The Perry County Economic Matrix Implementation Manual Developed for: The Perry County Fiscal Court P.O. Drawer 210 Hazard, Kentucky 41702 by: Bill A. McIntosh Economic Matrix Coordinator March 2017 1 Intentionally Blank 2 Disclaimer The author believes all data contained within this document to be accurate and the most current available, however, the author cannot guarantee that all data contained herein is accurate or complete. The author conducted direct interview, print, electronic media, and surveys to complete the Perry County Economic Matrix Implementation Manual. Please also note that survey data contained in this document are based on information self reported by interviewees and survey respondents, which were not factually verified by the author. Many references were used in the formulation of this document, and every attempt has been made to ensure references cited were credited. 3 Intentionally Blank 4 Table of Contents Abstract.............................................................................................................................................................9 Introduction and Acknowledgments..................................................................................................................11 Executive Summary.........................................................................................................................................13 Structuring the Plan.........................................................................................................................................15 Vision Statement..............................................................................................................................................17 Mission Statement...........................................................................................................................................17 Goals, Objectives. Actions and Strategies........................................................................................................19 Sustainability..............................................................................................................................................19 Strategic Planning Process.........................................................................................................................19 Suggested Committees...............................................................................................................................20 Perry County Economic and Demographic Profile............................................................................................23 Population Statistics....................................................................................................................................23 Income and Wage Information.....................................................................................................................24 Poverty.......................................................................................................................................................25 Education...................................................................................................................................................26 Employment Statistics.................................................................................................................................28 Perry County's Labor Market Area...............................................................................................................29 Unemployment Statistics.............................................................................................................................33 Workforce Skills and Occupations...............................................................................................................35 Demographics Summary.............................................................................................................................36 Quality of Life Goals....................................................................................................................................37 SWOT Situation Analysis.................................................................................................................................39 The Top Strengths.......................................................................................................................................41 Other Strengths for Consideration..........................................................................................................42 Consideration of Strengths Not Mentioned..............................................................................................43 The Top Weaknesses..................................................................................................................................43 Other Weaknesses for Consideration.....................................................................................................44 Consideration of Weaknesses Not Mentioned.........................................................................................45 The Top Opportunities.................................................................................................................................46 Other Opportunities for Consideration.....................................................................................................46 Consideration of Opportunities Not Mentioned........................................................................................47 The Top Threats..........................................................................................................................................48 Other Threats for Consideration.............................................................................................................49 Consideration of Threats Not Mentioned.................................................................................................49 SWOT Analysis Summary...........................................................................................................................50 Strategy One: Target Industry Evaluation.........................................................................................................53 Site Selection Criteria..................................................................................................................................53 Availability of Skilled Labor..........................................................................................................................54 Highway Access..........................................................................................................................................54 Quality of Life..............................................................................................................................................55 Occupancy and Construction Costs.............................................................................................................55 Available Buildings and Land.......................................................................................................................56 Labor Costs................................................................................................................................................57 Corporate Tax Rate.....................................................................................................................................57 Proximity to Major Markets..........................................................................................................................57 State and Local Incentives..........................................................................................................................57 Energy Availability and Costs......................................................................................................................57 Spec and Virtual Buildings...........................................................................................................................58 Establishing a Business in Perry County......................................................................................................58 Specific Target Industry Evaluation..............................................................................................................61 Manufacturing........................................................................................................................................65 Motor Vehicle Related (MVR) Parts Manufacturing.............................................................................66 5 Aerospace and Aircraft......................................................................................................................66 Drone Technology.............................................................................................................................67 Wood Pellet Manufacturing................................................................................................................68 Transportation, Distribution and Logistics...........................................................................................69 Strategic Goals and Objectives..........................................................................................................69 Recommendations............................................................................................................................70 Manufacturing