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10.2.25 · 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 Lane 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 surface 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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September twenty sixth, twenty twenty five edition of The Lane
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Report and is titled UK Alum helps build one of
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a kind temporary water pretreatment system after Hurricane Helene. On
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September twenty seventh, twenty twenty four, historic winds and rainfall
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from Hurricane Helene devastated North Carolina in the western Appalachian
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region of the country, resulting in more than one hundred
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reported deaths. Flooding and landslides caused damage to the primary
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and secondary water systems, leaving thousands without power, transportation, communications,
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and clean water. University of Kentucky alum Robert Frank the
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second recalls when Hurricane Helene first made landfall. I remember
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thinking that the area is not built for this. Frank said,
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this was a thousand year type of flood. We had
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to do something because clean water is essential. Since graduating
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in nineteen ninety nine with his degree in Natural Resources
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and Environmental Science from the Martin Gatton College of Agriculture,
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Food and Environment, Frank has gained more than twenty five
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years experience in managing construction and environmental remedigation projects. Today,
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Frank is a senior project manager at Engineering, Construction and
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Environmental Consultant from CDM Smith. We all need clean air, food, water,
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and a safe place to sleep at night. All these
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things lead to a healthy life, Frank said. Environmental remediation
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is essentially taking a place that's been contaminated, removing the pollutants,
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using technology, and making it usable again. At CDM Smith,
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we are essentially cleaning up the earth, one acre at
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a time. Frank had just joined the company before her
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Kine Helene. Although Frank has managed a number of environmental
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remediation and emergency response projects over the years, nothing compared
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to when his response team showed up in Asheville, North Carolina,
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on November eleventh last year. It was devastating. Frank said.
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The project was to basically design and construct a pre
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treatment system using rented equipment to achieve the goal of
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delivering cleaner water to Ashville's treatment plant. We built the
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system in twenty three days and worked twenty four to seven.
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This really has never been done before, but we knew
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that we had to get the job done. The US
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Army Corps of Engineers approved a thirty nine point two
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million dollar contract with CDM Smith to operate the temporary
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treatment system at the North Fork Water Treatment Plant, Ashville's
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largest plant and responsible for seventy percent of the city's water.
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The system will increase filtration capacity, benefiting over one hundred
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thousand residents in the area and resulting in a more
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robust system for future events. For Frank, the project was
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not just another job. It was a huge accomplishment for
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his team, but also for the City of Ashville's residence.
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I'm extremely proud that we were able to complete this
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in less than a month. Everybody felt connected to this project,
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Frank said. This effort took a team of unbelievably talented
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people coming together and getting all the resources we needed.
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We rose to the occasion to help the city of
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Asheville and became a really big family. Furthermore, Frank credits
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his experience in the NRIES program at UK to achieving
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his career in environmental remediation and constructions, which in compasses
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many of his passions the outdoors, science, cleaning up the environment,
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and helping communities thrive. My education at UK helps set
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the table for working with my hands and handling hazardous materials.
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Frank said, we have to keep what land we have usable.
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If you can take a piece of property and make
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it usable again, then it is more beneficial for everyone.
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The next article from the Lane Report is titled U
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of L earns highest ever US News and World Report
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ranking As the University of Louisville continues to redefine student success.
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Cardinal progress takes flight with the university's highest ranking on
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record from the US News and World Report for its
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twenty twenty six Best Colleges. U of L soled thirteen
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spots to reach number eighty four among top public schools,
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and it climbed at number one hundred and fifty eight
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on the Best National University's list, a jump of twenty
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one's from the previous year. The increase is the largest
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among ACC institutions and places U of L in a
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tie with the University of Cincinnati among public schools. We
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are so pleased by the university's advancements as proved in
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part through these national rankings, said President Jerry Bradley. Each
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day we prioritize efforts to create thriving futures for our students,
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our community, and our society, and our work is getting noticed.
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The US News and World Reports ranking system is based
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on two pillars. Schools are categorized according to their mission
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determined by the Carnegie Foundation for the Advancement of Teaching,
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and seventeen indicators of academic excellence such as graduation rates
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and student to faculty ratio. U of L scores improved
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in several categories, including a three percentage point increase in
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the six year graduation rate for pelgrant recipients and growth
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in the percentage of full time faculty. This record setting
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ranking adds to other recent honors. Earlier this year, US
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News and World Report also rated U of L a
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Best Global University, placing it in the top thirty percent
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of universities worldwide recognized for academic research and reputation. Additionally,
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three U of L programs are rated in the top
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twenty one percent in the country in their twenty twenty
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five list of Best Online Programs, and the U of
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L School of Medicine received acclaim as one of the
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nation's best in the twenty twenty five edition of Best
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Graduate Schools. The university also recently was recognized by the
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Princeton Review, which bases its rankings on student surveys, as
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a Best College twenty twenty six and best Regional College
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in the South. Recognition from esteemed groups like US News
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and World Report reflects our mission to aid, educate, and
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serve our students and our community. Bradley said, By focusing
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on opportunities like access, retention, and financial support, we are
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increasing our student's ability to succeed, and we remain steadfast
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in our goal to prepare our cardinals for the challenges
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of tomorrow. Our work continues to enhance the national and
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international reputation of the university, and we are pleased to
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see that this is reflected in our elevated status in
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these rankings, ensuring that we continue this progress as a
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priority for u of L. The next article from the
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Lane Report is titled Bluegrass Housing Market post gains new
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listings hit a six year high. Central and Southern Kentucky's
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thirty eight county housing market saw solid momentum in August
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of twenty twenty five with increases across sales, pending sales, listings, inventory,
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and overall volume. According to the Bluegrass Realtor's latest report,
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in August, one thousand, three hundred thirty eight homes were
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sold across the region, a nine percent increase over the
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one thousand, two hundred thirty transactions closed in August of
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twenty twenty four. This signals continued byer demand even as
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the market adapts to higher inventory levels. Sales for the
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month of August were the highest since twenty twenty two,
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compared to July, which was the best month in twenty
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twenty five with one thousand, three hundred eighty closings. Sales
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fell three percent. Single family sales in August increased eight
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percent with one thousand, two hundred forty six homes sold
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versus one thousand, one hundred fifty five last year. Townhome
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and condo sales jumped twenty three percent from seventy five
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units in twenty twenty four to ninety two. This year,
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townhouses and condos are just over seven percent of the market.
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For the year, sales are up six percent at nine thousand,
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two hundred eighty four Through the first eight months compared
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to eight thousand, eight hundred four sales in twenty twenty four.
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New construction sales continue to outperform last year. In August
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there were one hundred nineteen sales, down slightly from the
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previous month but four percent over last year. So far
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this year, new construction is nine percent higher in sales
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than in twenty twenty four. Future trends positive looking ahead.
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Pending contracts provide a glimpse into future activity, and August
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saw one thousand, three hundred twenty one homes go under contract,
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a thirteen percent increase over the one thousand, one hundred
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sixty seven pending sales recorded a year earlier. This momentum
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suggests the market will continue to see solid closing activity
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moving into the fall season. On the year, pending sales
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are up eight percent with ten thousand, one hundred eighty
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eight properties that have gone under contract. The steady rise
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in sales shows that buyers are still eager to find
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home in our region and sellers are seeing strong interest
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when they priced competitively, said Todd Hyatt, president of Bluegrass Reeltors,
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And with more properties coming online, the market will be
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able to meet some of the pent up demand. New
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listings marked seven consecutive months of year over year increases,
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climbing fourteen percent compared to last year and reaching the
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highest August totals since twenty nineteen. In total, one thousand,
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nine hundred forty seven properties hit the market. Year to date,
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new listings are up twelve percent, with fourteen thousand, two
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hundred fifty one homes being added to the market versus
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twelve thousand, seven hundred thirty three last year. The boost
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and listings pushed overall housing inventory to four thousand, one
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hundred six properties in August, a ten percent increase over
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a year ago. For twenty two consecutive months, inventory has
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shown year over year growth. Months of inventory rose slightly
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from three point one to three point zero in August
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of twenty twenty four. Rising inventory is helping bring the
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market closer to balance, which is usually five to six months.
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Buyers have more choices and sellers are still seeing steady demand,
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which is why sales are climbing alongside the growth in
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available homes. Said Hyatt. Homes stayed on the market a
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bit longer in August, averaging forty two days before going
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under contract. That's up from thirty five days a year ago,
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representing a twenty percent increase. While still relatively quick by
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historical standards, the longer time frame reflects a market that
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is giving buyers more time to consider their options. August
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marked one year of year over year gains. The media
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in dom climbed to seventeen days in August, up from
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thirteen days in twenty twenty four. For the year, the
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average days on the market was up twenty one percent
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to forty seven days. Home prices showed consistent growth, with
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the median price reaching two hundred eighty seven thousand, five
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hundred dollars for the month, a record high for August.
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That figure represents a three percent gain compared to the
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two hundred seventy nine thousand dollars median in August of
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twenty twenty four. Although August median price cooled slightly from
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the previous month, the data now shows seventy eight consecutive
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months of year over year price appreciation. For the year,
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median prices are up five percent, reaching two hundred eighty
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four thousand, nine hundred dollars. Single family home prices in
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June rose four percent to two hundred ninety thousand, four
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hundred dollars, up from two hundred eighty thousand dollars. Town
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homes and condos prices dropped to two hundred forty eight thousand,
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seven hundred twenty five dollars from two hundred sixty thousand
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dollars in twenty twenty four, a four percent decrease. This
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month saw prices rise, but a more tempered appreciation. Hyatt
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said all other categories were extremely strong and a good
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sign the market is trying to balance between buyers and sellers,
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with strong demand and a healthy atmosphere through the end
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of the year. The next article from the Lane Report
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is an op ed titled Our Kids Deserve pre K Education,
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written by Lieutenant Governor Jacqueline Coleman. At a time when
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the federal government in Washington, d c. Is dismantling public education,
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Kentucky has made it the cornerstone of our record economic era.
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The U S Secretary of Education was sworn in with
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one stated goal to be the last U S Secretary
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of Education. Linda McMahon's top priority is dismantling billion dollar
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initiatives that are lifeline's for American children. Thankfully, the contrast
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between this federal administration's short sighted views on education in
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Kentucky's values could not be more stark. The Basher Coleman
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administration has always put education first because we know the
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future of Kentucky's economy is our classrooms today. That's why
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in every budget proposal, we have prioritized record funding for
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our public schools and significant raises for our educators. Our
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proposals include fully funding transportation for the first time in
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twenty years, as well as textbooks, technology, and classroom resources
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that have gone unfunded for far too long. While our
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General Assembly failed to act on some of these, we'd
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made clear that the education should always be a priority.
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We waive the ged FE, which was the biggest barrier
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to earning a high school equivalency, and since we implemented
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that change, over twenty five thousand Kentuckians have pursued a
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ged which can improve their earning PA and changed the
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trajectory of their lives. We restored respect to the teaching
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profession by lifting up our teachers instead of disrespecting them.
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As the first administration in Kentucky's history to appoint a
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current teacher and high school student to the State Board
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of Education, we literally gave them a seat at the table.
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My team, Kentucky's student Mental Health Initiative led to over
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forty million dollars in federal funding being awarded for school
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based mental health resources, and I worked across the aisle
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with Kentucky's Commissioner of Agriculture to help agriculture education reach
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our elementary school students for the first time in Kentucky's history. However,
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the biggest win for public education came from the voters
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in twenty twenty four, when every single one of Kentucky's
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one hundred twenty counties overwhelmingly rejected charter schools in voucher programs,
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which siphon off public tax dollars and send them to
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unaccountable private schools. It was a message heard loud and clear.
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Kentucky values public education. From our first campaign in twenty
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eighteen to today, and with about two years left in
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our final term, Governor Bisheer and I have made a
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promise to public schools, and we've kept it in both
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word and action. But in the world of education, we
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consistently strive to be better tomorrow than we are today.
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So while we certainly should be proud of how far
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we've come, we must remain focused on our future. The
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next piece of the education puzzle in Kentucky is pre
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K for All, an issue that isn't just bipartisan, it's nonpartisan.
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Pre K for All would be a win for Kentucky's economy,
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our businesses, our families, and our children. Right now, with
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rising prices due to unnecessary teriff fights, families need more
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help than ever paying bills. Pre K for All would
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boost parents' earnings by now nearly nine thousand dollars per year.
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Those are more dollars that every family needs. It would
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also grow Kentucky's workforce by seventy thousand people, helping our
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businesses meet demand and helping more parents and caregivers return
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to work. Right now, seventy nine of our one hundred
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and twenty counties nearly two thirds, don't have access to
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enough childcare to serve every family who needs it. So
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many of our neighbors want to return to work but
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can't find childcare or can't afford it. Pre K for
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All would help with that. Over half of Kentucky's kids
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start school below grade level, which puts them in danger
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before they ever set foot in school. Access to pre
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K is the best way to change that. We cannot
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continue to allow our kids zip codes to determine their
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place in the world by their first day of kindergarten.
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In a complex world where change is the only constant,
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pre K for All is the key to open the
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door to opportunity for every child. Join the more than
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forty six thousand people who have demanded pre K for
18:07
All in Kentucky by raising your voice at prekf all
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dot ky dot gov. Kentucky families need it, our kids
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deserve it, and it's time to get it done. The
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next article comes from the September twenty fourth, twenty twenty
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five edition of Business Lexington and is titled Keenland September
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YEARLNK Sale sets global record. The twenty twenty five Kenland
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September Yearling Sale closed Saturday with historic results, becoming the
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highest grossing thoroughbred auction ever held worldwide. Over twelve sessions,
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Keeenland sold three thousand seventy yearlings for a combined five
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hundred and thirty one point five million dollars, surpassing last
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year's record of nearly four hundred twenty eight million dollars
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by more than twenty four percent. The auction conducted September
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eighth through the twenty generated five hundred ten point five
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million dollars in through the ring sales and an additional
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twenty one million dollars in post sale transactions. Leading the
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result was a three point three million dollar gun Runner
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Colt purchased by m V Magneir, Peter Brandt's White Birch
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Farm and Ron Winchell of Winchell Thoroughbred. Historic milestones included
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fifty six year links, bringing seven figures, eclipsing the previous
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record of forty set in two thousand five. Day two
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produced twenty million plus dollar horses, while cumulative averages and
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medians also set new benchmarks. The sale posted a record
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average of one hundred seventy five thousand, eight hundred seven,
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up nearly seventeen per cent from last year, and a
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record median of eighty thousand, up more than fourteen per cent.
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What an incredible September sale. Keenland President and CEO Shannon
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Arvin said, we definitely had reasons to be optimistic going in,
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but the strength of the results day after day exceeded
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even our highest expectations. From start to finish, the energy
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on the grounds never waned. International demand was a major
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driver with buyers representing thirty three countries. Keenland has long
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been a destination for international buyers and we were hard
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year round to build relationships and attract buyers from all
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over the world, said Keenland Vice president of Sales Tony Lacey.
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This is a sale where you can find an American
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Classic winner or a European Classic winner. Eighteen buyers spent
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five million or more, up from fourteen last year, while
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one hundred twenty spent at least one million dollars. Leading
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buyer Mike Repolls Repolls Stable acquired thirty three horses for
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fourteen point two million dollars. Other major spenders include died Donado,
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Lanny for SF Racing, Starlight, Maddec Spent, Thrift Farm, and
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case Clay Thoroughbred Management. Taylor Made Sales Agency was the
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top consigner for the twenty sixth time since nineteen eighty eight,
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selling three hundred thirty three year links for a consigner
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record sixty eight point five million dollars, led by a
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two point two million dollar gun Runner Colt purchased by
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Wellesley Ward Clear Sky Farms topped consigners by average at
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six hundred four thousand, one hundred sixty seven dollars, buoyed
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by a one point six million dollar flight Line. Cold
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Sires also made headlines, not this time led by Gross,
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with fifty five yearlings selling for thirty eight point six
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million dollars, including fourteen at one million dollars or more.
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Gun Runner accounted for twelve million dollar year links in
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the first week and forty overall, totaling thirty five point
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one million dollars. Flight Line, whose first crop was heavily anticipated,
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saw forty four year link sell for thirty point six
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million dollars, including a two point two million philly purchased
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by LSU Stables, the highest price paid worldwide for a
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top crop. Flight Line. Bloodstock agent Marta Farrell noted the
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competitive market buying in a record market is a case
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of perseverance and really believing in the horses that you're
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going to buy. She said, obviously you have to prep
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the owners that it's a record sale and be careful
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don't get caught up in just buying a horse. Keenlin
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executives and industry leaders said the results underscored the market's strength.
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The results of this sale reflect a shared achievement for
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the industry and a powerful source of optimism for the
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future of racing and breeding, Lacey said. Taylor Made CEO
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Marked Tyler added, Keenlin having a big sale just puts
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more money into purses, more money into a world class
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experience when you come race in Central Kentucky. These things
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are so positive and gives us a lot of optimism
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for the future. The next article comes from the September thirtieth,
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twenty twenty five edition of Louisville Business First and is
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titled Humana ordered to pay thirty two million dollars to
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whistleblower attorneys in Medicare fraud case. San Francisco based Phillips
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and Cohen LLP is getting paid thanks to a Kentucky
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judge's ruling, Louisville based Humana Incorporated must pay the attorneys
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of a tipster more than thirty two million dollars in
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attorney's fees, according to a ruling made by Judge Greg
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Stuivers in the US District Court of Western Kentucky, Louisville
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Division earlier this month. The firm represented Stephen Scott in
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a whistleblower lawsuit filed by Phillips d Cohen LLP. Under
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the false Claims Act, which Humanus settled last year for
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ninety million dollars. Humana had until September twenty fourth to
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make the thirty two million dollar payment, according to a
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court filing. It is not clear if the company made
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that deadline. Humana did not immediately respond to a request
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for comment. The story could be updated. The lawsuit alleged
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that Humanus submitted fraudulent bids to the Centers for Medicare
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and Medicaid Services CMS for lucrative Medicare Part D prescription
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drug contracts from twenty eleven to twenty seventeen, significantly overcharging
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the government. Medicare Part D is the government's voluntary prescription
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drug program, under which CMS contracts with private insurance companies
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to cover prescription drug benefits for people enrolled in Medicare.
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By law, the insurance companies must offer plans that cover
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a minimum rec required portion of drug costs, with the
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government and Medicare beneficiaries covering the rest. CMS requires insurance
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companies to submit annual bids in which they report the
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benefits they proposed to cover and confirm that those benefits
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meet Part d's minimum coverage level. The complaint in this
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case alleged that Humana committed to providing the required level
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of coverage, but in fact planned to provide less, with
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the government and beneficiaries unknowingly picking up more than their share. Scott,
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the whistleblower who filed the lawsuit in twenty sixteen, is
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a former actuary for Humana. The complaint alleges that he
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discovered that Humana had accurately predicted internally each year the
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cost for its part d Walmart plan, while basing its
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bids to the government on different and unsupported assumptions that
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were used for no other purpose. The complaint alleged that
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every year Humana's internal assumptions proved accurate and those underlying
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its bids were wildly off and always in Humana's favor,
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benefiting the insurance company by hundreds of millions of dollars.
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Papers filed with the district court alleged that shortly after
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Humana received the civil investigative demand that the government issued
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when investigating this case, the alleged practice of using separate
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sets of assumptions abruptly ended, reducing future harm to the government.
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Humana is Louisville's largest publicly traded company. According to Louisville
26:33
Business First Research with one hundred seven point seven billion
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dollars in revenue in twenty twenty four. That's up from
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one hundred six point three billion dollars in twenty twenty three.
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The lawsuit is related to a downgrade in Humana's star
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rating of its largest medicare plan that could cost the
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company billions. The next article from Louisville Business First is
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titled House of Marigold's Adrian col selected for James Beard
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Leadership Program, written by Michael Jones. Adrian Cole, co owner
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and co founder of the House of Marigold, is one
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of just twenty women nationwide selected for the James Beard
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Foundations Women Entrepreneur Leadership WELL Program, a prestigious eleven week
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initiative designed to empower women business owners in the food
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and beverage industry. The WELL Program offers advanced education, training,
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and networking for women who own brick and mortar food businesses. Obviously,
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it's very prestigious to have the opportunity to work with
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the James Beard Foundation, so this is an honor within itself.
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Cole told Louisville Business First in a recent interview. I'm
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really excited for the networking opportunity with so many lovely
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women entrepreneurs in the same space. Cole, a mother of
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four and a season restauranteur, has built a culinary empire
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alongside her husband Chris, starting with the Marigold Catering Company
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and expanding to include the House of Marigold. This concludes
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the reading of the most recent business news in Lexington, Louisville,
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and around the state. Your reader today has been Julia Shane.
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If you have any questions or comments about this program,
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please give our Lexington Studios a call at eight five
28:17
nine four two two six three nine zero. Thanks for listening,
28:21
and now please stay tuned for readings from the Kentucky
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series here on Radio LI