In 2022, 15 existing Northern Kentucky companies expanded, and four new companies came to the region, creating thousands of new jobs and continuing the area’s economic growth.
BE NKY surpassed its targets set at the beginning of the year, bringing to the region $292 million in capital investment and 2,356 new jobs.
These positions have an average wage of $66,375, above the median wage in the region. BE NKY exceeded the average wages or base compensation for the Cincinnati region, Northern Kentucky, and the state of Kentucky in 2022.
For 2023, the BE NKY Board of Directors has set a target of $68,000 in average wages for announced jobs and projects.
The advanced manufacturing sector led projects and capital investment in 2022, and the supply chain management sector led job growth.
These industry sectors are two of four main industry clusters, and 13 subclusters, identified through BE NKY’s Target Industry Study in early 2022. These clusters were identified for their employment momentum and growth potential and will be used as a guide for a balanced economic development agenda in the region. Other main clusters include life sciences and information technology.
These target clusters have been integrated into all aspects of BE NKY’s business retention and attraction efforts, which are a key component driving economic growth in Northern Kentucky. In 2022, the BE NKY team assisted five companies in receiving Bluegrass State Skills Corporation funding to train nearly 400 employees and had more than 150 meetings with key company leaders.
“I’m proud to see the BE NKY team out in the community every day, helping both new and existing companies succeed, and celebrating their wins with them,” said Tom Banta, chair of the BE NKY Board of Directors.
BE NKY also launched its Build + Elevate Northern Kentucky investor campaign, raising more than $4.6 million, exceeding the $4.5 million goal. The funding raised through this campaign will help support four key initiatives that are integral to increasing economic prosperity in the region.
The four initiatives are Data-Informed Community Decision-Making, Activating the Northern Kentucky Port Authority, Deliver Customized Workforce Solutions, and Targeted Business Growth.
Some goals of these initiatives are already in progress. As part of the Targeted Business Growth initiative, Business Growth Manager Jacob Edmonds built several outbound attraction campaigns to business leaders in the materials and packaging, chemicals, and drug development sectors, resulting in hundreds of touchpoints.
The Northern Kentucky Atlas was launched at BE NKY’s Annual Forum in November 2022 as part of the Data-Informed Community Decision-Making initiative. This community-accessible data dashboard features more than 200 data variables for Boone, Campbell, and Kenton counties. A 15-member advisory council was created and will provide expertise throughout 2023.
“The Target Industry Study and development of these four initiatives provides our team and our community with a clear vision moving forward,” said BE NKY CEO Lee Crume. “This year, we will stay focused on our initiatives, engaging our investors, and bringing jobs to the region, benefitting thousands of families.”
The BE NKY staff also grew from 10 to 14, with four new positions created, three of which focus on the initiatives.
2022 also saw 10 groundbreakings, ribbon cuttings and grand openings in Northern Kentucky across the four target industry clusters, including for companies such as Advanced Handling Systems LLC, Prysmian Group, and FEAM Aero.
FEAM Aero, a leading provider of aircraft line maintenance services, is investing $40.2 million to create a new 150,000-square-foot, three-bay hangar at Cincinnati/Northern Kentucky International Airport, creating nearly 250 full-time positions.
“We have accomplished great success through our partnership with CVG and the public support from the state of Kentucky,” said Fred Murphy, founder and CEO of FEAM Aero. “We look forward to growing our local economic impact by creating meaningful careers within the region and bringing our best-in-class standards of quality and safety to the already thriving cargo ecosystem at CVG.”
Since its founding in 1987, BE NKY has led the successful relocation or expansion efforts for 765 business projects, representing more than 74,150 primary industry jobs created with a capital investment of more than $9.3 billion.
The full 2022 Annual Report is available at https://bit.ly/2022AnnualResults.
About BE NKY
BE NKY serves as the primary economic development company for Boone, Campbell, and Kenton counties, providing marketing and business retention services for the region. For more information, visit www.NorthernKentuckyUSA.com.
BE NKY’s vision is opportunity and prosperity for all Northern Kentuckians.
