Pecha Kucha Night Louisville #3 g 3/8/11 Patrick Smith Patrick Smith @CityResearch
Louisville & LexingtonThoughts on Kentucky’s Potential Super Region
KENTUCKY S SUPER REGION? KENTUCKY’S SUPER REGION? “It would be better for Louisville and Lexington be thought of — and marketed — as a single region, h h f d k d i l i even while maintaining separate strengths” BUT WHY?Louisville Mayor Greg Fischer & Margaret Handmaker, Interim Director for Economic DevelopmentCOURIER JOURNAL PHOTO
Louisville MSA is Losing Jobs Nonagricultural wage and salary jobs, 2000-2009 620,400 620 400 595,800 ‐24,600 jobs b Down 4% Down 4% Source: Coomes, 2010, Recovery and 2000 2009 Expansion from the 2008-09 Recession, and its Impact on Tax Revenues. The theory of the Super Region is that by creating a larger, cooperative regional economy l ti i l– the new whole will produce more than the sum of it’s old parts – Translating into more jobs
How can Louisville and Lexington How can Louisville and Lexingtonbecome stronger economic partners? What are some differences? What are some shared strengths? What are some shared strengths?What can happen in the short term to get things moving?
Combing these two regions would create an g g economy with a GDP larger than Nashville 34 Milwaukee‐Waukesha‐West Allis, WI ‐ $ 82,692,000,000 35 Virginia Beach‐Norfolk‐Newport News, VA‐NC ‐ $ 79,600,000,000 36 Hartford‐West Hartford‐East Hartford, CT ‐ $ 79,424,000,000 H tf d W t H tf d E t H tf d CT $ 79 424 000 000 37 Bridgeport‐Stamford‐Norwalk, CT ‐ $ 78,805,000,000 38 Austin‐Round Rock‐San Marcos, TX ‐ $ 78,426,000,000 Louisville‐Lexington Super Region $ , $77,964,000,000 , , 39 San Antonio‐New Braunfels, TX ‐ $ 77,712,000,000 40 Nashville‐Davidson‐Murfreesboro‐Franklin, TN ‐ $ 75,764,000,000 41 New Orleans‐Metairie‐Kenner, LA ‐ $68,008,000,000
What are some of our individual regional strengths? Louisville has elder care and a growing health care sectorLexington has the thoroughbred industry
Employment Trends, Manufacturing & Health ServicesLouisville KY-IN MSA 2001 - 2008 92,240 92 240 Manufacturing Jobs 78,003 75,517 Health Care and Social Assistance Jobs 64,563 Source: Bureau of Economic Analysis
Farm income, livestock vs. crops, 2008Farm income, livestock vs. crops, 2008 Source: Bureau of Economic Analysis
Industry Sectors Industry Sectors for Complimentary Growth Our regions both build high quality Our regions both build high quality vehicles and contain many important links in vehicle parts supply chains links in vehicle parts supply chainsThe combined region contains the Napa The combined region contains the Napa Valley of Bourbon
LOU‐LEX SUPER REGION: THE NAPA VALLEY OF BOURBON 2010 Kentucky Distillers Association“They’re [KY Distillers] priming for continued growth — not just in consumption as more and more people around They re [KY Distillers] priming for continued growth — not just in consumption, as more and more people around the world appreciate a fine, aged American whiskey, but also in tourism, as more and more people around the world start to view the triangle between Louisville, Frankfort and Bardstown like Napa Valley.” ‐‐DrinkBoston.com, 2010
Criticism of the Super Region?Criticism of the Super Region? “while it’s possible to have similar businesses along a vast corridor — like Silicon Valley in California… …there s …there’s so much undeveloped countryside between Louisville and Lexington that it’s hard to consider it a single region” This criticism presupposes that the Super Region would be have to be a fully built-out, uninterrupted urban corridor between Lexington & Louisville
The Lou/Lex Super Region could protect our rich natural landscapes by focusing development in Louisville, Lexington, and the town centers across the region.
The Thoroughbred Express?Greatest short term way to connect these two economies is through rail
Improve ConnectivityAcross the Super RegionA th S R i