28/09 9:13 PM Page 9 Right; The unique qualities of the Bluegrass nurture Thoroughbreds, the most prized racehorses around the world. In fact, Lexington is a sister city with Deauville, France; County Kildare, Ireland; Shinhidaka, Japan; and Newmarket, England – areas that also share the tradition of Thoroughbred breeding and racing. Now, the Bluegrass is preparing to welcome hundreds of thousands of visitors from around the world for the 2010 Alltech FEI World Equestrian Games, world championships of eight equestrian photo PhotosbyZ.com disciplines. The games will be held in Staff photo Lexington at the Kentucky Horse Park, which has been undergoing renovations and expansions to accommodate the prestigious event that will be conducted for the first time outside Europe. Organizers anticipate 600,000 tickets will Right: Lexington nightlife is booming downtown, thanks to developments in many historic buildings. Below: The William T. Young Library is the central library at the University of Kentucky, the region’s largest institution of higher learning. Staff photo The Bluegrass: Best-Educated Workforce in Kentucky 9 2009 Market Review 1-18.qk:2004 Market Review 1-24.qk 9/28/09 9:13 PM Page 10 THE BLUEGRASS Staff photo Left: Restaurants and nightclubs that attr act patrons of all ages represent an area of major growth in downtown Lexington. be sold to the 16-day games, which is expected to have an $150 million economic impact on Kentucky. In addition to its magnificent horse country, the Bluegrass also offers a flourishing business economy, first-rate educational opportunities and an enviable quality of life. Lexington, which serves as a healthcare, retail and cultural center for both Central and Easter n Kentucky, has one of the best-educated workforces in the United States, and, according to the 2008 Forbes Best Places Study, is fifth on the list of the Best Places for Business and Careers. The study takes into consideration growth, education, and business costs. Throughout the Bluegrass, median home prices are generally below the national average, while businesses will find some of the lowest rates in the nation for electric power, along with an abundant water supply, high-tech office facilities, and below-average industrial Staff photo site and construction costs. Above: HP is one of the technology companies located at the Meanwhile, prime location is University of Kentucky's Coldstream Research Campus. another reason Central Kentucky is so 2009 Market Review 1-18.qk:2004 Market Review 1-24.qk 9/28/09 9:13 PM Page 11 Right: The new UK Student Health Building is located blocks from downtown Lexington. attractive to residents, visitors and businesses. The region is at the intersection of two major interstates, and includes two state parkways and a regional airport that has been expanded significantly. Few places in the country offer such spectacular countryside within minutes of urban areas. Progressive economy The business boom in the Bluegrass always seems to improve with each passing year, and the 17 counties in the region are growing in part