BUSINESS FOCUS \\\ OFFICIAL PUBLICATION OF COMMERCE LEXINGTON INC. | AUGUST 2018 | VOLUME XXVI, ISSUE VIII PRESENTS Sto alute Small BAuWARsDSi LnUNeCHEsON s Friday, September 7th 2018 CATEGORY AWARD WINNERS ON PAGES 10-11 INSIDE THIS ISSUE: SPOTLIGHT Series Features UK HealthCare’s Dr. Mark Newman What You Need to Know About Kentucky’s Sales Tax Changes Business on the Green is Aug. 27 @330 Series Presents Branding for B-to-B Companies www.CommerceLexington.com BUSINESS FOCUS August 2018: Volume XXVI, Issue VIII INSIDE THIS ISSUE ECONOMIC DEVELOPMENT: Association of Chamber of Commerce Executives 4-5 LBX Breaks Ground on Customer Experience Center 2016 Chamber Harbor Steel Expands Operations of the Year CLX E.D. Division Announces Staff Promotions STAT: Lexington MSA Among Most Diverse Economies Business Focus is published once a month for a Next Opportunity Exchange is Thursday, Sept. 13th total of 12 issues per year by Commerce Lexington Inc., 330 East Main Street, Suite 100, Lexington, KY 40507. Phone: (859) 226-1600 PUBLIC POLICY: 2018 Chair of the Board: 6 FAQ’s: Changes to Kentucky’s Sales Tax Code Karen Hill Regional Delegation Participates in D.C. Fly-In Chief Operating Officer/Chief Nursing Officer Baptist Health Lexington Publisher: EVENTS: Robert L. Quick, CCE, President & CEO 7-13 SPOTLIGHT Features UK HealthCare’s Dr. Mark Newman Commerce Lexington Inc. @330 Series Presents Branding for B-to-B Companies Register Now for August 27th Business on the Green Editor: Mark E. Turner Communications Specialist: Elizabeth Bennett Lexmark International Hosts Business Link Aug. 7th Printing: Post Printing Salute to Small Business Awards Luncheon is Sept. 7th Mail Service: SouthEast Printing & Mailing Service, LLC (2610 Palumbo Drive) Subscriptions are available for $12 and are in - CONNECT: cluded as a direct benefit of Commerce Lexing - 13-15 AMBASSADOR SPOTLIGHT: Ken Miller, Coffee News ton Inc. membership. Business Focus (USPS Welcome New Commerce Lexington Inc. Members 012-337) periodical postage paid at Lexington, Member Personnel Announcements & Awards Kentucky. POSTMASTER : Send address corrections to Business Focus, Commerce Lexington Inc., P.O. Box 1968, Lexington, KY 40588-1968. Commerce Lexington Inc. Accepting Nominations Display Rates for 2019 Board of Directors Until September 4th For DISPLAY RATES in Business Focus, con - Do you want to have some input on the directors1.html . Forms can be submitted tact Dana Zinger at (859) 226-1607 or key issues that affect local business, our by e-mail to cbenningfield@commercelex - [email protected], and an community, and our future? Have you ington.com or in person to Commerce Lex - account executive will contact you . thought about becoming a board member ington Inc. President & CEO, Bob Quick, for one of the most effective business or - before the established deadline to 330 East Personnel Updates ganizations in Kentucky? Main Street, Suite 100, Lexington, KY Submit your company’s awards and mile - Commerce Lexington Inc., with over 40507. stones or personnel changes and additions 5,500 business professionals representing A nominating committee will review the to [email protected]. Per - nearly 1,700 member businesses, will be ac - names submitted. Once the board slate is sonnel news might include promotions, ad - cepting nominations from the membership approved by the Commerce Lexington Inc. ditions, awards and milestones, recognitions for its 2019 Board of Directors until 5 p.m. Executive Board, the names will be pub - and certifications and/or appointments. In - on Tuesday, September 4, 2018 . By becom - lished in a future issue of Business Focus . formation is published only as space per - ing a board member for Commerce Lexing - For questions about the nomination mits. ton Inc., you'll be able to weigh in on the process or the nomination form, contact issues that affect the Bluegrass Region. Cindy Benningfield at cbenningfield@Com - A nomination form is available on-line merceLexington.com. at www.commercelexington.com/board-of- 2 BUSINESS FOCUS AUGUST 2018 ECONOMIC DEVELOPMENT /// A C OLLABORATIVE EFFORT OF THE BLUEGRASS BUSINESS DEVELOPMENT PARTNERSHIP (BBDP) SUBMITTED BY CLX E CONOMIC DEVELOPMENT DIVISION : G INA GREATHOUSE , H ANNAH CRUMRINE , K IMBERLY ROSSETTI & R YAN KAFFENBERGER LBX Breaks Ground on New Customer Experience Center in Lexington, KY On June 29th, LBX Company broke ground on its new $8.8 million Customer Experience Center in Lexington. LBX Company is the maker of Link-Belt exca - vators, material handlers, and forestry equipment. The company has been headquartered in Lexington since 1998. The new facility on 25 acres on Rem - ington Way in the Citation Business Park will be dedicated to customer expe - rience programs, including dealer training, product demonstrations, and customer events. We are proud LBX Company calls Lexington home! PICTURED AT LEFT: LBX Company executives and dignitaries break ground on the company’s new Customer Experience Center. Harbor Steel Expands Operation Harbor Steel and Supply Corporation recently broke ground on a 50,000 square foot expansion of its current operation in Lexington’s Blue Grass Business Park, which Commerce Lexington Inc. devel - oped over the last 20 years. Harbor Steel is a family-owned, full-ser - vice metals distribution and processing company. They will invest $4,100,000 in new construction and equipment. They will hire more brake press operators and burner laser operations for the growing operation. Congratulations to Harbor Steel on its expansion! Economic Development Division Announces Staff Promotions Commerce Lexington Inc. recently announced two promotions within its economic development division. Kimberly Rossetti has been pro - moted to Vice President of Economic Development and has been with the team for 13 years. Hannah Crumrine has been promoted to Senior Project Manager of Economic Development and has been with the team for four years. Congratulations to Kimberly and Hannah on these well-deserved promotions! 2018 By The Numbers: In 2018, Commerce Lexington’s Economic Development Di - vision has responded to calls from the following: New Business: 73 new prospects interested in finding a new location or expanding PICTURED FROM LEFT TO RIGHT: Hannah Crumrine, senior project manager Existing Clients & Local Entrepreneurial Companies: of economic development, Kimberly Rossetti, vice president of economic develop - 25 companies with potential expansions in Lexington ment, and Gina Greathouse, executive vice president of economic development. Client Visits: 17 Existing Business Visits: 85 4 BUSINESS FOCUS AUGUST 2018 \\\ ECONOMIC DEVELOPMENT Stat of the Month: Lexington MSA Ranks Among Most Diverse Economies SUBMITTED BY RYAN KAFFENBERGER , CLX R ESEARCH DIRECTOR | [email protected] This year, Lexington ranked 9th out of 382 Metropolitan Statistical Areas (MSAs) in industry diversity, according to an Emsi report. Emsi is a labor market analysis and economic modeling firm. This report measures distribution of total employment for MSA’s amongst 12 major industry clusters. They find that Lexing - ton’s employment is more evenly distrib - uted between these 12 industries than the typical metro area. Lexington’s top four industries are capital-intensive manufac - turing, distributive services, higher educa - tion, and healthcare. Each of these industries represents between six percent to eight percent of Lexington’s total em - ployment. What does this mean for Lexington? Cities that rank high in industry diversity are more resilient to economic pressures. Resilient cities are not as greatly impacted by economic recessions, as measured by the unemployment rate, and tend to re - cover quicker from recessions than undi - SOURCE: Emsi Q2 2018 Data Set, Industry Diversity Snapshot. versified areas. This ranking is further illustrated by Lexington’s 2014 ranking by WalletHub as the #12 Best Post-Reces - sion Recovery. THURSDAY , S EPTEMBER 13 | 4:30 - 6:30 P.M. | R EPUBLIC BANK & T RUST CO. (333 W. V INE STREET ) Make Connections With Area Purchasing Professionals at Opp. Exchange Commerce Lexington Inc.’s next Opportunity ity business owners and entrepreneurs; recruits Exchange on Thursday, September 13 , from 4:30 minority-owned businesses into the seven- PRESENTED BY - 6:30 p.m. at Republic Bank & Trust Company’s county Lexington MSA and Commerce Lexing - downtown location at 333 West Vine Street will ton; and provides business referral services to feature great networking and interaction for mi - the appropriate minority business assistance nority-owned and small businesses in the Lex - agencies. ington community. Several large companies and organizations will have purchasing profession - TO REGISTER: als on hand. The cost to attend is $5 for Commerce Lexing - Commerce Lexington Inc.’s Minority Busi - SILVER SPONSOR ton Inc. members, and $10 for potential mem - : ness Development (MBD) program works to bers. Please RSVP to Lauren Gross at WUKY 91.3 FM promote and sustain the economic growth, de - [email protected] . velopment and self-sufficiency of ethnic minor - MINORITY BUSINESS DEVELOPMENT PROGRAM SPONSORS: PRESENTED BY: Lexmark International, Inc. GOLD LEVEL: Community Trust Bank; Cumberland Valley National Bank; Toyota Motor Manufacturing, Kentucky, Inc.; University of Kentucky SILVER LEVEL: Messer Construction BRONZE LEVEL: Blue Grass Airport; Fifth Third Bank; LG&E & KU CONTRIBUTING LEVEL: Park Community Credit Union AUGUST 2018