Regional Summit returns to Lexington for economic overview

LEXINGTON, Ky. (WTVQ) — The 2023 Regional Summit held in Lexington Wednesday provides an overview of the economic state of our region.

Speakers from the summit reassured Kentuckians that overall our economy is improving.

Ted Abernathy from Economic Leadership says we rank No. 8 in manufacturing growth in the United States, which is a crucial factor in Kentucky’s economy.

“It’s a strong time, growth has been above the national average; Tennessee is still competitive, Virginia still competitive, but overall Kentucky’s numbers are higher in some categories than either of those states. And you’re doing better than most parts of Ohio or Indiana so overall, I’d say Kentucky is pretty good,” he added.

He says we also have some of the country’s lowest state and local taxes which should attract more people to move here, ultimately filling jobs and creating economic growth.

“You are affordable as a place to live, you’re affordable as a place to do business, your overall tax structure has been improving, and your combined state and local taxes are among I think the bottom 12 in the country, so it is a very affordable place to live,” said Abernathy.

President and CEO of Columbus Partnership Kenny McDonald applauded Commerce Lexington for having an economic strategic plan, saying he sees a bright future for the city.

“I see the beginning of a really great effort to expand the economy, diversify the economy and compete in a global marketplace. And having your entire metropolitan area locked into a strategy is a great step and now you have to keep doing it year after year after year,” he said.