A new U.S. jobs growth report lists Owensboro as a “high performance” small metro based on summer employment trend data from the U.S. Bureau of Labor Statistics.
Headlight, LLC, which provides economic and workforce development companies with data and software systems, conducted the analysis.
Owensboro’s annualized growth from June to September was 5.8 percent, and its actual growth was 1.4 percent.
The study also provides a look at how close cities are to their employment status in December 2007 — the start of the recession. Owensboro has a 1.9 percent deficit. This data indicates it would take Owensboro 17 months to get back to the December 2007 employment level.
“Any time you look at comparable data to see where other communities like ours are, and we’re in the top quartile, that’s good,” said Nick Brake, president and CEO of the Greater Owensboro Economic Development Corporation. “And any time someone labels you a high-performing metro, it’s a good thing. It shows we have growth, actual and projected.”
The report analyzed 386 metros — 269 were categorized as small. Owensboro fit the criteria of a “micropolitan” area as defined by the BLS. This group has an average population of 50,000-60,000 but can be as high as 195,000. And they are typically single-county “ex-urbs” that can be located close to large metros.
The report is organized by population size.
Only a couple of other Kentucky metros show up in the study.
Louisville-Jefferson County is a “high performance” metro in the medium category for summer 2011. It’s annualized growth was 4.7 percent; actual growth 1.2 percent. It has a greater deficit from -- or further to go to get back to -- the prerecession employment level than Owensboro does. Its rate is -3.4 percent, meaning it could take 37 months to reach that December 2007 point.
The conversion of the job deficit data into “months remaining” to reach the prerecession rate does not suggest that the recovery will take this long, the study states. It is another data point of reference on the speed of the recovery.
The study also shows that 45 percent of the small metros still were in crisis during the summer. And 41 percent of medium and 35 percent of large metros also showed negative job growth.
Elizabethtown ranked in the bottom 5 percent showing -2.9 percent actual job growth.
“That’s almost half the small cities that were in recession this summer,” Brake said. “If you look at the average job growth by metro size, the top 25 percent are doing pretty well, and the bottom are doing really poorly.”
The report indicates that Owensboro has a good strategy in diversifying its economy and pursuing different options for growth including “quality of place and quality of life,” Brake said.
Not surprising, Brake said, is that it also shows a corollary -- many cities in the top 25 are college cities or are focused on quality of place or quality of life issues.
“They’re focused on creating a strong workforce, attracting young people and attracting entrepreneurs,” he said. “Anything we can do to focus on aligning with this sector is important.”
“While growth has appeared slow but steady for the nation, the recovery has been far from uniform across metros in the U.S.,” the study synopsis states.
The public release about Headlight’s growth report is at http://www.headlightllc.com/bestsummer2011/.
Joy Campbell, 691-7299, jcampbell@messenger-inquirer.com
Tuesday, November 8, 2011
Friday, November 4, 2011
Owensboro Downtown Waterfront Hotel
Two years ago, this community said goodbye to the storied Executive Inn. This landmark hotel hosted scores of events, conventions, concerts, and helped define Owensboro as a premiere destination city in our Commonwealth. The City of Owensboro and the Daviess County Fiscal Court took a monumental step forward in 2009 with the ratification of the Downtown Placemaking Initiative. One of the key components of that plan involved the construction of a new hotel in conjunction with an indoor Convention/Events center.
At the Owensboro Chamber of Commerce Rooster Booster Breakfast this week, developer Malcolm Bryant unveiled his design for the proposed 151-room Hampton Inn & Suites. The hotel will be the only LEED-certified hotel in Kentucky, and will also include a full-service restaurant, state-of-the-art meeting rooms, bridge connection to the new 169,000 sq ft Convention/Events Center, and retail and cafe space that will complement the pedestrian and new urban feel of our revitalized downtown.
This is truly a landmark day for Owensboro! Congratulations to the Malcolm Bryant Corporation, the City of Owensboro, and the scores of others who are taking this giant leap forward!
Owensboro-Daviess Co. the next Silicon Valley?
Business Insider magazine has put Daviess County on a 20 county list that could be the next Silicon Valley.
Silicon Valley sits in Northern California. It's where Apple computers were born.
"Silicon Valley is really the hub of innovation for the United States," says Madison Silvert of EDC.
What does Owensboro have to do with silicon valley?
Business experts say in the future, Owensboro could be the next Silicon Valley for several reasons.
"They have access to higher education, they have an innovative spirit, they're nice communities, moderately sized. Quality of life is one of those things that you absolutely have to have to be able to attract the talent that is necessary to promote high-tech growth," Silvert says.
Along with lower than average unemployment rates, Hollison Technologies CEO Kevin Humphrey says Owensboro's Center for Business and Research is a big reason why he thinks Owensboro made Business Insider's cut.
"Often entrepreneurs are people with good ideas. May not be um well suited to run their own business yet and need guidance in places and that being available is a wonderful tool."
"We're creating a bio-technology sector here in food and medical in pharmaceuticals specifically plant made pharmaceuticals where you can see some of the advancements that could be made in this kind of high tech environment. The seeds have been planted," Silvert says.
Daviess County was the only county in Kentucky that made business insider's list.
Silicon Valley sits in Northern California. It's where Apple computers were born.
"Silicon Valley is really the hub of innovation for the United States," says Madison Silvert of EDC.
What does Owensboro have to do with silicon valley?
Business experts say in the future, Owensboro could be the next Silicon Valley for several reasons.
"They have access to higher education, they have an innovative spirit, they're nice communities, moderately sized. Quality of life is one of those things that you absolutely have to have to be able to attract the talent that is necessary to promote high-tech growth," Silvert says.
Along with lower than average unemployment rates, Hollison Technologies CEO Kevin Humphrey says Owensboro's Center for Business and Research is a big reason why he thinks Owensboro made Business Insider's cut.
"Often entrepreneurs are people with good ideas. May not be um well suited to run their own business yet and need guidance in places and that being available is a wonderful tool."
"We're creating a bio-technology sector here in food and medical in pharmaceuticals specifically plant made pharmaceuticals where you can see some of the advancements that could be made in this kind of high tech environment. The seeds have been planted," Silvert says.
Daviess County was the only county in Kentucky that made business insider's list.
Thursday, October 27, 2011
Interstate 69 opens in Kentucky
I-69 signage is now being installed along 55 miles of Interstate 24 and the Wendell Ford/Western Kentucky Parkway, which is being upgraded to interstate standards.
"Indiana congratulates Kentucky on receiving federal approval to upgrade some of their existing parkways for I-69," said Samuel Sarvis, Indiana Department of Transportation (INDOT) deputy commissioner for major program management. "Kentucky's efforts show Indiana ways the existing State Road 37 might be transformed into I-69 Sections 5 and 6."
Stretching from Texas to Michigan, I-69 has been designated by Congress as a High Priority Corridor of National Significance and one of six "Corridors of the Future." I-69 construction is regarded as a key component to the future economic vitality of southwestern Indiana and will provide necessary connectivity with the rest of the state and the nation.
The I-69 corridor from Evansville to Indianapolis was approved by the Federal Highway Administration (FHWA) in March 2004, based on the Tier 1 Final Environmental Impact Study released in December 2003, which divided the 142 miles into six independent sections. Sixty-five miles of Sections 1, 2 and 3 are currently under construction and scheduled to open at the end of 2012.
In September, FHWA approved the route for 27 miles of Section 4 between Crane and the existing limited-access S.R. 37 south of Bloomington. Section 4 is scheduled to open to traffic by the end of 2014, and bids are being opened for the first construction contract this fall.
Wednesday, September 28, 2011
Owensboro Unemployment at Lowest Level since 2008
Daviess County’s unemployment rate fell to 7.7 percent in August — the lowest it’s been since the beginning of the Great Recession.
The last time the county saw a rate lower than 8 percent — a figure once considered high — was nearly three years ago, in December 2008, when it was at 7.1 percent.
Local unemployment stood at 9 percent in both July 2011 and August 2010, the numbers released by the Kentucky Office of Employment and Training show.
“We’re not where we’d like to be, but the (new) number is reflective of some positive economic projects we’ve had over the past couple of years,” Nick Brake, president of the Greater Owensboro Economic Development Corp., said Monday.
The new numbers show that 1,100 more people — 45,477 — are working here today than in December 2008.
But the number of people in the work force has also grown — by 1,493 people to 49,282.
The state lists 3,805 people as unemployed in the county today, up 393 from December 2008.
Brake said U.S. Bank Home Mortgage has hired several hundred people in the past year and the hospital continues to add workers.
And, he said, “Our strategy supporting entrepreneurship is paying off as some of the smaller companies are hiring now too. I still have concerns about the possibility of a double-dip recession, but I’m optimistic. This is a very strong sign of economic activity in the community.”
Daviess’ 7.7 percent rate was matched by both Hancock and Ohio counties in August.
Hancock’s unemployment rate was 6.8 percent in December 2008. It hit 14.8 percent six months later.
But the jobless rate there has been dropping steadily in recent months as many of the industries began calling back workers who had been laid off.
“We’re heavy in manufacturing over here,” said Mike Baker, executive director of the Hancock County Industrial Foundation. “All of our plants are flush right now. There haven’t been any expansions or hirings, but they’re in good shape. We’ve also seen an uptick in hiring of temporary workers.”
But he said there’s a national shortage of electricians, electrical contractors and mechanics that will “reach epidemic levels within three years.”
If people are looking for careers, those are good fields to consider, Baker said.
The statewide unemployment rate for August was 9.1 percent — down from 9.7 percent in July and 10.1 percent in August 2010.
The last time the county saw a rate lower than 8 percent — a figure once considered high — was nearly three years ago, in December 2008, when it was at 7.1 percent.
Local unemployment stood at 9 percent in both July 2011 and August 2010, the numbers released by the Kentucky Office of Employment and Training show.
“We’re not where we’d like to be, but the (new) number is reflective of some positive economic projects we’ve had over the past couple of years,” Nick Brake, president of the Greater Owensboro Economic Development Corp., said Monday.
The new numbers show that 1,100 more people — 45,477 — are working here today than in December 2008.
But the number of people in the work force has also grown — by 1,493 people to 49,282.
The state lists 3,805 people as unemployed in the county today, up 393 from December 2008.
Brake said U.S. Bank Home Mortgage has hired several hundred people in the past year and the hospital continues to add workers.
And, he said, “Our strategy supporting entrepreneurship is paying off as some of the smaller companies are hiring now too. I still have concerns about the possibility of a double-dip recession, but I’m optimistic. This is a very strong sign of economic activity in the community.”
Daviess’ 7.7 percent rate was matched by both Hancock and Ohio counties in August.
Hancock’s unemployment rate was 6.8 percent in December 2008. It hit 14.8 percent six months later.
But the jobless rate there has been dropping steadily in recent months as many of the industries began calling back workers who had been laid off.
“We’re heavy in manufacturing over here,” said Mike Baker, executive director of the Hancock County Industrial Foundation. “All of our plants are flush right now. There haven’t been any expansions or hirings, but they’re in good shape. We’ve also seen an uptick in hiring of temporary workers.”
But he said there’s a national shortage of electricians, electrical contractors and mechanics that will “reach epidemic levels within three years.”
If people are looking for careers, those are good fields to consider, Baker said.
The statewide unemployment rate for August was 9.1 percent — down from 9.7 percent in July and 10.1 percent in August 2010.
Monday, September 26, 2011
Owensboro Chooses Cape Air St. Louis Flights for Air Service
A panel choosing a carrier for air service at the Owensboro-Daviess County Regional Airport has selected Cape Air, a Hyannis, Mass., airline and sent that recommendation on to federal regulators.
The U.S. Department of Transportation will consider the panel's choice when it makes a final selection for a commuter airline serving Owensboro, The Messenger-Inquirer reported (http://bit.ly/ra8Por).
Cape Air proposed three daily flights to and from St. Louis. The fare will be $49 including fees and taxes and no additional cost for baggage.
KentuckySkies, a subsidiary of Pacific Wings, which flew from Owensboro to Nashville, informed the airport board in July that it would end the service Sept. 30.
The U.S. Department of Transportation will consider the panel's choice when it makes a final selection for a commuter airline serving Owensboro, The Messenger-Inquirer reported (http://bit.ly/ra8Por).
Cape Air proposed three daily flights to and from St. Louis. The fare will be $49 including fees and taxes and no additional cost for baggage.
KentuckySkies, a subsidiary of Pacific Wings, which flew from Owensboro to Nashville, informed the airport board in July that it would end the service Sept. 30.
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