Kentucky's Economic Growth: Needs Improvement
Thursday, July 30, 2009 at 8:12PM According to data from the Bureau of Economic Analysis, a federal agency, Kentucky has lagged in economic growth for the past decade, when compared to our surrounding states and the Southeast U.S. as a whole.
State Growth in GSP*
Virginia 87.3%
Tennessee 64.3%
West Virginia 58.9%
Illinois 56.9%
Indiana 51.6%
Missouri 50.3%
Kentucky 47.9%
Ohio 41.9%
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SOUTHEAST REGION 75.1%
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There are many variables that contribute to these types of trends. What is clear is that Kentucky needs to take a serious look at its business and entrepreneurial environment.
It should be expected that Virginia and Illinois are ahead of us - given the Chicago and D.C. metropolitan regions within those states.
But West Virginia growing by 10+ better points? Tennessee by 17+ points?
Are Kentucky's economic development leaders examining these issues? We certainly would encourage them to do just that.
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* GSP - Gross State Product 1997 - 2008.
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