The Greater Owensboro Economic Development Corporation is embarking on a new strategy to focus on high growth Stage II companies. This blog by Dan Gundersen, Senior Advisor, published by the International Economic Development Council, offers a good overview as to why Stage II companies will be such an important focus in the new EDC Strategic Plan.
"What kinds of businesses create the most new jobs? Most likely, your answer is that small businesses create the most new jobs. Yes, they do – but historically, they also lose the most jobs.
The most important and overlooked concept in modern economic development is net new jobs – those jobs that remain once we subtract all the jobs lost when firms contract, migrate, and close. These net new jobs are overwhelmingly generated through the sustained profitable expansion of existing companies, also known as ‘high-growth' or Stage II firms.
You might respond that high-growth businesses are start-ups and small businesses, usually technology-based enterprises. They tend to be located in or near metropolitan areas to have access to transportation infrastructure, dense labor pools, and thick supplier and customer networks.
Question those assumptions
But here's a reality check: High-growth businesses are usually at least ten years old and have more than 50 employees; rarely are they start-ups or very small firms. Perhaps most surprising, they are much more likely to be found in traditional industries than in high-tech industry clusters.
Why? Nearly every industry segment has one or two dominant firms that provide the most competitive products and services, and thereby reap the lion's share of sales and profit growth, even during recessions. This success fuels extraordinary job creation.
These exceptional firms grow throughout the nation, regardless of local infrastructure or labor markets. They tend to hire new employees based more on drive and desire to grow with the firm than education level or current technical skill-sets. Many are owned and managed by minorities and women entrepreneurs. Their growth increases the equity of job creation because opportunities are widely shared across all demographic groups in our society.
The most comprehensive research of high-growth businesses in the nation was conducted recently in the Commonwealth of Pennsylvania. When I was COO at the Department of Community and Economic Development, we sponsored early research to drill down on the factors for regional prosperity. Dr. Gary Kunkle led this massive effort to analyze the growth of more than half a million firms by integrating proprietary and non-proprietary databases over a multi-year period. It was hard, complex work conducted over several years, and included personal visits and surveys of CEOs at 600 high-growth firms.
The results showed that one percent of firms in the economy generated over 90 percent of the state's net new jobs. Every county with at least 10,000 residents had one or more high-growth businesses.
What do high-growth firms need?
Dr. Kunkle's work for Pennsylvania also found that exceptional growth causes challenges that transcend industry and location. CEOs of high-growth firms routinely struggle with common problems – such as funding expansion, developing management talent, and overcoming delays due to permitting processes. These difficulties slow growth and reduce long-term job creation.
High-growth business owners are simply too busy to seek public notice or assistance. In fact, they have surprisingly few places to turn for help. They typically avoid standard chamber networking events and are much more concerned with managing rapid growth than dialing for incentive dollars or pushing political buttons to advocate for tax cuts and credits. They are effectively 'under the radar' of most economic development efforts.
In an era when performance matters and jobs are scarce, the economic development profession must include efforts that focus on what works – fostering the green shoots of success that already exist. To advance the agenda of job creation, we must learn from and replicate the secrets of those businesses that produce 90 percent of the net new jobs in every community.
Sure, scouring data sets to understand growth trends and find high-growth firms can require technical skills and expertise, not unlike industry cluster analyses and other market studies. But once you identify these exceptional firms, you will then be in an excellent position to engage them. In time, you might realize that you can improve your effectiveness by modifying your organization's services and introducing new approaches to better help these and other firms sustain profitable job growth."
COMING NEXT: Why Owensboro needs to focus on Stage II firms, a look at the data.
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Monday, September 20, 2010
Monday, September 13, 2010
Efforts to Revitalize Owensboro Getting Noticed
Veteran economic development consultant and expert Ed Morrison with the Purdue Center for Regional Development cited the rebuilding of Owensboro on his EDPro Blog that is a staple for economic development professionals and site selectors.
Morrison's entry from September 5 follows:
"Over the past two decades, Owensboro, Kentucky has quietly been putting itself on the map. An urban design firm, engaged in redesigning the Owensboro downtown, provides a look inside the process. Out of the decline of the past, Owensboro has been designing around a new narrative:
The slow death of the Executive Inn ushered in a new era of culture in Owensboro with a nationally recognized symphony, an “off-Broadway” River Park Performing Arts Center, and a new reputation for festivals including the nationally recognized Mystery Writers’ Festival.
If you work in a smaller city and are looking for a good model to follow, put Owensboro on your list to visit."
Visit the EDPro Blog by clicking here.
Morrison's entry from September 5 follows:
"Over the past two decades, Owensboro, Kentucky has quietly been putting itself on the map. An urban design firm, engaged in redesigning the Owensboro downtown, provides a look inside the process. Out of the decline of the past, Owensboro has been designing around a new narrative:
The slow death of the Executive Inn ushered in a new era of culture in Owensboro with a nationally recognized symphony, an “off-Broadway” River Park Performing Arts Center, and a new reputation for festivals including the nationally recognized Mystery Writers’ Festival.
If you work in a smaller city and are looking for a good model to follow, put Owensboro on your list to visit."
Visit the EDPro Blog by clicking here.
Friday, September 10, 2010
EDC releases New Economic Development Strategy
The GO-EDC Board kicked off the 2010-2015 Strategic Planning process in June 2010 with meetings that included community leaders, elected officials and candidates, investors, and stakeholder groups. The EDC also hosted two public input sessions and distributed a survey online and through its Facebook site to solicit public comment and feedback.
The plan developed is well researched, more comprehensive, and involved a greater level of public input and participation that any other in the history of the organization. Based on the evaluation of data, public input and feedback gathered, the strategy will consist of a three pronged emphasis focusing on the following:
• TALENT- Developing, Attracting, and Retaining Talent
• INDUSTRY AND INNOVATION- Providing Support for Existing and Emerging Industry Clusters
• PLACE- Creating a Quality of Place that Meets the Needs of Current and Future Residents
The following are five key highlights of the new plan.
1. Existing Industry will remain a high priority. Most jobs created in any given region come from existing employers. We have been successful in retaining jobs, particularly compared to peer regions and the rest of the country. We will continue to focus on supporting our existing employers to help them grow and prosper in our region. .
2. Continue efforts to target and recruit industry. EDC has been a partner with the Kentucky Cabinet for Economic Development and other Kentucky communities in a program called Kentucky United. EDC will participate in at least two trade missions this year, including a visit to Detroit later this month to meet with companies in Michigan interested in potentially relocating to Kentucky. These efforts will also include a continuation of our partnership in Hancock County and the potential new industrial site along the river.
3. EDC will continue to build on the work done in the 2006 Strategic Plan to promote innovation, technology based company development and entrepreneurship. These efforts will continue support for Kentucky BioProcessing and the Centre for Business and Research. A new aspect of this work will include support for Stage II Companies, growing companies that create a majority of the jobs in the national economy, but create very few jobs in the region.
4. The EDC will focus on two new initiatives dealing with talent attraction and workforce development. The first is "Owensboro U," an effort in conjunction with local colleges to market Owensboro as a college town with college town amenities. The second is workforce aligned high school programs, which will create joint programs in the life sciences, manufacturing, health care and other areas with available jobs in the coming years.
5. Continue to focus on quality of place amenities such as those being developed as part of the downtown plan. Much of this work will focus on developing a research corridor between the Carnegie Village area and the OMHS Parrish Ave site. The plan also suggests a comprehensive master plan for the newly developing I-64/ I-65 corridor where the new OMHS campus will be located.
To read more about the EDC Strategic Plan please visit:
http://edc.owensboro.com/_documents/owensboroeconomicdevelopmentstrategicplan2010-2015-executivesummary.pdf
Tuesday, September 7, 2010
New jobs expected to go to the highly skilled
By Christopher S. Rugaber and Michael Liedtke, Associated Press
Published: Monday, September 6, 2010 12:05 AM CDT
Whenever companies start hiring freely again, job-seekers with specialized skills and education will have plenty of good opportunities. Others will face a choice: Take a job with low pay -- or none at all.
Job creation will likely remain weak for months or even years. But once employers do step up hiring, some economists expect job openings to fall mainly into two categories of roughly equal numbers:
* Professional fields with higher pay. Think lawyers, research scientists and software engineers.
* Lower-skill and lower-paying jobs, like home health care aides and store clerks.
And those in between? Their outlook is bleaker. Economists foresee fewer moderately paid factory supervisors, postal workers and office administrators.
That's the sobering message American workers face as they celebrate Labor Day at a time of high unemployment, scant hiring and a widespread loss of job security. Not until 2014 or later is the nation expected to have regained all, or nearly all, the 8.4 million jobs lost to the recession. Millions of lost jobs in real estate, for example, aren't likely to be restored this decade, if ever.
On Friday, the government said the August unemployment rate ticked up to 9.6 percent. Not enough jobs were created to absorb the growing number of people seeking work. The unemployment rate has exceeded 9 percent for 16 months, the longest such stretch in nearly 30 years.
The crisis poses a threat to President Barack Obama and Democrats in Congress, whose hold on the House and Senate appears to be at increasing risk because of voter discontent.
Even when the job market picks up, many people will be left behind. The threat stems, in part, from the economy's continuing shift from one driven by manufacturing to one fueled by service industries.
Pay for future service-sector jobs will tend to vary from very high to very low. At the same time, the number of middle-income service-sector jobs will shrink, according to government projections. Any job that can be automated or outsourced overseas is likely to continue to decline.
The service sector's growth could also magnify the nation's income inequality, with more people either affluent or financially squeezed. The nation isn't educating enough people for the higher-skilled service-sector jobs of the future, economists warn.
"There will be jobs," says Lawrence Katz, a Harvard economist. "The big question is what they are going to pay, and what kind of lives they will allow people to lead? This will be a big issue for how broad a middle class we are going to have."
On one point there's broad agreement: Of 8 million-plus jobs lost to the recession -- in fields like manufacturing, real estate and financial services -- many, perhaps most, aren't coming back.
In their place will be jobs in health care, information technology and statistical analysis. Some of the new positions will require complex skills or higher education. Others won't -- but they won't pay very much, either.
"Our occupational structure is really becoming bifurcated," says Richard Florida, a professor at University of Toronto. "We're becoming more of a divided nation by the work we do."
By 2018, the government forecasts a net total of 15.3 million new jobs. If that proves true, unemployment would drop far closer to a historical norm of 5 percent.
Nearly all the new jobs will be in the service sector, the Labor Department says. The nation's 78 million baby boomers will need more health care services as they age, for example. Demand for medical jobs will rise. And innovations in high technology and alternative energy are likely to spur growth in occupations that don't yet exist.
Hiring can't come fast enough for the 14.9 million unemployed Americans. Counting part-time employees who would prefer full-time jobs, plus out-of-work people who have stopped looking for jobs, the number of "underemployed" is 26.2 million.
Manufacturing has shed 2 million jobs since the recession began. Construction has lost 1.9 million, financial services 651,000.
But the biggest factor has been the bust in real estate. The vanished jobs range from construction workers and furniture makers to loan officers, appraisers and material suppliers. Moody's Analytics estimates the total number of housing-related jobs lost at 2.4 million. When you include commercial real estate, the number is far higher.
One of them is Martha Escobar, who last month lost her $13.50-an-hour job cleaning an office tower owned by JPMorgan Chase & Co. in Century City, Calif. She was one of 16 janitors, mostly single mothers, who lost jobs as part of the real estate crunch that's squeezed landlords.
Some of them traveled to New York on Thursday to try to pressure JPMorgan to get its cleaning contractor to take them back, given that the bank earned $8.1 billion during the first half of this year.
"I don't know what I am going to do if I can't get my job back," Escobar, 41, said.
JPMorgan Chase spokesman Gary Kishner said the bank has no say over the layoffs, which he said are handled by the building's cleaning contractor.
On top of real estate-related job losses, manufacturing is likely to keep shedding jobs, sending lower-skilled work overseas. Millions who worked in those fields will need to find jobs in higher-skilled or lower-paying occupations.
"The big fear is the country is simply not preparing workers for the kind of skills that the country is going to need," says Gautam Godhwani, CEO of SimplyHired.com, which tracks job listings.
These sectors likely to grow fastest, according to economists and government projections:
* HEALTH CARE
The sector is expected to be the leading job generator, adding 4 million by 2018, according to Labor Department data. An aging population requires more doctors and nurses, physical therapists, home health aides and pharmacists.
Many of these jobs will pay well. Physical therapists averaged about $76,000 last year, according to the department's data. Others pay far less. Home health care aides earned an average of just $21,600.
Home health care and personal care aides are expected to add about 900,000 jobs by 2018 -- 50 percent more than in 2008.
Jennifer Gamboa of Body Dynamics Inc., an Arlington, Va.-based physical therapy firm, says the drive to reduce health care costs should benefit her profession, which can treat pain less expensively than surgery. Gamboa plans to add two employees in the next year.
* INFORMATION TECHNOLOGY: Technology could be an economic elixir as computers and online networks expand ways to automate services, distribute media and communicate.
Companies will need people to build and secure those networks. That should boost the number of programmers, network administrators and security specialists by 45 percent to 2.1 million by 2018, the government forecasts. Most of these jobs will provide above-average pay.
Technology pay averaged $84,400 in 2008 -- nearly double the average private-sector pay of $45,400, according to an analysis of the most recent full-year data by the TechAmerica Foundation, a research group.
* NEW INDUSTRIES: Deepak Advani, an IBM executive, has a title he says didn't exist five years ago: "Vice president of predictive analytics."
Companies and government agencies have amassed data on behavior ranging from shopping habits to criminal activity. Predictive analytics is the art of determining what to do with that data. How should workers' time be deployed? How best to target customers? Such jobs could grow 20 percent by 2018, the government predicts.
Still, economists say more will be needed to boost job growth. The answer may be some technological breakthrough akin to the personal computer or the Internet.
"Most big booms come from a particular sector that moves the rest of the economy," said Richard Freeman, a Harvard labor economist.
Technology spurred job growth after the 1982 and 1991 recessions. The PC became revolutionary in the early 1980s. Internet use exploded after the Mosaic Web browser was introduced in 1994. Housing eventually lifted employment after the 2001 dot-com bust.
"There's a lack of clarity on what the next big thing is going to be this time," said David Card, an economics professor at the University of California.
Until there is, many people will have to lower expectations and living standards as they enter fields with less pay and less job stability, said Dan Finnigan, CEO of online employment service Jobvite.
"People who are unemployed have to embrace this future that they are going to have many jobs," he said. "We will always be working on the next gig."
Published: Monday, September 6, 2010 12:05 AM CDT
Whenever companies start hiring freely again, job-seekers with specialized skills and education will have plenty of good opportunities. Others will face a choice: Take a job with low pay -- or none at all.
Job creation will likely remain weak for months or even years. But once employers do step up hiring, some economists expect job openings to fall mainly into two categories of roughly equal numbers:
* Professional fields with higher pay. Think lawyers, research scientists and software engineers.
* Lower-skill and lower-paying jobs, like home health care aides and store clerks.
And those in between? Their outlook is bleaker. Economists foresee fewer moderately paid factory supervisors, postal workers and office administrators.
That's the sobering message American workers face as they celebrate Labor Day at a time of high unemployment, scant hiring and a widespread loss of job security. Not until 2014 or later is the nation expected to have regained all, or nearly all, the 8.4 million jobs lost to the recession. Millions of lost jobs in real estate, for example, aren't likely to be restored this decade, if ever.
On Friday, the government said the August unemployment rate ticked up to 9.6 percent. Not enough jobs were created to absorb the growing number of people seeking work. The unemployment rate has exceeded 9 percent for 16 months, the longest such stretch in nearly 30 years.
The crisis poses a threat to President Barack Obama and Democrats in Congress, whose hold on the House and Senate appears to be at increasing risk because of voter discontent.
Even when the job market picks up, many people will be left behind. The threat stems, in part, from the economy's continuing shift from one driven by manufacturing to one fueled by service industries.
Pay for future service-sector jobs will tend to vary from very high to very low. At the same time, the number of middle-income service-sector jobs will shrink, according to government projections. Any job that can be automated or outsourced overseas is likely to continue to decline.
The service sector's growth could also magnify the nation's income inequality, with more people either affluent or financially squeezed. The nation isn't educating enough people for the higher-skilled service-sector jobs of the future, economists warn.
"There will be jobs," says Lawrence Katz, a Harvard economist. "The big question is what they are going to pay, and what kind of lives they will allow people to lead? This will be a big issue for how broad a middle class we are going to have."
On one point there's broad agreement: Of 8 million-plus jobs lost to the recession -- in fields like manufacturing, real estate and financial services -- many, perhaps most, aren't coming back.
In their place will be jobs in health care, information technology and statistical analysis. Some of the new positions will require complex skills or higher education. Others won't -- but they won't pay very much, either.
"Our occupational structure is really becoming bifurcated," says Richard Florida, a professor at University of Toronto. "We're becoming more of a divided nation by the work we do."
By 2018, the government forecasts a net total of 15.3 million new jobs. If that proves true, unemployment would drop far closer to a historical norm of 5 percent.
Nearly all the new jobs will be in the service sector, the Labor Department says. The nation's 78 million baby boomers will need more health care services as they age, for example. Demand for medical jobs will rise. And innovations in high technology and alternative energy are likely to spur growth in occupations that don't yet exist.
Hiring can't come fast enough for the 14.9 million unemployed Americans. Counting part-time employees who would prefer full-time jobs, plus out-of-work people who have stopped looking for jobs, the number of "underemployed" is 26.2 million.
Manufacturing has shed 2 million jobs since the recession began. Construction has lost 1.9 million, financial services 651,000.
But the biggest factor has been the bust in real estate. The vanished jobs range from construction workers and furniture makers to loan officers, appraisers and material suppliers. Moody's Analytics estimates the total number of housing-related jobs lost at 2.4 million. When you include commercial real estate, the number is far higher.
One of them is Martha Escobar, who last month lost her $13.50-an-hour job cleaning an office tower owned by JPMorgan Chase & Co. in Century City, Calif. She was one of 16 janitors, mostly single mothers, who lost jobs as part of the real estate crunch that's squeezed landlords.
Some of them traveled to New York on Thursday to try to pressure JPMorgan to get its cleaning contractor to take them back, given that the bank earned $8.1 billion during the first half of this year.
"I don't know what I am going to do if I can't get my job back," Escobar, 41, said.
JPMorgan Chase spokesman Gary Kishner said the bank has no say over the layoffs, which he said are handled by the building's cleaning contractor.
On top of real estate-related job losses, manufacturing is likely to keep shedding jobs, sending lower-skilled work overseas. Millions who worked in those fields will need to find jobs in higher-skilled or lower-paying occupations.
"The big fear is the country is simply not preparing workers for the kind of skills that the country is going to need," says Gautam Godhwani, CEO of SimplyHired.com, which tracks job listings.
These sectors likely to grow fastest, according to economists and government projections:
* HEALTH CARE
The sector is expected to be the leading job generator, adding 4 million by 2018, according to Labor Department data. An aging population requires more doctors and nurses, physical therapists, home health aides and pharmacists.
Many of these jobs will pay well. Physical therapists averaged about $76,000 last year, according to the department's data. Others pay far less. Home health care aides earned an average of just $21,600.
Home health care and personal care aides are expected to add about 900,000 jobs by 2018 -- 50 percent more than in 2008.
Jennifer Gamboa of Body Dynamics Inc., an Arlington, Va.-based physical therapy firm, says the drive to reduce health care costs should benefit her profession, which can treat pain less expensively than surgery. Gamboa plans to add two employees in the next year.
* INFORMATION TECHNOLOGY: Technology could be an economic elixir as computers and online networks expand ways to automate services, distribute media and communicate.
Companies will need people to build and secure those networks. That should boost the number of programmers, network administrators and security specialists by 45 percent to 2.1 million by 2018, the government forecasts. Most of these jobs will provide above-average pay.
Technology pay averaged $84,400 in 2008 -- nearly double the average private-sector pay of $45,400, according to an analysis of the most recent full-year data by the TechAmerica Foundation, a research group.
* NEW INDUSTRIES: Deepak Advani, an IBM executive, has a title he says didn't exist five years ago: "Vice president of predictive analytics."
Companies and government agencies have amassed data on behavior ranging from shopping habits to criminal activity. Predictive analytics is the art of determining what to do with that data. How should workers' time be deployed? How best to target customers? Such jobs could grow 20 percent by 2018, the government predicts.
Still, economists say more will be needed to boost job growth. The answer may be some technological breakthrough akin to the personal computer or the Internet.
"Most big booms come from a particular sector that moves the rest of the economy," said Richard Freeman, a Harvard labor economist.
Technology spurred job growth after the 1982 and 1991 recessions. The PC became revolutionary in the early 1980s. Internet use exploded after the Mosaic Web browser was introduced in 1994. Housing eventually lifted employment after the 2001 dot-com bust.
"There's a lack of clarity on what the next big thing is going to be this time," said David Card, an economics professor at the University of California.
Until there is, many people will have to lower expectations and living standards as they enter fields with less pay and less job stability, said Dan Finnigan, CEO of online employment service Jobvite.
"People who are unemployed have to embrace this future that they are going to have many jobs," he said. "We will always be working on the next gig."
Friday, September 3, 2010
Citiwire.net » New Urbanism, Smart Economics Rejuvenate an Old River Town
Scott Polikov, the lead planner from the Gateway Planning firm out of Ft. Worth, Texas that worked with the EDC on the downtown development project wrote a nice article about Owensboro for the Citiwire publication in the link below.
Citiwire.net » New Urbanism, Smart Economics Rejuvenate an Old River Town
Citiwire.net » New Urbanism, Smart Economics Rejuvenate an Old River Town
Wednesday, September 1, 2010
First Security Bank Expands Its Owensboro Headquarters, Adds 25 Jobs
Gov. Steve Beshear today joined company and community officials in Owensboro to announce the expansion of First Security Bank of Owensboro’s headquarters operation. The project will entail the creation of 25 new full-time financial sector jobs and a capital investment of nearly $4.3 million in the Commonwealth.
“The expansion of First Security Bank of Owensboro’s headquarters operation is yet another positive example of Owensboro’s recent growth in the financial sector,” said Gov. Beshear. “The addition of 25 new full-time jobs and a near $4.3 million investment will provide a significant boost to the local economy. We are pleased to partner with First Security Bank to make this expansion possible.”
The expansion is the result of First Security Bank’s recent purchase of five banking offices of Integra Bank, an Indiana-based financial institution. The bank plans to relocate its current headquarters operation into a new facility, located at 313 Frederica Street, which will result in more than double the amount of space dedicated to the company’s growth.
“We believe our recent branch acquisition represents the first of many good things to come for First Security Bank,” said M. Lynn Cooper, president and CEO of First Security Bank. “We are excited to receive the state and community support in our efforts to grow our franchise. We need additional space to take care of our rapid growth and this building purchase and expansion will provide a long-term strategic answer to our space needs. Additionally, we are committed to assisting Owensboro in its downtown growth initiative and felt we can best do so by remaining in Owensboro, Kentucky, and specifically downtown, thus creating new jobs and enhanced facilities to better serve our customers.”
First Security Bank of Owensboro’s expansion was encouraged by the approval of state tax incentives up to $250,000 through the Kentucky Business Investment program (KBI). The performance-based incentive, which was approved by the Kentucky Economic Development Finance Authority, can be earned by First Security Bank over a 10-year period through wage assessments.
“Construction of the First Security Bank Corporate Headquarters in Owensboro is great news for the economy and the revitalization efforts of our downtown,” said Owensboro Mayor Ron Payne. “We are pleased to once again be working with Gov. Beshear to bring more jobs to the city of Owensboro.”
- Posted using BlogPress from my iPad
“The expansion of First Security Bank of Owensboro’s headquarters operation is yet another positive example of Owensboro’s recent growth in the financial sector,” said Gov. Beshear. “The addition of 25 new full-time jobs and a near $4.3 million investment will provide a significant boost to the local economy. We are pleased to partner with First Security Bank to make this expansion possible.”
The expansion is the result of First Security Bank’s recent purchase of five banking offices of Integra Bank, an Indiana-based financial institution. The bank plans to relocate its current headquarters operation into a new facility, located at 313 Frederica Street, which will result in more than double the amount of space dedicated to the company’s growth.
“We believe our recent branch acquisition represents the first of many good things to come for First Security Bank,” said M. Lynn Cooper, president and CEO of First Security Bank. “We are excited to receive the state and community support in our efforts to grow our franchise. We need additional space to take care of our rapid growth and this building purchase and expansion will provide a long-term strategic answer to our space needs. Additionally, we are committed to assisting Owensboro in its downtown growth initiative and felt we can best do so by remaining in Owensboro, Kentucky, and specifically downtown, thus creating new jobs and enhanced facilities to better serve our customers.”
First Security Bank of Owensboro’s expansion was encouraged by the approval of state tax incentives up to $250,000 through the Kentucky Business Investment program (KBI). The performance-based incentive, which was approved by the Kentucky Economic Development Finance Authority, can be earned by First Security Bank over a 10-year period through wage assessments.
“Construction of the First Security Bank Corporate Headquarters in Owensboro is great news for the economy and the revitalization efforts of our downtown,” said Owensboro Mayor Ron Payne. “We are pleased to once again be working with Gov. Beshear to bring more jobs to the city of Owensboro.”
- Posted using BlogPress from my iPad
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