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4.2.26 · 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 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 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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March thirty first, twenty twenty sixth edition of The Lane
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Report and is titled EKU is number one university in
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the United States for Military Friendly Schools. Eastern Kentucky University
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has been named number one large public university in the
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nation in the twenty twenty six twenty seven Military Friendly
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School's rankings. EKU has a long history of excellence in
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veterans education, and we are beyond proud to be recognized
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as the best in the country for military friendly schools,
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said EKU President David McFadden. For EKU, there is no
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greater honor than serving those who have served our country.
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Eku's number one spot for twenty twenty six twenty seven
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follows three years of placing within the top five in
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the Military Friendly School's review and the only school in
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Kentucky to make the top ten lists last year. I
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am extremely proud of the work that EKU has done
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to support military connected students, said Joshua Maynard, a veteran
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and director of EKU Veteran's Upward Bound. As both an
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alum and an employee, I have seen firsthand the dedication
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that the Office of Military and Veteran Affairs OMVA exhibits
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in caring for our students. The commitment not only helps
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students succeed academically, but also ensures they feel valued and
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supported throughout their journey. More than thirty two hundred organizations
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across the country participated in this year's Military Friendly Schools survey.
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Ratings were determined by a variety of factors, including thresholds
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for recruitment, retention, academic progress, graduate quation rates, career placement,
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and support services for veterans, transitioning service members, and military spouses.
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Earning the Military Friendly designation is more than a badge
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of honour. It is a reflection of an institution's deep
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rooted values and strategic commitment to those who served, said
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Kayla Lopez, vice president of Memberships Military Friendly. These schools
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don't just open doors for veterans and military spouses. They
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build sustainable pathways for academic success and long term impact.
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Their support is transformative, proving that investing in military connected
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students is both a moral imperative and a standard for
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educational excellence. EKU is home to over nineteen hundred veterans,
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active duty service members, Reserve National Guard members, and military
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spouses and children as of the fall of twenty twenty five.
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The university offers several scholarship opportunities and programs aimed at
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helping veterans transition from military service to student life. Eku's
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OMVA assists students in navigating VA benefits and facilitates priority
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registration and specialized advising for veterans. The Veterans Education and
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Transition Support VETS Center on campus provides a centralized campus
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space for veterans and military service members. EKU awards educational
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credit for military training and reduces tuition for active duty
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service members and their spouses. The next article from the
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Lane Report is titled Bluegrass Home sales stay strong in
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February weather slow's new inventory. After a strong start to
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the year, February reversed course for new listings and pending
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home sales as buyers and sellers were hindered by harsh weather.
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Previous activity, however, didn't slow as closed transactions rose ginuing
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the momentum for the third consecutive month after a double
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digit increase to start the year. New listings dropped significantly
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in February, with one one hundred ninety eight homes coming
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on the market. The month's new listing total was down
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eleven percent from last year's one thousand, three hundred and
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forty seven. For the year, new listings remain up five
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percent compared to twenty twenty five, with property showings lower
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in February by nine percent compared to the previous year.
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Pending sales followed with one thousand three homes going under contract.
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That's a four percent decline from the one thousand forty
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one homes in twenty twenty five and the lowest February
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total since twenty fifteen, showing the impact of the weather
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across the region. With a strong start of the year,
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pending sales are still up by four percent year to date.
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February hit the region pretty hard because homes were inaccessible
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for showings and listings couldn't get prepped to go on
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the market, said Mike and And president of Bluegrass Realtors.
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When events like that happen, it affects the local market,
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but that should be a temporary disruption with a quick
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return to the upcoming spring market. Closed residential transactions were
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up thirteen percent with eight hundred eighty eight sales in
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twenty twenty six compared to seven hundred eighty seven last year,
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making this the highest February total since twenty twenty two.
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Sales were also up ten percent from the previous month
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and continue a three month trend of increases. Nationally, home
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sales dropped again for the second month, showing the current
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strength of the Bluegrass region housing market. Single family sales
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in February saw a fourteen percent increase with eight hundred
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thirty six homes sold compared to seven hundred thirty four
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last year, while townhomes and condo sales dipped slightly from
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fifty three units in twenty twenty five to fifty two
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this year. Townhouses and condos represented just over six percent
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of the market. New construction sales slowed by five percent
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this year, with eighty eight sales compared to ninety three
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and twenty twenty five. For the year, new homes are
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one percent ahead through February. Home prices in February closed
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at two hundred eighty five thousand dollars compared to two
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hundred seventy thousand dollars last year, a six percent gain.
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The year over year improvement now stands at three months
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after snapping a multiple year string of increases. In November
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of twenty twenty five, the median price dropped less than
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one percent from two hundred eighty six thousand, five hundred
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forty dollars the previous month. Single family home prices in
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February rose three percent to two hundred eighty five thousand dollars,
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up from two hundred and seventy eight thousand dollars last year,
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while town home and condo prices jumped thirty four percent
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to two hundred sixty eight thousand, six hundred fifteen dollars
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from one hundred ninety nine thousand, nine hundred one fifty
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dollars in twenty twenty five. With an increase in both
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sales and prices for the month, the volume of real
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estate sales landed at two hundred eighty million dollars for
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the month, an improvement of sixteen percent compared to the
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two hundred forty one million dollars recorded in February of
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twenty twenty five. Despite the weather, scheduled closings took place
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on time. Continued inman However, with pending sales lower in February,
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the start to the spring may experience a slower number
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of closed transactions as buyers have to catch up with
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missed showing opportunities due to factors at play. Overall housing
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inventory improved year over year, but with more home selling
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and new listings down, showed a drop from the previous month.
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February had three thousand, six hundred forty seven residential properties
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for sale, a four percent increase from last year's three thousand,
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five hundred one homes and the highest February total since
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twenty twenty. Compared to January, the number was down six
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percent when three eight hundred ninety seven available properties were available.
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Inventory has now posted twenty eight months of consecutive year
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over year growth. Months of inventory MOI in February was
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lower than the previous month due to a more active market.
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MOI hit four point one months, a nine percent drop
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from the previous year and down fifteen percent from the
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previous month. February twenty twenty six still had the second
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highest monthly MOI total in a decade, behind last year.
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Homes are spending fifty seven days on the market so
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far this year, as both January and February averaged that
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amount of time compared to last year. However, February is
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down two days from fifty nine in twenty twenty five.
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The median days on the market also dropped to thirty
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three days, down from thirty six days the previous year.
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In twenty twenty six, buyers are moving a little more quickly,
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it appears, stated Inman this may be a result of
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the slight drop in interest rates we've experienced over the
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past couple of months and people not wanting to get
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caught up in more competition when the spring market comes around.
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Interest rates dropped to the lowest levels since the mid
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twenty twenty twos, with an average interest rate in February
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at six point zero five percent. From the previous year,
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the rate was twelve percent lower, when it averaged six
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point eight four percent. Rates have been consistently falling since
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the second half of twenty twenty five, although recent indications
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show they may rise slightly in the coming months. The
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next article from The Lane report is titled new Manufacturing
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Facility set to open in Louisville. Ax and Automotive Systems,
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a member of global mobility leader Random Corps, announced a
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significant investment in its new Louisville, Kentucky facility. The expansion
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into a larger, more advanced venue manufacturing space enables new
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production capabilities, the launch of additional product lines, and the
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creation of new jobs. AXN anticipates doubling its workforce in
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the years. AXN anticipates production at its new facility to
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reach one hundred thousand axles annually. This investment reflects our
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deep commitment to strengthening manufacturing in the United States, said
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Daniel Randon, President and CEO of Randing Core. We are
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proud to have AXN as part of the Random Core
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company and proud to expand our footprint in Louisville with
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high quality products made in America. AXN is a trusted
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single source provider for the trailer and semi trailer industries
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and aftermarkets, offering premium axles, suspensions, slighter subframes, and related components.
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The Louisville expansion enhances axn's ability to deliver reliable, high
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quality solutions with increased speed and efficiency to customers across
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North America. AXN is an essential component of our North
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American growth strategy, said Anderson Pentalti, Executive Vice president International
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of Random Core. With this expansion, we are bringing new
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technologies and innovation driven manufacturing to better serve our customers
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with a more robust and reliable supply chain. The new
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facility features upgraded and expanded production technologies, including a state
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of the art custom automated welding cell, a new dedicated
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paint line, and increased assembly capacity for new product lines.
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As part of the company's ongoing industrialization strategy, AXN is
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deepening its integration with the local manufacturing ecosystem, working closely
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with regional partners and suppliers to accelerate production readiness and
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ensure long term operational reliability. The company also introduced a
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new aim and brand, reflecting Axn's expanded strategy and providing
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customers with more advanced, comprehensive solutions. These investments allow us
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to introduce new capabilities, new products, and to strengthen relationships
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with our customers, said Renaldo Franco, Managing director of rend
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and Core USA. We're building on Axn's strong legacy in
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Louisville and preparing for long growth. Axn's growth represents a
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continued partnership with Louisville and the Commonwealth of Kentucky. The
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Commonwealth's continued growth and surging economy ensure that Kentucky companies
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can stay here and take advantage of our prime location
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and skilled workforce, said Governor Andy Basheer. Today's grand opening
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is an exciting step forward for Axn's Automotive Systems as
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they relocate to a larger facility in Louisville. I want
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to thank the company's leadership for their continued belief in
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our state and congratulate them on this great milestone. Louisville
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continues to show the world that it's a place where
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business can grow, innovate, and create good, stable jobs, said
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Louisville Mayor Craig Greenberg. We're grateful that AXN is doubling
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down on our community and look forward to this exciting
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new chapter. AXN was founded in Louisville in two thousand
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and nine and acquired by Random Corps in twenty twenty five.
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About AXN Automotive Systems founded in two thousand and nine,
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AXN Automotive Systems is one of the most established US
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full line suppliers for semi trailer and aftermarket industries. The
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company also offers premium axles, suspensions, slighter subframes, and related components.
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Located in Louisville, Kentucky, and part of the multinational Random Corps,
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since twenty twenty five, AXN has been expanding its presence
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in North America year after year through the modernization of
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its high tech industrial facility, with local production capacity of
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up to one hundred thousand axles per year. This initiative
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reinforces the Made in America's strategy by expanding the portfolio
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and strengthening supply chain reliability across the region. About Randing Core.
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Randing Core is a Brazilian multinational recognized for delivering high
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quality mobility solutions driven by innovation, operational excellence, and responsible
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business practices. With over fifty operations worldwide, the company serves
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more than one hundred twenty five countries through its diversified
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portfolio of products and services, maintaining leadership across five complementary
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business verticals. The organization employs approximately seventeen thousand professionals. The
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next article from the LANE Report is titled Kentucky retailers
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expect strong Easter s spending to reach record levels. The
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Kentucky Retail Federation KrF today highlighted strong expectations for Easter
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sales across the Commonwealth, as national consumer spending is projected
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to reach a record twenty four point nine billion dollars
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this year, according to new survey data from the National
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Retail Federation and Prosper Insights and Analytics. Kentucky retailers are
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prepping for a busy Easter season, with shoppers expected to
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spend an average of nearly one hundred and ninety six
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dollars per person on Easter related purchases, including candy, food, gifts, decorations,
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and clothing. Easter is an important holiday for many Kentuckians,
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and even with economic challenges, families continue to prioritize meaningful celebrations.
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Retailers across Kentucky are prepared to help families continue traditions
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that create special memories, said Todd at Griffin, president of
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the Kentucky Retail Federation. Candy and food remain the most
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popular Easter purchases nationwide, with a majority of consumers planning
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to buy suites and prepare holiday meals. Spending on food
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alone is expected to reach seven point five billion dollars,
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making it the largest category, followed by gifts, clothing, candy,
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and flowers. According to the survey, eighty percent of consumers
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planned to celebrate Easter with popular activities including cooking a
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holiday meal, visiting family and friends, attending church services, and
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hosting Easter egg hunts. KrF noted that Kentucky retailers, from
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independent main street shops to larger chains, are well positioned
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to meet consumer demand through a mix of in store experiences,
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seasonal promotions, and expanded product offerings. Discount stores continue to
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be the top shopping destination, though many consumers are also
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turning to department stores and online retailers to complete their
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holiday purchases. KrF emphasized that local retailers provide personalized service
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and strengthen community connection. Shopping local during the holidays has
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a direct impact on Kentucky communities. Griffin added, when consumers
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choose to support local businesses, they're helping sustain jobs, strengthen
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local economies, and keep our communities vibrant. The survey of
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seven eight hundred forty five adult consumers was conducted March
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second through March eleventh, and has a margin of air
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of plus or minus one point one percentage point. The
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next article comes from the March twenty fourth, twenty twenty
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six edition of Business Lexington and is titled Toyota marks
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forty years in Kentucky with one billion dollar investment. Forty
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years after breaking ground on its first wholly owned US
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manufacturing plant, Toyota is doubling down on its Kentucky routes
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with a large new investment aimed at expanding production and
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preparing for the next generation of vehicles. The company on
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Tuesday marked the fortieth anniversary of Toyota Motor Manufacturing Kentucky,
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now its largest plant in the world, by announcing a
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one billion dollar investment across its Kentucky and Indiana operations.
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The move underscores Toyota's long term commitment to US manufacturing
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and comes as part of a broader pledge announced in
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November of twenty twenty five to invest up to ten
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billion dollars in its US plans over the next five years.
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Toyota first established its Kentucky footprint in nineteen eighty six,
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a pivotal moment that helped anchor its American production strategy.
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The Georgetown Plan would go on to produce millions of vehicles,
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beginning with the Toyota Camry, and remains a cornerstone of
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the company's North American operations. Toyota's investment in the US
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is for the long term, tied to our philosophy of
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building where we sell and buying where we build, said
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Mark Templin, executive vice president and chief operating officer of
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Toyota Motor North America. Our teams have contributed to the design,
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engineering and assembly of more than thirty five million vehicles
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four customers in the United States. The largest share of
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new investment, eight hundred million dollars, will go to the
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Kentucky plant. The funding will support Toyota's multi pathway approach
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to electrification, including preparations to produce a second battery electric
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vehicle at the facility. It will also expand capacity for
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two of the company's top selling models, the Camera and
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the Raft four. An additional two hundred million dollars will
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be invested in Toyota's Indiana plant to boost production of
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the Grand Highlander SUV. The vehicle will be assembled alongside
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the Sienna minivan in the plant's East facility. While production
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continues in the West plant with the Lexus TX for
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Kentucky leaders, the anniversary and investment highlight the plant's continued
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role as both an economic engine and a workforce hub.
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For Toyota, manufacturing has always been about more than building vehicles.
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It's about investing in people, said Carrie Creech, president of
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Toyota Kentucky. Ensuring customer satisfaction and safety starts with each
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team member on the production line. Our ten thousand team
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members are the heart of Toyota. In addition to capital investments,
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Toyota announced new funding aimed at workforce development and education
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across the Commonwealth. The company will contribute four million dollars
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to its Driving Possibilities Initiative, a STEM focused program designed
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to expand access to science, technology, engineering, and math education
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in Scott and Fayette County schools. The new funding total
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investment in the program in Kentucky exceeds eleven million dollars.
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Toyota also committed four hundred thousand dollars to support the
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Manufacturing Engineering Program at Eastern Kentucky University, part of a
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broader effort to strengthen the pipeline of skilled workers for
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advanced manufacturing careers. The next article comes from the March
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twenty seventh, twenty twenty sixth edition of the Louisville Courier
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Journal and is titled Jack Daniels maker Brown Foreman in
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merger talks with Pernaud Rickard, written by Olivia Evans. Hours
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after rumors started swirling that Louisville based spirits maker Brown
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Foreman was exploring a merger, the company confirmed reports in
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a March twenty sixth statement. Brown Foreman, the maker behind
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American whiskies including Jack Daniels, Old Forster and Woodward Reserve,
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said on March twenty sixth it is engaged in discussions
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with Pernaud Ricard, the company's state. Further said, Brown Foreman
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regularly explores and evaluates opportunities for the business, like the
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potential merger with the French spirit's company. Pernaud Recard, the
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world's second largest spirits maker, has a portfolio of more
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than two hundred brands, including American whiskey makers like Rabbit Hole,
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but also is home to a suite of other globally
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known brands, including Absolute Vodka, Jamison, Irish Whiskey, Valentine, Scotch,
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Martel Cognate and Malibu Rum. If a deal were to
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be reached between the two sides, it would create a
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merger of equals, Brown Foreman said. In a statement from
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pernad Recard, the company said the contemplated combination would create
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a global spirits leader with enhanced scale, a powerful brand portfolio,
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and a balanced geographic footprint, all anchored by two iconic families.
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Operational synergies would be significant, leveraging Brown Foreman's iconic brands,
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including Jack Daniels and pernade Recards, global distribution strength and
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exposure to highest growth potential markets. Both companies' statements said
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no agreement has been made yet, and neither intends to
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offer further communication until an agreement is reached or discussions
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are terminated. Both companies have felt the multi year sales
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strain as demand for spirits products have continued to drop.
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Both companies have previously cut jobs, closed facilities, or launched
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strategic restructuring plans in an effort to deal with consumers
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who have less disposable income and are increasingly health conscious,
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while navigating the shifting tariff landscape and dealing with growing
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competitive beverage trends like cannabis drinks, Routers first reported. Javier
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Gonzalez Lastra, an analyst at Bernberg Bank, told Routers a
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merger between the two companies would not solve their growth challenges,
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though he noted there were clear synergies. They have clear
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overlaps in the US. There is also some overlap in Europe,
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he said, adding that a deal could deliver significant cost
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savings for Brown Foreman. The merger talks follow a challenging
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twenty twenty five that was marred with on again, off
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again tariffs and a global trade war impacting the company.
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In March, Brown Foreman reported its developed international markets, which
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include Germany, Australia, and the United Kingdom, France and Canada
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collectively declined by two percent, while the net sales in
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the United States declined by eight percent. Additionally, the company
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saw a nearly sixty percent decline in Canada. One recent
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report of the distilled spirits industry found that full year
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exports from the US to Canada in twenty twenty five
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crested at eighty nine million dollars, down nearly sixty three
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percent from twenty twenty four, the Courier Journal previously reported. Additionally,
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in a March fourth earnings report, Brown Foreman posted a
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two percent decrease in net sales and a one percent
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decrease in gross profit after continued trade disputes and lower
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used barrel sales. A bright spot for Brown Foremen out
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of its March earnings report was seen with a sixteen
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percent increase of net sales in emerging international markets, largely
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attributed to double digit growth in Mexico and Brazil. The
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next article from the Courier Journal is titled Jeff Bezos
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backed EV startup to open seven point eight million dollar
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facility in Louisville. Slate Auto, the Jeff Bezos backed electric
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vehicle startup, plans to put its roughly seven point eight
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million dollar vinyl wrap kit manufacturing fulfillment facility in Jefferson
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County at five five zero zero Shepherdsville Road. The auto
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startup will produce low costs, modular, fully customizable e EV
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two door two passenger pickup trucks, with hopes to start
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producing and selling the vehicles in twenty twenty six. The
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vehicles made by Slate Auto at its Warsaw, Indiana plant,
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nearly four hours from Louisville, are expected to be priced
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in the mid twenty thousand range. Will Nicholas, head of
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Business Development and Government Affairs, a Slate Auto said during
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the March twenty sixth meeting of the Kentucky Economic Development
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Finance Authority. Since announcing the vehicles launched just under a
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year ago, Nicholas said the company has received more than
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one hundred sixty thousand reservations for the vehicles from across
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the country. The vehicles are built completely stripped of everything
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that isn't an essential, so customers can decide how they'd
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like to customize with accessories and personalization, a state official
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said during the KEDFA meeting. The vehicles are so customizable
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that Nicholas said the truck can even be crafted into
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a five passenger suv. The Vinyl Wrapping facility in Louisville
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will be central to Slate Auto's customization ecosystem, official said,
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and serve as the automaker's sole national production center for
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its vinyl rap kit program. At this facility, rather than
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painting vehicles in a factory like most automakers do, Slate
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Auto will produce rap kits for its vehicles and the
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custom colors and finishes chosen by the customer. The company
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offers more than one hundred colors and finishes from which
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customers can choose. The project, out of Troy, Michigan headquartered
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company was approved by KEDFA for one million dollars in
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state tax incentives over the course of the ten year agreement. Additionally,
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state officials said Louisville Metro government is also helping to
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support the project. Slate Auto is expected to create fifty
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one jobs with an hourly wage target of thirty nine
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dollars and nine cents including benefits, and a minimum wage
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requirement of ten dollars in eighty eight cents. This concludes
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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
28:14
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