Over the next few months, and perhaps years, Executive Director Carter Hendricks and the South Western Kentucky Economic Development Council now have some new marketing and communication strategies for prospective businesses coming to the region.
Courtesy of data provided by the Tennessee Valley Authority nuanced demographic report, the Trigg/Christian/Todd region has some very specific positive and negative trends — many of which Hendricks discussed with constituents during Monday’s conclave.
First and foremost, the number of total jobs in the triumvirate of counties has increased more than 1,000 in the past five years, from more than 67,000 in 2016 to more than 68,000 in 2021. Hendricks said that TVA has projected more than 2,000 new jobs for the area by 2026.
This 1.5% in job growth over the last half-decade outpaced the national average of 0.4%, but Hendricks countered that one concern is that the population hasn’t bounced the same direction.
But even that could be changing soon.
In the last 15 months, the average number of days a home has stayed on the market in Trigg/Christian/Todd is 75.
In the previous 15 months, it was 140 days.
Hendricks says there’s “little doubt” that if more residential units are built and put on the market in this area, the demand is there — and people will want to live here.
Labor force participation continues to be a strong trend for enticing new businesses, Hendricks added, as the region approaches 56%. This gives new industries a target of roughly 44% of the local work-ready population seeking better opportunities and, frankly, better careers.
The tri-county region also has a very unique diversity profile for ages and races. More than 20,000 are millennials (ages 25-39), more than 24,000 are approaching retirement age (55 or older), more than 28,000 are considered non-white and more than 8,000 are veterans of the military — many stemming, naturally, from Fort Campbell. Hopkinsville serves as the most diverse, per capita, in the Commonwealth.
Furthermore, violent crimes stand at 1.65 per 1,000 people, and property crimes sit at 17.25 per 1,000 people — both well below national averages.
This leads to a generalized look at tax rates between six counties near and along the Kentucky-Tennessee line, Hendricks added that the same home in west Kentucky valued at $165,000 can be valued at near $230,000.
Those who live in Tennessee, but work in Kentucky, also face more than $1,300 a year on fuel costs — particularly if they drive 40 miles a day, five days a week at $4 a gallon.
Simply put, Hendricks and the EDC note that if someone worked and lived in Kentucky, one could save roughly $400 a month — despite the differences of income tax.
Other notes:
■ 10.9% of the region’s residents own a bachelor’s degree (9.4% below the national average), 11.5% have an associate’s degree (2.8% above the national average)
■ According to Dr. Alissa Young, the Hopkinsville Community College has hired both a diesel tech and HVA instructor, and both programs will start in the fall.
■ Unemployment rates remain historically low in the area: 5.2% in Christian, 4.9% in Trigg, 3.3% in Todd.
