Gov. Beshear Celebrates Governor’s Cup Award in Mount Sterling
Region also named among Site Selection magazine’s top communities for economic successes
MOUNT STERLING, Ky. (June 1, 2015) – Governor Steve Beshear hoisted Kentucky’s historic Governor’s Cup trophy today in Mount Sterling at Indian Creek Restaurant.
Gov. Beshear joined community officials to celebrate Site Selection magazine naming Kentucky the top state for economic development projects per capita last year. The nationally acclaimed publication also ranked the Mount Sterling area among the nation’s top micropolitan areas in business creation.
“It’s an honor to receive the Governor’s Cup, but it’s the meaning behind the award that’s so significant,” said Gov. Beshear. “Think about where we were seven years ago when Kentucky’s unemployment rate was 11 percent and business growth was at a near standstill. We’ve come so far. Our statewide unemployment rate is now 5 percent, and the Governor’s Cup is further proof of the fruits of our labor. This success would not have been possible without this community’s dedication to supporting businesses, creating jobs and making Kentucky a better place for all of us.”
Mount Sterling/Montgomery, Bath and Menifee counties have played a significant role in growing Kentucky’s economy. Since January 2008, the region has announced 25 new and expansion projects, which are projected to create 888 jobs and $145 million in new investment.
Major projects include:
- Nestle Prepared Foods (2009, 2013, 2014): 141 jobs, $26.9 million investment
- American Doors (2011): 60 jobs, $27.5 million investment
- Cooper Standard Automotive (2011): 120 jobs, $3 million investment
- Data Dimensions (2014): 100 jobs, $3.2 million investment
The unemployment rate in Montgomery County continues to decline. In April 2014 the county rate was 7.1 percent. The rate for April 2015 is 5.9 percent.
The Montgomery County area is also seeing an increase in tourism. A recent tourism report showed that the economic impact of Kentucky’s tourism industry topped $13 billion in 2014, with growth in every tourism region of the state. Montgomery County’s 2014 tourism economic impact was $62.9 million, a .9 percent increase from previous year. The county’s 2014 tourism employment was the equivalent of 550 jobs.
“For our state to receive the overall Governor’s Cup award from Site Selection is truly a significant achievement,” said Sen. Ralph Alvarado, of Winchester. “I would like to thank all of those who have dedicated their time and efforts to attract business to our state. I also am very pleased that Mount Sterling was recognized as a ‘Top Micropolitan’ in the same publication. Mount Sterling is a wonderful piece to our Commonwealth’s puzzle and this award was much deserved for a community dedicated to diligence in the workplace.”
“This award would not be possible without our hard working local officials, including Judge Executive Wally Johnson and members of the fiscal court, Mount Sterling Mayor Gary Williamson and members of the city council, the board of the Mount Sterling Chamber of Commerce, and Sandy Romenesko with the Mount Sterling-Montgomery County Industrial Authority,” said Rep. David Hale, of Wellington. “It is my hope that our county can continue working with state officials to help expand existing industries, and lure new business to the area.”
Speaking at today’s event were Mount Sterling Mayor Gary Williamson; Montgomery County Judge-Executive Wallace Johnson; Sandy Romenesko, Mount Sterling/Montgomery County Industrial Authority Economic Development Director; and Spears Stilz, senior vice president at Traditional Bank and chair of the Mount Sterling/Montgomery County Industrial Authority.
The Governor’s Cup is just one of the Commonwealth’s recent economic development successes.
- Kentucky announced more than 350 new industry location and expansion projects last year, which are projected to create nearly 15,000 jobs and more than $3.7 billion in new investment. That is the most business investment since the state started keeping track nearly 30 years ago.
- The Federal Reserve Bank of Philadelphia Coincident Index, which measures wages, unemployment rates and payrolls, indicates Kentucky’s economic activity not only recovered from the Great Recession, but has also reached an all-time high.
- Kentucky’s jobless rate is below the national average and is half of what it was during the height of the recession.
- Kentucky exports reached an all-time high of more than $27.5 billion last year. It’s the fourth straight year Kentucky has set a state record.
Site Selection, an Atlanta-based publication, rates states, metropolitans and micropolitans annually for its Governor’s Cup. The rankings are based on the number of projects that involve a capital investment of at least $1 million, create 20 or more jobs or add at least 20,000 square feet of new floor space.
For more on Kentucky’s Governor’s Cup and Mount Sterling’s award, visit www.siteselection.com