My Report

Wood Products

We have more employees in our 10-county labor shed in the following jobs than the average US labor shed by the following amounts:

Labor Shed

Additionally since 2011, we have seen 171% growth in Hardwood Veneer & Plywood Manufacturing jobs in our 10-county labor shed.

 

An Expanding Economy

Marshall County has seen more than $400 million in expansions of over 7 plants since 2012!  All the well-known companies below are spending significant dollars to expand in our community because they know how great it is to do business here:

  • In 2015 Ashland Chemical announced a $12,500,000 expansion
  • In 2014 Westlake Vinyls announced a $300,758,974 expansion
  • In 2014 Estron Chemicals announced a $4,900,000 expansion
  • In 2013 Gerdau Ameristeel US announced a $26,304,000 expansion
  • In 2013 Wacker Chemical Corporation announced a $27,400,000 expansion
  • In 2012 Lubrizol Advanced Materials announced a $39,200,000 expansion
  • In 2012 Sekisui Specialty Chemicals announced a $2,781,652 expansion

 

Engineering Talent

Our 10-county labor shed region is home to an abundant amount of engineers:

  • 149 Industrial Engineers
  • 145 Mechanical Engineers
  • 120 Chemical Engineers
  • 102 Civil Engineers
  • 47 Electrical Engineers
  • 30 Health & Safety Engineers
  • 24 Environmental Engineers

 

Labor

 

Two Electric Power Providers

  • We are served with electricity by TVA and Jackson Purchase Energy giving us some of the lowest electric power costs in the United States.

 

The University of Kentucky’s Department of Forestry

  • The University of Kentucky features a Department of Forestry in its Agriculture, Food, and Environment school. Faculty of the Department of Forestry conduct basic and applied research on these disciplines: ecology, economics, genetics, hydrology, mensuration, physiology, silviculture, soils, surface mine reclamation, timber management, wildlife biology, and wood utilization.

Click here to view the courses in the program: http://www2.ca.uky.edu/forestry/academics.php.

 

Interstate Access

  • Interstate 24 (east-west) and Interstate 69 (north-south) intersect in the heart of our community.

 

 

Rail Access

  • We are served by the Paducah and Louisville Railway (P&L) which interchanges with the BNSF, CN, CSX, and NS Railroads.

 

Governor’s Cup

  • Kentucky ranked 1st in Site Selection magazine’s annual Governor’s Cup award, recognizing the highest number of qualifying industry locations and expansions per capita in 2014.

 

Taxes & Business Costs

  • CNBC ranked Kentucky the 2nd best state for the “Cost of Doing Business” in 2015

 

Incentives

Grants & Tax Credits

  • KBI Program
    • Wage Assessment- 4% of total payroll credit against state income taxes
    • Income Tax Credit- up to 100% of corporate income or limited liability entity tax liability arising from the project
  • KEIA Program
    • Sales/Use Tax Refund- Refund of sales & use tax paid for building & construction materials, research and development equipment, and electronic processing equipment.
  • Bluegrass State Skills Workforce Training
    • Grant Reimbursement- up to 50% matching reimbursement for in-house training; educational institution and consultant training; instruction materials, texts, and supplies; train-the-trainer travel; trainee wages and registered apprenticeship training-year one apprentices. The maximum funding for companies with 1-499 employees is $25,000 and $50,000 for companies with $500+ employees.
    • Tax Credit- up to 50% of training costs can be recovered as a state tax credit limited to $500 per Kentucky employed residents, not to exceed $100,000. Eligible costs include: in-house training; educational institution and consultant training; instruction materials, texts, and supplies; train-the-trainer travel; trainee wages and registered apprenticeship training-year two, three, and four apprentices.
  • Kentucky Wins In-Kind Training
    • In-kind training through the local community colleges which provides recruiting, screening, and training assistance.

Loan Programs

  • KEDFA- Click here to learn about this loan program: https://www.thinkkentucky.com/kyedc/pdfs/kedfadcp.pdf
  • IRBs- local financing mechanism for high impact projects. Additionally, a 5-year property tax abatement can be offered through this program.
  • CDBG- low interest loan financing for high impact projects.

 

Source of Business and Labor Numbers: The Next Move Group, LLC

 

Kentucky Lake Economic Development
in Marshall County
270.527.2009 • fx: 270.527.9896 • cell: 270.493.1958 • email
1101 Main Street • Benton, Kentucky 42025

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