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6.18.26 · Kentucky Business News

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Speaker 1: Hello. Today, I'll be reading from business sources in Lexington
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and Louisville, including The Lame Report and others from around
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the Commonwealth. Your reader today is Julia Shane. As a reminder,
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RADIOI is a reading service intended for people who are
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blind or who have other disabilities that make it difficult
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to read printed material. Our first article comes from the
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June sixteenth to twenty twenty sixth edition of The Lane
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Report and is titled Oak Grove, Hopkinsville and Christian County
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continue Tourism Success. Oak Grove, Hopkinsville and Christian County are
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once again celebrating the strength of tourism. The county continues
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to rank among Kentucky's top tourism destinations, generating significant economic impact,
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supporting local jobs, and driving business growth throughout the community.
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According to recently released Tourism Economic Impact data, Kentucky achieved
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another record breaking year for tourism, generating more than fourteen
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point six billion dollars in ecodomic impacts statewide and supporting
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over ninety six nine hundred ninety three jobs. The continued
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growth of tourism across the Commonwealth reflects the success of
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local destinations such as Oak Grove and Hopkinsville, which attract
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visitors through festivals, entertainment, outdoor recreation, military related travel, and
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hospitality experiences. Oak Grove Tourism Executive Director Tracy Cunningham praised
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the continued success of the tourism industry and the community
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partners who helped make the county a premier destination. Tourism
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remains one of the most important economic drivers in our community,
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said Cunningham. The continued growth we are experiencing is a
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direct result of the hard work and dedication of the
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Oak Grove Tourism team, our local businesses, city leaders, and
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residents who helped create memorable experiences for visitors every day.
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Oak Grove continues to serve as a major tourism hub
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within Christi County through its internationally and regionally award winning festivals,
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family friendly attractions, outdoor amenities, and expanding entertainment offerings including
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Oak Grove Racing, gaming and hotel Signature events such as
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the Butterfly Festival, Spring into Summer Salutes Fort Campbell and
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Kentucky Bands Bourbon and Wine Festival attract thousands of visitors
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from across Kentucky and neighboring states each year. Every festival, attendee, hotel, guest, restaurant, customer,
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and attraction visitor contributes to the success of our local economy.
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This continued visitation supports local jobs, generates tax revenue, and
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strengthens Oak Grove's position as a premier tourism destination in
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western Kentucky. This is Oak Grove and Hopkinsville's fourth year
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of record breaking visitors spending, fueled by award winning festivals, concerts,
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military related travel, and local attractions. In twenty twenty five,
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Christian County spending was two hundred and forty five million dollars,
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up one point six million dollars from twenty twenty four,
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with one thousand, seven hundred and ninety eight jobs, labor
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income of forty seven point three million dollars, and stay
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in local taxes of sixteen point four million dollars. To
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break tourism records four years in a row is nothing
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short of extraordinary. I am absolutely thrilled, stated Amy Rogers,
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executive director of Visit Hopkinsville. The data speaks for itself.
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The sustained success is a testament to the tireless daily
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dedication of the Visit Hopkinsville team to put our beautiful
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community on the map. It is an immense honor to
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lead these efforts. There is no greater reward than seeing
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the smiles on our visitors' faces and delivering the authentic
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Southern hospitality we are known for, from celebrating our proud
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heritage as the batter capital of the world to sharing
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all things weird, wild, and wonderful about Hopkinsville. We love
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what we do, and clearly the world is noticing. In
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addition to visitors spending, tourism contributes significantly to local and
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state tax revenues, helping support essential services while reducing the
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tax burden on residents. Tourism generated dollars benefits hotels, restaurants,
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retail businesses, gas stations, attractions, and countless small businesses throughout
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the region. As we continue investing in tourism experiences and
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marketing initiatives, we remain committed to showcasing everything that makes
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Oak Grove, Hopkinsville, and Christian County special. Cunningham said, our
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success demonstrates that tourism is not just about attracting visitors,
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It's about creating economic opportunities and improving the quality of
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life of our county. The next article from the Lane
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Report is titled uk NKU break Ground on new joint
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home for med School, Law School. Community me members gathered
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to celebrate the groundbreaking of the Commonwealth Center for Biomedical Excellence,
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a transformative project that will bring together law education, medical education, research,
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and entrepreneurship in the heart of Northern Kentucky. Located at
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eleven E River Center Boulevard in Covington, the Commonwealth Center
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will become the future home of Northern Kentucky Universities Salmon P.
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Chase College of Law and the University of Kentucky College
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of Medicine Northern Kentucky Campus. The project represents a unique
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partnership among higher education institutions and local government aimed at
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strengthening Kentucky's healthcare and expanding graduate educational opportunities for decades
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to come. We are thrilled to put shovels in the
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ground and transform this parking lot into a world class
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facility for the NKU Salmon P. Chase College of Law
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and the University of Kentucky Medical School Northern Kentucky Campus,
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said Christine Russell, Executive director of the Northern Kentucky Port Authority.
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Northern Kentucky's future doctors and lawyers will be educated at
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the Commonwealth Center in the heart of the region's life
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sciences and legal community. Chase College of Law will bring
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more than five hundred graduate students, faculty, and staff back
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to Covington, where the school operated from nineteen seventy two
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to nineteen eighty one. This project represents the future of
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higher education and regional collaboration, said NKU President Katie Short Thompson.
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By bringing together law, medicine, research, and innovation in the
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heart of Covington, we're creating new opportunities for students while
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helping strengthen the talent pipeline and economic vitality of Northern Kentucky.
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NKU is proud to be a part of a partnership
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that will shape the future of this region for generations
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to come. Meanwhile, the new facility will provide UK College
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of Medicine with a necessary space to grow its Northern
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Kentucky campus enrollment by forty pree. Advancing the health of
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our commonwealth and her people is central to our mission
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at the University of Kentucky, said UK President Eli Cappoluto.
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The Commonwealth Center for Biomedical Excellence reflects that promise by
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uniting world class education and innovative research to address the
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most urgent challenges facing our communities. With the UK College
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of Medicine Northern Kentucky Campus at the heart of this effort,
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we are strengthening our ability to translate discovery into meaningful
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impact and prepare the future health professionals to care for
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Kentucky and beyond. The Commonwealth Center was funded by the
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Kentucky General Assembly in twenty twenty four. Over the following year,
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officials conducted a comprehensive search of Covington for the right location,
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while also working with both universities to assess their needs.
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The NKY Port, which will own the building, was assisted
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by owners representative ai HDR and development firm Pizudi. In March,
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Pepper Construction and MSA Design were selected to serve as
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the project's design build team. The Design build team also
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includes slam THHP Limited, HEP, The Klingers Group, and Design
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twenty seven. I'm proud to see all of the great
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work that Judge Knackleman and the Kenton County Fiscal Court
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have done in collaboration with Dean Judith darr with Chelsea
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Law and doctor Holly Denneman, Associate Dean of UK's Northern
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Kentucky campus to get this revolutionary project moving out of
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the ground, says Senator Chris McDaniel, who chairs the Senate
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Budget Committee. This project has been a challenging endeavor, but
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today is a testament to what can happen when people
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set aside all of their individual interests and work cooperatively
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to create lasting opportunities for Kentuckians. Today's groundbreaking is about
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more than a building. It's about continued viewing Northern Kentucky's
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evolution into a hub for innovation, entrepreneurship, and life sciences,
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said Kenton County Judge Executive Chris Knockleman. By bringing together
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two world class institutions, we're creating a foundation for economic growth,
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workforce development, and opportunity that will strengthen our region well
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into the future. The relocation of the Northern Kentucky University
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Chase College of Law and the University of Kentucky College
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of Medicine to Covington strengthens our position as a center
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for education, innovation, and economic opportunity, said Covington Mayor Ron Washington.
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I am proud to know that many of the next
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generation of doctors and lawyers who will serve communities across
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the Commonwealth will have received their education right here in Covington.
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The Commonwealth Center builds on Northern Kentucky's growing reputation as
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a center for innovation, education, and research. By bringing together
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leading academic institutions in a co colaborative environment, The project
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is expected to enhance workforce development, support economic growth, and
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create new opportunities for students and employers across the region.
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The next article from the Lane Report is titled UK
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hires Michigan State's Jay Batt as new athletics director. Recognized
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for leading during change, fundraising, development of new revenue streams.
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The University of Kentucky today announced that Jay Batt, a
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nationally recognized leader in college sports, has been named chief
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executive Officer of Champions Blue LLC and UK Athletics Director.
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Batt comes to UK from Michigan State University, where he
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serves as vice president and director of Athletics. Previously, he
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served as director of athletics and vice president at Georgia Tech.
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He served multiple roles at the University of Alabama for
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several years, including Executive Deputy Director. BT also has worked
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at a number of others University athletics departments across these institutions.
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Jay has distinguished himself as a record breaker in fundraising
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and as a leader who strategically invests in facilities to
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maximize resources and revenue. UK President Eli k Appaluto said
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today in a message to the UK campus. As important,
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he has remained focused on ensuring student athletes compete at
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the highest levels while being prepared for lives of meaning
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and purpose. We couldn't be more excited to join the
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University of Kentucky and the Big Blue Nation, bat said.
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The championship standard has been established at Kentucky and we
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are committed to upholding that standard of excellence. Our continued
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success will take everyone in the Big Blue Nation working
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together to provide resources to our teams and our student
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athletes that will position them for success. With that standard.
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As our north star, Kentucky Athletics and Champions Blue are
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well positioned to deliver results in the changing landandscape that
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is college athletics today. Despite this period of ongoing change,
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we remain in the opportunity business, creating opportunities for our
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student athletes to compete and win championships, earn degrees, and
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prepare for life after sport. We are excited to work
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with an outstanding staff and coaches on behalf of a
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university to deliver for the Big Blue Nation and to
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serve as a special community that represents the entire commonwealth
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at Michigan State. That was instrumental with coaches and administrators
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in securing a more than four hundred million dollar commitment,
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the largest single gift in college athletics, and establish Spartan Ventures,
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a nonprofit similar in focus to Our Champion's Blue LLC,
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to create new revenue streams and partnerships. He has contributed
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significantly to the ongoing development of a commercial district around
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the university's football stadium. During his tenure, Michigan State student
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athletes achieved the highest department wide GPA in school history,
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and eight teams earned NCAA tournament bids. This past year,
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during his final year at Georgia Tech, the university was
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one of only nine schools nationally that earned postseason berths
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in football, men's and women's basketball, volleyball, softball, and baseball.
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Under his leadership there, Georgia Tech also broke fundraising records
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by more than forty percent. Batt also has been engaged
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nationally as a leader amid so much change in college athletics.
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He served on the House Settlement Implementation Committee and currently
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serves as the chair of the College Football Hall of Fame.
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Batt is a graduate of the University of North Carolina
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at Chapel Hill, where he was a member of the
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National Championship soccer team and later earned his master's degree.
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He and his wife, Leah, and their two sons are
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eager to join Big Blue Nation. Batt will officially join
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UK later this summer. He indicated he will spend the
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next several weeks talking and listening with UK leaders, UK
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athletic staff, donors, and other stakeholders as he prepares to
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take the helm. Bat succeeds Mitch Barnhardt, who is retiring
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at the end of June after leading UK athletics to
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unprecedented success for nearly a quarter century. Among many accomplishments,
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six NCAA Championships as well as more than sixty conference
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or conference tournament titles were achieved at UK under Barnhardt's leadership.
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UK also has placed in the top twenty in the
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Director's Cup the national All Sports standings numerous times continually
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over the last two decades. A marker of overall excellence
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in the program. The next article comes from the June eleventh,
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twenty twenty sixth edition of Business Lexington and is titled
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Tourism generated one point seven billion dollars in economic impact
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in Fayette County in twenty twenty five. Travel and tourism
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generated one point seven to one billion dollars of economic
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impact in Fayette County in twenty twenty five. According to
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a study released recently for the Kentucky Department of Tourism,
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the industry generated more than one hundred thirty three point
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seven million dollars in state and local tax revenue and
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employed eleven eight hundred and thirteen people in the county.
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Tourism has a significant impact on our local economy, improves
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our quality of life, and generates tax revenues that benefit
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residents by helping fund basic services, said Mary Quinn Raymer,
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president of Visit lex. These strong results help our local
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businesses and attractions, as well as serve as a gateway
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for people thinking about relocating to Lexington. Visit Lex is
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a proud partner with the state in the local hospitality industry.
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We market all the assets of our community and help
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people maximize and personalize their visit here. Our hospitality, a
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variety of amenities and signature industries help us close the
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deal on attracting conventions and events. Numerous national rankings and
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these strong tourism results are proof that together we have
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built a recipe for success. Lexington accounted for sixteen point
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four percent of the state's tourism impact. Statewide. Eighty one
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point one million travelers visited Kentucky in twenty twenty five,
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according to Tourism Economics, spending up ten point four billion dollars,
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up three hundred million dollars from twenty twenty four. Spending
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included two point seven billion dollars on food and beverages,
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two point four billion dollars on lodging, two billion dollars
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on transportation, one point nine billion dollars on retail, and
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one point four billion dollars on recreation and entertainment. The
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next article comes from the June seventeenth to twenty twenty
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six edition of Louisville Business First and is titled AFC
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Plans New Look, Menu Push Globally, written by Zach Owens.
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KFC is rolling out a new global chapter for the
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brand months after parent company youm Brands Incorporated announced it
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would move the chicken chain's headquarters from Louisville to Texas.
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The brand said Monday it is launching a broad refresh
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across its menu, restaurant design, and branding, starting in the
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UK and Ireland, before expanding to Australia, the US and
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other markets later this year. The effort is centered on
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boneless chicken, sauces, beverage innovation, updated restaurants, and refresh brand
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assets aimed at helping KFC stand out in the crowded
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quick service chicken category. In an increasingly crowded category, we
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have a clear opportunity to set the standard for modern
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chicken in QSR. Scott McKenzie, CEO of KFC Global, said
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in a news release. This next chapter brings new energy
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and expression to what makes us iconic, while doubling down
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on our chicken and reimagining how fans experience KFC around
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the world. The menu push includes new boneless options, along
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with a newly developed global sauce pantry of more than
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twenty sauces including Jimmy Currey, Ranch and Hot Honey Havebnaro
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that markets can tailor to local taste. The company is
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also leaning into dunked items, tenders, wings and sandwiches drenched
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in sauce, which are already available in South Africa and India.
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Another part of the refresh is k Wench by KFC,
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a beverage platform featuring bobo refreshers, crunch shakes, sparkling lemonades
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and iced coffees. The beverage line is already available in
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select UK and Ireland locations and is expanding from pilot
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to permanent menu in Australia and Canada this year. The
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restaurant experience is also changing. KFC said it will begin
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opening a new generation of restaurants this summer, including an
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open concept location in McKinney, Texas, expected to open in
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late summer. A two story restaurant in Dubai is expected
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to open in the late fall. The Texas location is
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notable because Yum announced last year that KFC would move
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its headquarters and about one hundred high paying jobs from
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Louisville to Plano, Texas, a decision that raised questions locally
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about Yulm's future in its longtime hometown. YELM has since
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committed to remaining in Louisville, signing a ten year lease
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at P and C Tower in downtown Louisville. The company
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is planning a twelve million dollar renovation of five floors
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at the tower and expects to move about five hundred
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and fifty local employees there in late twenty twenty six.
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The KFC refresh comes during a period of major change
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for Yum. The company on Tuesday announced agreements to sell
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Pizza Hut to Long Range Capital and Yum China Holdings Incorporated,
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in deals valued at a combined two point seven billion dollars.
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Yum expects to receive about two point three billion dollars
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in net proceeds after taxes, closing adjustments, and fees. Yum
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also recently approved an incremental four billion dollars share repurchase authorization.
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Yum Brands, one of Louisville's largest publicly traded companies, reported
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eight point twenty one billion dollars in revenue last year
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and recently climbed seventeen spots on the Fortune five hundred
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list to number four hundred seventy four. The next article
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from Louisville Business First is titled the Biggest Factor Affecting
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Salaries It's not ai, written by Andy Medici. More companies
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are focusing on artificial intelligence skills as they integrate the
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technology into their operations, but most aren't opting to pay
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a premium for them. That's one takeaway from Payscale's annual
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Compensation Best Practices report, which found sixty one percent of
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organizations are updating their roles to include AI related skills,
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about fourteen percent so that they are offering higher base
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pay for employees with AI skills. While AI is a
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high stakes area for many businesses at this point, Payscale
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found the cooling labor market is a large factor when
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it comes to the pay picture, with fifty one percent
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of companies citing balancing pay expectations with financial limits as
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their top challenge. Only forty three percent of organizations said
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they actively hired last year, and voluntary turnover hit just
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eight percent, one of the lowest rates ever recorded in
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the Payscale survey. Compensation in twenty twenty six is being
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reshaped by shrinking budgets, a cooling labor market, and the
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accelerating influence of AI, creating sharper divergences in how organizations
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approach pay, said Ruth Thomas, chief compensation Strategists at Payscale.
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Despite the softening labor market, only eleven percent of companies
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said they are reducing salary offers, and only sixteen percent
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said they are reducing pay increases. The bigger pay picture overall,
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companies are still giving out a median three point five
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percent pay increase in twenty twenty six, the same as
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twenty twenty five and the same as companies had projected
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at the beginning of the year. Companies giving the largest
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increases where those of ninety nine employees or less at
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four percent, according to Payscale. Meanwhile, the biggest planned pay
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raises in twenty twenty six or four construction jobs at
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five percent, while consulting work came in at four point
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five percent. At the same time, fewer organizations gave out
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base pay increases in twenty twenty six, at about seventy
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five percent of those surveyed, down from eighty two percent
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of those surveyed in twenty twenty five. But companies are
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also still exploring how to replace workers with AI, with
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thirteen percent already doing it. About seventeen percent said they
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were planning to do it in the future, while fifty
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nine percent said they were not planning to replace workers
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with AI. The industries that have the highest share of
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companies actively working to replace workers with AI include construction
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at twenty seven percent and business service organizations at nineteen percent.
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That was closely followed by seventeen percent of technology organizations,
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sixteen percent of healthcare, and fourteen percent of education companies.
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That's according to the twenty twenty six Salary Negotiation and
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Expectations survey from Resume Genius, for which the company interviewed
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one thousand hiring managers and one thousand workers. It found
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that fifty seven percent of workers regret how they approached
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their last salary negotiation. That mostly tracks with the percentage
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of respondents who didn't ask about salary during interview processes.
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Resume Genius reports that only forty five percent of professionals
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negotiated their starting salary, while fifty five percent accepted their
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initial offer without question. Gen Z candidates are the most
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likely to negotiate pay. That survey found more than half
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of that generation surveyed. Fifty five percent said they negotiated
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their starting salary, compared to forty eight percent of millennials
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and forty two percent of Gen xers and baby boomers.
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Forty four percent of Gen Z workers ended up with
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a higher offer compared to thirty three percent of Gen
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xers and Baby boomers. Conversations about salary are occurring at
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a time when many remote workers already are taking pay
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cut for that workplace flexibility. Research from job leads, which
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analyzed more than one hundred and twenty one thousand tech
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job post stings across forty two roles, found the average
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remote worker earns seven thousand, seven hundred three dollars a
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year less than their in office colleagues, with a one
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hundred twenty thousand, two hundred and fifteen dollars average on
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site salary compared to one hundred twelve thousand, five hundred
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twelve dollars for remote worker. More than eight to ten
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of the tech roles examined, eighty six percent pay less
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when they are remote versus when they are conducted in
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the office. There is, however, one particular class of workers
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who draw higher pay when their work is done remote executives.
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According to job leads, the average annual salary for an
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on site executive is one hundred forty eight thousand, two
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hundred eighty nine dollars compared to one hundred seventy one thousand,
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eight hundred seven dollars for remote executive role, a sixteen
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percent difference. Workers also are seeing a lower bump when
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they jump ship to a new job. Switching to a
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new job results in a median pay rays of around
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six point seven percent in twenty twenty six. That's down
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from a twenty twenty five annual average of eight point
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six percent and far lower than the fourteen percent or
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so seen in twenty twenty two, when terms like the Turnover,
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tsunami and the Great Resignation were in play, according to
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research by Bank of America Corporation. A separate survey by
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resume Genius found the average employee expects an annual raise
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of about eight point six percent this year, even without
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a promotion. For gen Z workers, that expectation rises to
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a ten percent raise. Companies, however, are generally planning to
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award raises of around three percent to four percent this year.
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A survey by wtw indicates that companies are going to
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be growing their salary budgets at three point four percent
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in twenty twenty six compared to last year. The same
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amount salary budgets grew in twenty twenty five. The next
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article from Louisville Business First is titled Tiaki Madness as
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Southern Indiana Locales, written by Olivia Estreit. Denver based Tariaki
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Madness has leased space at one two two five Veterans
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Parkway in Clarksville, Indiana, between Chili Berger and the Joint Chiropractic.
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The fast casual chain is hoping to open in the fall.
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According to Bobby Bass of Bassu Group Commercial, Tariaki Madness
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signed its lease in May. Bass told Louisville Business First.
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The Clarksville location will employ twenty to twenty six people
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and is the first of several franchises planned for Southern
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Indiana and Kentucky. An additional location is planned for Jeffersonville
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at three five four six East tenth Street. The restaurant
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features rice and noodlebols topped with protein. Founded in Las
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Vegas in two thousand and three, Tariaki Madness now has
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more than two hundred locations in forty two states. This
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concludes the reading of the most recent business news in Lexington,
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Louisville and around the state. Your reader today has been
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Julia Shane. If you have any questions or comments about
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this program, please give our Lexington Studios a call at
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eight five nine four two two six three nine zero.
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Thanks for listening, and now please stay tuned for readings
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from the Kentucky series here on Radio I