Owensboro USA Site Selection

Study: Owensboro a high performing small metro

2011-11-08T06:41:00.002-06:00

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

Centre for Business and Research, Owensboro, Kentucky's business incubator

2011-03-23T12:50:00.000-05:00

A Small Town with Big City Amenities: This is Owensboro, Think Big!

2011-02-09T16:51:00.001-06:00

January 6, 2011 State of the City Presentation

2011-01-07T14:44:00.000-06:00

This video is a great summary of all of the activity currently underway in downtown Owensboro.

Owensboro Site Update: Green River Steel Ohio River Property

2010-12-01T17:27:00.002-06:00

The buildings on the Green River Steel site have recently been demolished

The 91 acre Ohio River site in Owensboro that was once the Green River Steel Mill is now a clean site ready for development.

The Owensboro Riverport Authority, the owner of the property on the east side of Owensboro, recently had three massive buildings demolished and removed.

The Riverport also completed environmental remediation on the property to enhance the marketability of the location for industrial development.

The site offers river and rail access to the CSX main line. It is directly off of US Highway 60 and less than a mile from an interchange to the Interstate 65- Interstate 64 Connector, currently under construction.

More information about the site is available at http://www.thinkkentucky.com/edis/PDF/Site/AM059-005.pdf

2010-09-10T15:25:00.002-05:00

Owensboro's Advantage for Back Office Headquarters

2010-09-10T15:24:00.000-05:00

Owensboro is one of Kentucky’s best regions for business cost and location for back office headquarter facilities. Centrally located between the Midwest and the South along the banks of the beautiful Ohio River, Owensboro has recently embarked on its renaissance with over $1.5 billion in public investment. The third largest city in Kentucky, Owensboro is an optimally sized urban oasis—a beautiful, friendly, safe, and progressive place with sophisticated amenities, stable growth, a balanced economy and a short commute.

Municipally owned fiber optic ring, connections speeds with T-1 fiber are up to 10 Mbps or point-to-point access with speeds up to 100 Mbps
Large skilled workforce in back office headquarters, including 1,600 employees at US Bank Home Mortgage ans six other headquarters employing a hundreds more in professional/ financial services
Four colleges and universities enrolling over 8,000 undergraduates
Labor costs are 28% lower than the national average
Energy costs in the Owensboro region are among the lowest in the nation, with electric rates at an average of $0.05 per kilowatt hour
Two flights daily from the Owensboro Regional Airport with connections in Nashville and Atlanta

Owensboro currently has several existing buildings available in the 50,000 to 150,000 square foot range. The community can work with the company to structure a low cost lease.

US Bank Adding 500 Mortgage Servicing Jobs in Owensboro

2010-09-10T15:13:00.000-05:00

Demonstrating the state's commitment to support its existing industries, Gov. Steve Beshear announced a major expansion at US Bank that will create 500 new jobs in Owensboro.

The U.S. Bank National Association's Home Mortgage's Servicing Center in Owensboro supports U.S. Bank's national portfolio, will invest more than $14.1 million as a result of the expansion and add a location in the Mid America Airpark in Owensboro.

"Today's announcement that U.S. Bank will create 500 new jobs is fantastic economic development news for Owensboro and Kentucky," said Gov. Beshear. "I am pleased that the Commonwealth could once again partner with our existing industries to create employment opportunities and secure additional capital investments in Kentucky facilities."

A subsidiary of US Bancorp, a division of U.S. Bank National Association, U.S. Bank Home Mortgage is ranked sixth among originators and servicers nationally. US Bank originates loans nationwide through its network of more than 2,700 branch banks in 24 states. The Owensboro Mortgage Servicing Center supports U.S. Bank's the bank's national portfolio of nearly $1.4 million loans totaling $193 198 billion. An increase in demand for U.S. Bank mortgage products and services has spurred the expansion. The company plans to lease an 81,000 square-foot facility in the Mid-America Air Park to house the new employees. Owensboro's existing facility facilities currently employs just over 1,100 people.

"We continue to add quality loans to our solid mortgage portfolio," added Dan Arrigoni, President of U.S. Bank Home Mortgage. "We're continuing to invest in our infrastructure so that we can keep providing top-notch service for our existing customers while building for our future mortgage growth." Bob Smiley, U.S. Bank executive vice president and loan servicing manager at U.S. Bank Home Mortgage in Owensboro said the portfolio has continued to grow at a rapid pace since reaching a milestone in 2007 by surpassing $100 billion in servicing volume. Today, only 36 months later, we have nearly doubled that volume to $198 billion.

The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved U.S Bank National Association for tax incentives up to $4,370,000 through the Kentucky Business Investment program. The incentive can be earned over a 10-year period through corporate income tax credits and wage assessments. Additionally, KEDFA approved the company for tax benefits up to $130,000 through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures and equipment used in research and development. The City of Owensboro has pledged to partner with US Bank with a local incentive valued at $1.7 million.

"US Bank is a corporate citizen who we are extremely proud to partner with," added Owensboro Mayor Ron Payne. "The city sees this as a project with great benefits today and significant potential for the future. Owensboro is on the move thanks to the efforts of US Bank and many others. We are growing stronger together."

Owensboro Ranked Among Top 100 Places to Live

2010-07-13T09:55:00.000-05:00

Owensboro has been ranked in the top 100 on Money Magazine’s new “America’s Best Places to Live” report.

The report ranked “small” cities — those with populations between 50,000 and 300,000 — by criteria including such as job prospects, schools, low crime rates and things to do.

Owensboro was ranked 93rd. Money Magazine noted the city’s claim to being the “Bar-B-Q Capital of the World” and its free “Friday after 5” weekly concerts on its downtown riverfront each summer.

Owensboro students’ math and reading test scores are above the state average, the personal crime rate amounts to only two per 1,000 residents and it boasts average commute times of less than 13 minutes.

Owensboro was the only city in Kentucky to make the list.

The rankings are available in the August issue of Money and at money.cnn.com.

2010-06-10T15:50:00.001-05:00

Owensboro's Advantage for Distribution and Logistics

2010-06-10T15:40:00.000-05:00

Owensboro is one of Kentucky’s best regions for business cost and location for distribution facilities. Centrally located between the Midwest and the South along the banks of the beautiful Ohio River, Owensboro has recently embarked on its renaissance with over $1.5 billion in public investment. The third largest city in Kentucky, Owensboro is an optimally sized urban oasis—a beautiful, friendly, safe, and progressive place with sophisticated amenities, stable growth, a balanced economy and a short commute.

Low transportation costs, located 75 miles from median center of US population
Large skilled workforce in distribution, with several national distribution centers located in the region
Labor costs are 28% lower than the national average
Energy costs in the Owensboro region are among the lowest in the nation, with industrial electric rates at an average of $0.05 per kilowatt hour.
Excellent transportation network with two interstate spur/ connectors, fully functional riverport, CSX main line and an 8,000 foot runway at the Owensboro Regional Airport

Owensboro currently has several existing buildings available in the 50,000 to 150,000 square foot range. The community can work with the company to structure a low cost lease.

2010-06-10T15:30:00.001-05:00

The Owensboro Advantage for Food Production

2010-06-10T15:29:00.000-05:00

Owensboro is one of Kentucky’s best regions for business cost and location in food manufacturing and distribution. Centrally located between the Midwest and the South along the banks of the beautiful Ohio River, Owensboro has recently embarked on its renaissance with over $1.5 billion in public investment. The third largest city in Kentucky, Owensboro is an optimally sized urban oasis—a beautiful, friendly, safe, and progressive place with sophisticated amenities, stable growth, a balanced economy and a short commute. Owensboro's value proposition in food manufacturing includes:

Low transportation costs, located 75 miles from median center of US population
More than half of the state's wheat, corn and soybean crop grown in Owensboro/ northwest Kentucky region.
Large skilled workforce in food manufacturing, including high concentrations of industrial maintenance technicians and associate and bachelor degree programs specializing in food manufacturing at the local community college and Western Kentucky University-Owensboro
Labor costs are 28% lower than the national average
Energy costs in the Owensboro region are among the lowest in the nation, with industrial electric rates at an average of $0.05 per kilowatt hour.
Large amounts of water available from underground aquifers at very low cost.

Owensboro currently has several existing buildings available in the 100,000 to 200,000 square foot range. The community can work with the company to structure a low cost lease.

To read more about Owensboro's Advantage in Food Manufacturing, visit the the following link.

Cranes New Symbol of Construction Boom in Owensboro

2010-04-07T14:59:00.002-05:00

Beginning this month cranes will be the new symbol of the recent construction boom in Owensboro. The city and region are beginning an unprecedented period of construction projects totaling $600 million in new public projects, over 10,000 construction jobs and with an overall economic impact of more than $1 billion.

Some of the public projects including the following:

The new Owensboro Medical Health System will break ground next week ($385 million, 6,600 construction jobs, and $600 million economic impact); downtown development program, including the new publicly funded convention center ($80 million, 1,300 construction jobs, $130 million economic impact); new downtown hotel pictured above ($20 million, 340 construction jobs, $33 million economic impact); Interstate 64- Interstate 65 connector ($37 million, 600 construction jobs, $62 million economic impact); and a new National Guard Armory at the airport ($14 million, 200 construction jobs, $23 million economic impact).

There has never been a better time to invest in Owensboro!

Owensboro Sites and Buildings

2010-04-02T16:29:00.001-05:00

Owensboro, KY Sites and Buildings

Owensboro Sites and Buildings

2010-03-31T17:06:00.002-05:00

Governor: "There's no place in Kentucky that has more going on right now than Owensboro"

2010-03-24T11:40:00.002-05:00

Kentucky Governor Steve Beshear told a crowd in Owensboro recently that the region was a hub of activity. "There is no place in Kentucky with more going on than Owensboro," said Beshear at the ground breaking for a new I-64/ I-65 connector that will come together in Owensboro.

The region has recently embarked on a renaissance with over $1.5 billion in public investment, including the following projects:

A market-based downtown master plan will result in $120 million in public infrastructure and amenities to reinvent downtown Owensboro as a "walkable mixed use" urban center;
Owensboro is planting the seeds of the next biotech revolution to become the world center for plant pharmaceutical production with a recent $17 million federal Department of Defense investment at Kentucky BioProcessing and a newly planned Center for Business and Research;
Owensboro is a regional hub for health care with a $400 million new hospital under construction and a medical center ranked in the top five percent nationally for quality care;
The growth of higher education with a new locally funding public university campus;
Interstate 64 and Interstate 65 connector.

The public investments are paying off. Existing companies added over 500 jobs with $90 million in new investment during the national recession.

There has never been a better time to invest in Owensboro! For more information visit http://invest.owensboro.com/

Improvements in Transportation Position Owensboro Well for Growth in Logistics

2010-03-23T14:23:00.001-05:00

Recent improvements and opportunities in the regional transportation network position Owensboro for future growth in the logistics sector.

Greater Owensboro is linked to the national transportation network through two limited access highways, the Natcher and Audubon Parkways, which provide easy access to nearby I-64 to the north and in the south to I-65 and I-24. Newly planned I-66 and I-69 corridors are 30 minutes to the west and south. Additionally, US 231, US 431, and US 60 provide excellent highway access to the region.

Interstate 69 will intersect the Audubon Parkway between Owensboro and Henderson at approximately the three-mile marker. The Interstate will connect Canada to Mexico and will cross the Ohio River within 30 miles of the Owensboro Riverport Authority and the Owensboro Daviess County Regional Airport.

The I-64/ I-65 connector, currently under construction and set for completion in 2014, provides a four lane limited access north-south expressway connection via the Natcher Bridge to I-64 in 30 miles north in Indiana and I-65, located 50 miles to the south. Owensboro is the largest city and is located near the midpoint along the connector.

Other logsitics assets include the following:

Geographic Center- Greater Owensboro is located 75 miles from the median center of the U.S. population (the point where latitude and longitude lines intersect, and the population is the same on all sides) resulting in lower transportation costs.

River- Owensboro Riverport Authority with Foreign Trade Zone status, custom port of entry, 100 card rail loop, ample warehousing space and inventory/ logistics capabilities;

Rail- CSX mail north-south line;

Air- Owensboro-Daviess County Regional Airport, 8,000 foot runway, 300 acres for expansion;

Workforce- Recognized by Expansion Management as top ranked workforce in logistics and distribution

Logistics and advanced manufacturing training programs at Owensboro Community and Technical College;

Center for Commerce- The region is located within 600 miles of 41% of personal income, 53% of manufacturing employment, and 41% of retail sales in the country.

Please visit the following links for sites: http://edc.owensboro.com/sites/

Over $90 Million in New Investment, 16 Projects in 2009 for Owensboro

2010-03-23T14:11:00.000-05:00

Existing companies in Owensboro added over 500 new jobs and $90 million in new investments in 2009. Owensboro’s overall economic strength index is higher than it has been in five years. Moody’s Adversity Index lists Owensboro as a metro whose economy has moved into recovery. Jobs were added in the home mortgage industry, food manufacturing, and warehousing. Innovations in plant biotechnology, food safety, and emerging energy technologies have led to the formation of 13 new technology based companies in Owensboro the past two years.

There has never been a better time to invest in Owensboro!

Owensboro Daviess County Makes Site Selection Top 10

2010-01-08T15:39:00.000-06:00

Site Selection Magazine has listed Daviess County as one of the top counties along the Ohio River corridor in terms of new plants and expansions from July 2008 to August 2009.

The economic development trade magazine, published by Conway Data, listed 230 projects in the counties adjacent to the Ohio River throughout six states. Despite the sour economy, that total approaches the totals seen during the same months in 2004-2007 and is up from the 190 projects tracked during 2007 to August 2008.

Topping the list are the major metro areas along the Ohio River, including Allegheny County, PA (Pittsburgh), Hamilton, OH (Cincinnati) and Jefferson, KY (Louisville). Daviess County ranked sixth among more than 70 counties that border the Ohio River with seven projects during the 12 month period.

Owensboro Best Place In Kentucky for Families

2009-11-18T10:02:00.000-06:00

By Beth Wilberding, Messenger-Inquirer
Published: Wednesday, November 18, 2009 12:18 AM CST

BusinessWeek magazine named Owensboro as the best place in Kentucky to raise a family.

On November 17, 2009, the magazine cited Owensboro's "combination of low crime, outstanding school test scores and a low cost of living" as what makes the city a "great place to raise kids."