Latest / Kentucky Business News / 7.16.26

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7.16.26 · Kentucky Business News

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  Speaker 1: Hello. Today, I'll be reading from business sources in Lexington
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  Speaker 1: and Louisville, including The Lane Report and others from around
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  Speaker 1: the Commonwealth. Your reader today is Julia Shane. As a reminder,
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  Speaker 1: RADIOI is a reading service intended for people who are
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  Speaker 1: blind or who have other disabilities that make it difficult
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  Speaker 1: to read printed material. Our first article comes from the
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  Speaker 1: July thirteenth, twenty twenty sixth edition of The Lane Report
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  Speaker 1: and is titled Alaight One and New Frontier partner to
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  Speaker 1: celebrate one hundred years of ala One, two iconic Kentucky
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  Speaker 1: brands are coming together to celebrate one of the Commonwealth's
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  Speaker 1: most recognizable legacies. New Frontier is proud to announce the
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  Speaker 1: launch of the official New Frontier x AL eight one
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  Speaker 1: one hundredth Anniversary Collection, a limited edition apparel line created
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  Speaker 1: to commemorate Alaight One's one hundredth anniversary celebration and honor
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  Speaker 1: a century of Kentucky tradition. Inspired by Kentucky heritage, outdoor culture,
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  Speaker 1: and hometown pride, the collection blends New Frontiers signature Appalachian
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  Speaker 1: design styled with one of Kentucky's most beloved brands. Every
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  Speaker 1: piece was thoughtfully designed to celebrate alaight One's remarkable legacy
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  Speaker 1: while giving fans a new way to wear and share
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  Speaker 1: their Kentucky pride. The exclusive collection is headlined by several
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  Speaker 1: signature pieces created exclusively for AL eight one's one hundredth
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  Speaker 1: anniversary celebration, including one ALA One's one hundredth anniversary Barn
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  Speaker 1: graphic T shirt, a custom design barn tee celebrating a
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  Speaker 1: century of Kentucky tradition, featuring exclusive artwork inspired by AL
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  Speaker 1: eight one's rich history and hometown roots. Two AL eight
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  Speaker 1: One's one hundredth Anniversary Camo collection, new Frontier's signature camouflage
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  Speaker 1: pattern reimagined with ALA one branding, available in graphic T shirts, hoodies,
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  Speaker 1: and crew necks for fans who love Kentucky's outdoor lifestyle.
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  Speaker 1: Three AL eight One's Centennial Diamond Collection featuring ALA one's
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  Speaker 1: special one hundredth anniversary Diamond logo. This premium assortment includes
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  Speaker 1: denim shirts, trucker hats, and camo hats designed to commemorate
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  Speaker 1: this once in a century milestone. Additional pieces in the
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  Speaker 1: collection include ALA one Tech shorts, alaight one Tech fanny packs,
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  Speaker 1: and additional ALA one custom graphic T shirts. The collection
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  Speaker 1: launches July thirteenth, twenty twenty six, exclusively at Newfrontier brand
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  Speaker 1: dot com and will also be available at the New
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  Speaker 1: Frontier booth during ALA one Day on August first, twenty
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  Speaker 1: twenty six, in Winchester, Kentucky. This collection is about celebrating
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  Speaker 1: two great Kentucky stories, said Joshua Ravenscraft, CEO and co
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  Speaker 1: founder of New Frontier. ALA one has been part of
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  Speaker 1: Kentucky families for generations, and it's a an incredible honor
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  Speaker 1: to help celebrate such a historic milestone. We wanted to
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  Speaker 1: create something that feels authentic to both brands while giving
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  Speaker 1: fans a collection they'll be proud to wear for years
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  Speaker 1: to come. For New Frontier, the collaboration continues the company's
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  Speaker 1: mission of partnering with select brands that represent Kentucky's culture, craftsmanship,
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  Speaker 1: and community. As AL eight one celebrates this historic milestone,
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  Speaker 1: the collection serves as a tribute to the people, traditions,
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  Speaker 1: and hometown pride that have made both brands recognized and
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  Speaker 1: loved a cross Kentucky and beyond. The New Frontier AL
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  Speaker 1: eight one one hundredth anniversary collection will be available in
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  Speaker 1: limited quantities while supplies last about New Frontier founded in
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  Speaker 1: eastern Kentucky by brothers Joshua and Jared Ravenscraft. New Frontier
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  Speaker 1: is a Kentucky lifestyle and outdoor apparel brand inspired by
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  Speaker 1: the people, places, and traditions of Appalachia. Through premium apparel, storytelling,
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  Speaker 1: and collaborations with leading Kentucky organizations and brands, New Frontier
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  Speaker 1: exists to celebrate the culture, heritage, and spirit that make
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  Speaker 1: Kentucky unique. About Ala one AL eight one Bottling Company
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  Speaker 1: was founded in nineteen o two by G. L. Wainscott
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  Speaker 1: in Winchester, Kentucky, and remains the oldest privately held bottler
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  Speaker 1: in the United States, still owned and operated by the
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  Speaker 1: founding family. AL eight on soft drink has been bottled
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  Speaker 1: in Green Glasses in Winchester since nineteen twenty six, the
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  Speaker 1: only soft drink invented in Kentucky's still in existence. AL
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  Speaker 1: eight one's proprietary blend is flavored with ginger and citrus
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  Speaker 1: and contains less carbonation in fewer calories than conventional sodas
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  Speaker 1: the company's founder and inventor, G. L. Wainscott developed the
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  Speaker 1: recipe into this day. His great grandnephew Fielding Rogers personally
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  Speaker 1: blended every batch of ALA one. Ala one is widely
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  Speaker 1: available in Kentucky and surrounding states nationwide online at most
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  Speaker 1: Cracker Barrel, Old Country store locations, and fresh market stores.
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  Speaker 1: Ala one is a founding member of the Kentucky PROW program.
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  Speaker 1: The next article from the Lane report is titled Kentucky
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  Speaker 1: receives three US Department of Transportation grants totaling seventy three
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  Speaker 1: million dollars. Governor Andy Basheer announced today that Team Kentucky
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  Speaker 1: has secured three grants totaling seventy three million dollars to
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  Speaker 1: increase designated truck parking spaces at rest areas, replace the
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  Speaker 1: historic Singing Bridge in downtown Frankfort, and expand Paduca's main
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  Speaker 1: river port. The federal funding is made available through the
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  Speaker 1: US Department of Transportation. The governor also thanked Kentucky's congressional
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  Speaker 1: delegation for their support in the state receiving the funding
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  Speaker 1: through thesets. We're supporting our Kentucky families, businesses, and communities
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  Speaker 1: by investing in safe, efficient and reliable infrastructure that moves
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  Speaker 1: our commonwealth forward, said Governor Basheer. From the Singing Bridge
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  Speaker 1: to Paduca's riverport and rest areas across our state. This
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  Speaker 1: seventy three million dollars is going towards important projects that
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  Speaker 1: will make a difference. I want to thank our Kentucky
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  Speaker 1: delegation and everyone who played a part in helping us
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  Speaker 1: secure this funding. The Kentucky Transportation Cabinet KYTC was awarded
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  Speaker 1: a twenty five million dollar billed grant to nearly double
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  Speaker 1: truck parking spaces from two hundred and one to three
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  Speaker 1: hundred eighty seven at seven rest areas along four major
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  Speaker 1: freight corridors in Oldham, Boone, Woodford, and Bullet Counties. Additional
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  Speaker 1: truck parking will address limited capacity at rest areas and
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  Speaker 1: provide commercial drivers with safer truck parking options. This grant
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  Speaker 1: will join with state funding to add much needed parking
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  Speaker 1: for truckers and will improve safety for all drivers. This
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  Speaker 1: seventy three million dollar investment in our transportation infrastructure is
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  Speaker 1: an investment in our economy and in every Kentuckian's quality
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  Speaker 1: of life, said KYTC Secretary Rebecca Goodman. The need for
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  Speaker 1: additional truck parking has been identified as a national priority
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  Speaker 1: and recognized as a vital issue in Kentucky in the
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  Speaker 1: twenty twenty two Kentucky Truck Parking Assessment and Action Plan
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  Speaker 1: Team Kentucky identified key areas where current demand exceeds the
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  Speaker 1: existing designated spaces, and the KYTC Truck Parking Improvement Project
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  Speaker 1: was created to improve the safety, efficiency, and reliability of
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  Speaker 1: the Commonwealth's freight network and transportation system. The project includes
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  Speaker 1: expanded and upgraded truck parking at existing rest areas along
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  Speaker 1: Interstates sixty four, sixty five, seventy one, and seventy five,
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  Speaker 1: new or enhanced truck Parking Information systems TPIMs at each site,
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  Speaker 1: and construction of new restroom facilities at the southbound I
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  Speaker 1: seventy five Boone County site. The second twenty four million
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  Speaker 1: dollar bill grant awarded to KYTC in partnership with the
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  Speaker 1: City of Frankfort, will support the replacement of historic Singing
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  Speaker 1: Bridge on US Highway sixty X, which crosses the Kentucky River,
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  Speaker 1: to ensure the safety of motorists and pedestrians. The one
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  Speaker 1: hundred thirty year old structure was closed in twenty twenty
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  Speaker 1: four following extensive engineering analysis and structural testing that confirmed
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  Speaker 1: the bridge was unsafe and could not be reopened to
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  Speaker 1: vehicle or pedestrian traffic. Further repairs were not feasible, making
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  Speaker 1: replacement the only option to restore safe and reliable passage.
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  Speaker 1: Prior to its closure, about four thousand vehicles used the
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  Speaker 1: bridge on a typical day, but emergency vehicles, transit and
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  Speaker 1: other heavy vehicles were prohibited due to weight restrictions. After
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  Speaker 1: a public meeting late last year to present preliminary plans,
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  Speaker 1: engineers are designing a replacement bridge over the Kentucky River
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  Speaker 1: in downtown Frankfort to provide a safe, reliable crossing for drivers, walkers,
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  Speaker 1: and cyclists. A second public meeting to get feedback on
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  Speaker 1: preferred plans is anticipated, after which final design of the
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  Speaker 1: new bridge will begin, followed by the right of way
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  Speaker 1: and utility relocation phases and other steps leading to construction.
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  Speaker 1: Details will be shared when they are available. The Commonwealth's
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  Speaker 1: third Build Grant twenty four million dollars awarded to the
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  Speaker 1: Paducah McCracken County Riverport Authority, will expand the main public
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  Speaker 1: port in Paducah at the confluence of the Ohio and
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  Speaker 1: Tennessee Rivers, which is at full capacity. The port is
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  Speaker 1: a major hub for companies that tow barges on the
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  Speaker 1: country trees inland waterways. The new location, Riverport West, will
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  Speaker 1: serve as an extension of the main public port. The
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  Speaker 1: planned location is adjacent to the Triple Rail Site, a
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  Speaker 1: space that local economic development leaders have marketed for years
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  Speaker 1: for its connections to three rail lines and access to
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  Speaker 1: water and highway transportation. The US Department of Transportation Better
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  Speaker 1: Utilizing Investments to Leverage Development Grant program provides competitive federal
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  Speaker 1: funding for transportation projects that demonstrate significant local or regional impact.
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  Speaker 1: This year, the federal government has awarded one point seven
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  Speaker 1: three billion dollars in build grants to one hundred twenty
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  Speaker 1: seven projects in fifty two states, territories, and the District
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  Speaker 1: of Columbia. The next article from the Lane Report is
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  Speaker 1: titled Kentucky among nations Top States for immigrant labor. Kentucky
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  Speaker 1: has emerged as one of the nation's most immigrant workforce
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  Speaker 1: dependent states, ranking sixth in the United States and second
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  Speaker 1: among Southern states, according to a new analysis by the
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  Speaker 1: Mendoza Law firm. The study found that eighty point one
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  Speaker 1: percent of Kentucky's foreign born residents are of working age
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  Speaker 1: eighteen to sixty four, highlighting this significant role immigrants play
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  Speaker 1: in supporting the Commonwealth's labor force at a time when
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  Speaker 1: employers across multiple industries continue to face workforce shortages. Kentucky
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  Speaker 1: earned an immigrant worker dependency score of eighty three out
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  Speaker 1: of one hundred, trailing only North Dakota, South Dakota, Iowa, Nebraska,
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  Speaker 1: and neighboring Tennessee. The report also found Kentucky's immigrant population
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  Speaker 1: is relatively young, with a median age of forty and
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  Speaker 1: a half years old, nearly four years younger than the
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  Speaker 1: national immigrant median age of forty four point two. Researchers
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  Speaker 1: say a younger workforce typically translates into a long period
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  Speaker 1: of economic participation in labor force contribution. Kentucky is not
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  Speaker 1: traditionally viewed as a major immigrant workforce hub, but the
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  Speaker 1: data tells a different story. The report noted with more
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  Speaker 1: than eighty percent of its foreign born residents in their
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  Speaker 1: prime working years, the state demonstrates a high level of
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  Speaker 1: workforce readiness regional advantage. Kentucky compares favorably with neighboring states.
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  Speaker 1: Tennessee ranked fifth nationally, followed by Indiana at tenth and
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  Speaker 1: Missouri at thirteen. Perhaps the sharpest contrast is with Illinois,
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  Speaker 1: which ranked forty third Nationally, Illinois immigrant population has a
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  Speaker 1: median age of forty eight point one, making it nearly
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  Speaker 1: eight years older than Kentucky's. Researchers suggest that difference means
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  Speaker 1: Kentucky benefits from a younger immigrant workforce capable of contributing
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  Speaker 1: to the state's economy for a longer period. Within the
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  Speaker 1: Appalachian Region, Kentucky also stands out outperforming Virginia by twenty
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  Speaker 1: four positions, in West Virginia by twenty five positions, and
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  Speaker 1: immigrant workforce readiness workforce implications. As Kentucky continues to experience
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  Speaker 1: labor shortages in industries such as manufacturing, healthcare, construction, agriculture,
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  Speaker 1: and logistics, the study underscores the growing importance of immigrant
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  Speaker 1: workers to the state's economic stability. A higher percentage of
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  Speaker 1: working age immigrants can help employers fill critical positions while
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  Speaker 1: supporting long term economic growth, tax revenues, and consumer spending.
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  Speaker 1: The researchers develop their rankings using data from the Migration
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  Speaker 1: Policy Institute, measuring both the concentration of foreign born residents
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  Speaker 1: between ages eighteen and sixty four in the median age
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  Speaker 1: of each state's immigrant population to create an overall dependency score.
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  Speaker 1: The findings suggests Kentucky's economy may be more dependent on
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  Speaker 1: immigrants labor than many residents realize. As demographic trends continue
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  Speaker 1: to reshape the nation's workforce, the Commonwealth's comparatively young immigrant
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  Speaker 1: population could provide a competitive advantage in addressing labor shortages
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  Speaker 1: and sustaining economic growth. The next article comes from the
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  Speaker 1: July fourteenth, twenty twenty sixth edition of The Lexington Times
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  Speaker 1: and is titled Bank of America Grant funds tuition free
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  Speaker 1: Workforce Training at BCTC. The Bluegrass Community and Technical College
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  Speaker 1: Foundation has received a fifty thousand dollars grant from Bank
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  Speaker 1: of America to eliminate financial barriers for low income and
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  Speaker 1: unemployed Kentuckians pursuing careers and high demand fields. The funding
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  Speaker 1: will cover tuition fees, books, supplies, and required materials for
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  Speaker 1: eligible students, allowing them to complete training programs without incurring debt.
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  Speaker 1: Students will be referred through community partners including Goodwill Industries
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  Speaker 1: of Kentucky, the Hope Center of Lexington, and Jubilee Jobs
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  Speaker 1: of Lexington. The initiative targets unemployed, homeless justice involved low
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  Speaker 1: income and other underserved individuals. Supported programs include construction carpentry
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  Speaker 1: with median annual wages of fifty thousand, eight hundred sixty
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  Speaker 1: dollars in Central Kentucky and an eighty three percent immediate
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  Speaker 1: job placement rate. Computer users support specialist training averaging fifty
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  Speaker 1: one thousand, six hundred eighty six dollars annually with eighty
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  Speaker 1: two percent placement. Commercial truck driving offering median wages of
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  Speaker 1: fifty five thousand, five hundred ninety dollars in telecommunications line
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  Speaker 1: installation and repair at sixty thousand, one hundred eighty dollars
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  Speaker 1: with a ninety two percent placement rate. Additional short term
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  Speaker 1: credential programs include welder Helper, Nurse aid, Phlebotomy Technician, and
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  Speaker 1: Wastewater Processing Attendance certifications. Bank of America's investment will transform
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  Speaker 1: lives across Central Kentucky by supporting individuals who need these
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  Speaker 1: opportunities the most but can afford them the least, said
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  Speaker 1: BCTC Foundation Executive Director, Doctor Aaron Tipton. BCTC, a public
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  Speaker 1: community college serving eleven central Kentucky counties through multiple campuses,
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  Speaker 1: is one of sixteen colleges in the Kentucky Community and
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  Speaker 1: Technical College System. Bank of America's commitment aligns with broader
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  Speaker 1: workforce development efforts. The company invested nearly forty million dollars
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  Speaker 1: in twenty twenty five in workforce development nationwide through partnerships
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  Speaker 1: with more than one hundred universities and community colleges. Our
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  Speaker 1: investments and hands on involvement in workforce development support both
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  Speaker 1: our regent's employers who need skilled workers and the next
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  Speaker 1: generation of talent, said John Gardner, President Bank of America Kentucky.
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  Speaker 1: By building career pathways with BCTC and local nonprofits, we
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  Speaker 1: can help drive financial prosperity and economic growth for Lexington
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  Speaker 1: and the nation. Our next article comes from the July tenth,
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  Speaker 1: twenty twenty sixth edition of Louisville Business First and is
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  Speaker 1: titled Sanders Collection Heads to Auction, written by Shay Van Hoy.
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  Speaker 1: Personal items of Colonel Harland Sanders, as well as the
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  Speaker 1: historic Claudia Sanders dinner House will soon be up for auction.
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  Speaker 1: According to a news release, Harlan and Claudia Sanders moved
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  Speaker 1: to the property at three two zero two Shelbyville Road
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  Speaker 1: in Shelbyville from Corbin, Kentucky. There they opened the Claudia
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  Speaker 1: Sanders dinner house in nineteen fifty nine, which also served
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  Speaker 1: as the first KFC headquarters. The property was the couple's
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  Speaker 1: home for more than twenty five years and has become
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  Speaker 1: a tourist destination. It is owned by longtime friends and
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  Speaker 1: inmployees of the Sanders, Tommy and Cheryl Settles. The personal
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  Speaker 1: collection was preserved by the Settles after they purchased it
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  Speaker 1: in nineteen seventy four. These are not items assembled by
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  Speaker 1: a collector, said Bill Minish, auctioneer for the sale. They
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  Speaker 1: are artifacts preserved by the family who were hand selected
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  Speaker 1: to purchase the colonel's home and business directly from Colonel
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  Speaker 1: and Claudia Sanders more than fifty years ago. Together, they
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  Speaker 1: tell a story few people have ever had the opportunity
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  Speaker 1: to see. Some of the artifacts up for auction are
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  Speaker 1: sanders personal working planner, handwritten recipes, letters and correspondents from
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  Speaker 1: US presidents, and his signature bow tie. It also includes
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  Speaker 1: a personally engraved pressure cooker used for the colonel's secret recipe.
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  Speaker 1: The property includes three point zero one acres of commercially
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  Speaker 1: zoned real estate with two structures. The sale also includes
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  Speaker 1: the operating restaurant businesses, furniture, fixtures and equipment, intellectual property
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  Speaker 1: and trademark rights. A public preview of the collection up
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  Speaker 1: for auction will be held on July twenty seventh. The
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  Speaker 1: live and online auction begins at six pm on July
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  Speaker 1: twenty eighth. Online bidding will be available worldwide. Sealed bids
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  Speaker 1: for the real estate are due by eleven fifty nine
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  Speaker 1: on July thirty first. The next article from Louisville Business
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  Speaker 1: First is titled Anthropic signs huge Kentucky data center deal,
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  Speaker 1: written by Stephen Schmidt, San Francisco based Anthropic, the company
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  Speaker 1: behind the popular Claude AI service, has signed a twenty
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  Speaker 1: year lease to use the two hundred and fifty acre
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  Speaker 1: Justified Data campus in Hallsville, Kentucky. That's according to a
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  Speaker 1: release from Eastern Maryland based Tara Woolf, which announced the agreement.
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  Speaker 1: The deal is expected to generate nineteen billion dollars of
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  Speaker 1: contracted revenue over the initial lease term. The Anthropic lease
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  Speaker 1: validates our strategy and establishes a long duration revenue stream
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  Speaker 1: with one of the world's leading AI companies. Terre Wolf
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  Speaker 1: chairman and CEO Paul Prager set in a statement, the
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  Speaker 1: lease provides approximately nineteen billion dollars of contracted lease revenue
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  Speaker 1: over its initial term, creates a framework for future expansion
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  Speaker 1: and demonstrates the value of our ability to source power,
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  Speaker 1: develop infrastructure, and secure long term customer commitments. The campus
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  Speaker 1: is expected to be up and running in the second
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  Speaker 1: quarter of twenty twenty seven, with the goal of being
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  Speaker 1: fully operational by early twenty twenty eight. When fully operational,
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  Speaker 1: the campus will have access to four hundred and one
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  Speaker 1: megawatts of power, roughly equivalent to the electricity needed to
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  Speaker 1: serve two hundred fifty thousand to four hundred thousand homes.
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  Speaker 1: Justified Data is replacing the former Century Aluminum smelter facility,
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  Speaker 1: which was purchased by Terra Wolf in February. The company
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  Speaker 1: said that the investment at the site would be between
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  Speaker 1: three billion dollars and four billion dollars. Founded in twenty
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  Speaker 1: twenty one by former employees of open Ai, the developers
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  Speaker 1: of chat GPT, Anthropic recently closed a Series H round
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  Speaker 1: of funding of sixty five billion dollars at a private
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  Speaker 1: valuation of nine hundred sixty five billion dollars. The company
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  Speaker 1: is scheduled to have its initial public offering IPO as
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  Speaker 1: soon as this fall. Anthropic had been in disputes with
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  Speaker 1: the White House over the use of Mythos five, its
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  Speaker 1: most powerful AI platform to date. The Trump administration had
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  Speaker 1: placed restrictions on Anthropic from exporting Mythos five and Claude
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  Speaker 1: Fable five to possible client companies due to national security concerns,
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  Speaker 1: which have since been lifted. In other data center news,
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  Speaker 1: Meta Platforms Incorporated is investing eight hundred million dollars in
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  Speaker 1: a seven hundred thousand square foot data center in Jeffersonville, Indiana.
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  Speaker 1: The next article from Louisville Business First is titled where
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  Speaker 1: Louisville Stands after the Relocation Rush. Louisville is among cities
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  Speaker 1: with net growth above one percent in Q one twenty
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  Speaker 1: twenty six. Report says, written by Andy Medici, the relocation rush,
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  Speaker 1: fueled by pandemic aerodynamics that shaped the nation's housing market
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  Speaker 1: has faded as Americans cut back on long distance moves.
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  Speaker 1: According to findings from the Bank of America Institute, people
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  Speaker 1: are moving less than they have in years past, and
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  Speaker 1: when they do relocate, it's more often local than between
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  Speaker 1: cities or states. Over the past two years, moves between
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  Speaker 1: cities or states dropped eleven percent, while moves within the
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  Speaker 1: same metro dropped by just four percent. The city seeing
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  Speaker 1: the biggest net inflows of people might not be the
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  Speaker 1: ones you'd expect either. The Midwest is punching above its weight,
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  Speaker 1: with places like Indianapolis and Columbus, Ohio seeing strong inflows.
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  Speaker 1: The authors of the Bank of America Institute report wrote,
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  Speaker 1: metros like Salt Lake City and Raleigh, North Carolina are
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  Speaker 1: also seeing strong growth, while big coastal hubs and some
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  Speaker 1: Sunbelt metros are still seeing people head out the door.
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  Speaker 1: Indianapolis saw just under two percent net population growth in
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  Speaker 1: the first quarter of twenty twenty six compared to the
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  Speaker 1: same time in twenty twenty five. That's slightly less than
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  Speaker 1: it saw at the end of twenty twenty five, but
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  Speaker 1: was still enough to put the market at the top
• 23:40
  Speaker 1: of the list. Salt Lake City, Raleigh, Columbus, and Louisville
• 23:45
  Speaker 1: all saw net growth above one percent in the first
• 23:48
  Speaker 1: quarter of twenty twenty six. On the other side of
• 23:51
  Speaker 1: the metric, Memphis, Tennessee, saw a net population drop of
• 23:55
  Speaker 1: about one percent, the most of any market tracked. Washington
• 24:00
  Speaker 1: in d C, Los Angeles, Miami, and Boston all saw
• 24:04
  Speaker 1: drops of around zero point six percent. The Bank of
• 24:08
  Speaker 1: America Institute report is just one of many that points
• 24:12
  Speaker 1: to less mobility among Americans in recent years, with fewer
• 24:16
  Speaker 1: people relocating and sharp reversals in cities and regions they
• 24:20
  Speaker 1: used to benefit from substantial in migration. The State of
• 24:24
  Speaker 1: the Nations Housing twenty twenty six report by the Joint
• 24:28
  Speaker 1: Center for Housing Studies at Harvard University found that the
• 24:31
  Speaker 1: share of households that relocated dropped to a record low
• 24:35
  Speaker 1: of eleven point two percent in twenty twenty four, driven
• 24:38
  Speaker 1: mostly by a decline in interstate moves. That means that
• 24:42
  Speaker 1: states that have benefited from domestic migration in recent years,
• 24:46
  Speaker 1: like Texas and Florida, have seen slowing growth. Harvard blamed
• 24:50
  Speaker 1: persistently high housing costs as a top reason for the
• 24:54
  Speaker 1: lack of mobility, followed by millions of owners holding on
• 24:58
  Speaker 1: to low interest rate mortgages secured during the hot housing
• 25:01
  Speaker 1: market of twenty twenty one. In twenty twenty two, otherwise
• 25:05
  Speaker 1: known as the lock in effect. The drastic drop in
• 25:08
  Speaker 1: net international immigration has also dampened the demand for housing,
• 25:13
  Speaker 1: with projections that international immigration will be just a third
• 25:17
  Speaker 1: of what it was in advance of the pandemic. The
• 25:21
  Speaker 1: Harvard report also pointed out that a strong driver of
• 25:24
  Speaker 1: housing demand is the number of people who move out
• 25:27
  Speaker 1: of their family household in order to form their own families,
• 25:31
  Speaker 1: and that number has fallen for the third consecutive year.
• 25:34
  Speaker 1: The number of new households dropped from an average of
• 25:37
  Speaker 1: two million in twenty twenty one to just one point
• 25:40
  Speaker 1: one million in twenty twenty five. Many young adults simply
• 25:44
  Speaker 1: cannot afford to form their own households and are instead
• 25:48
  Speaker 1: doubling up or living with family, said Daniel McHugh, senior
• 25:52
  Speaker 1: Research associate at the Joint Center for Housing Studies. For others,
• 25:57
  Speaker 1: deep uncertainty about their financial futures and about the broader
• 26:01
  Speaker 1: economy are causing them to delay major life decisions. This
• 26:05
  Speaker 1: pullback is a clear sign of economic stress that reverberates
• 26:09
  Speaker 1: through housing markets. A separate study by Storage Cafe found
• 26:15
  Speaker 1: that interstate migration fell to its lowest level in a
• 26:17
  Speaker 1: decade in twenty twenty four, with just seven point one
• 26:21
  Speaker 1: five million Americans moving across state lines, more than one
• 26:25
  Speaker 1: million fewer than at its twenty twenty two peak and
• 26:29
  Speaker 1: roughly thirteen percent drop over two years. That hasn't stopped
• 26:33
  Speaker 1: cities and counties from crafting incentive programs in hopes of
• 26:38
  Speaker 1: luring new residents and the tax dollars they bring offering
• 26:42
  Speaker 1: free land, down payment assistance and other offers. Storage Cafe
• 26:47
  Speaker 1: pointed to the lock and effect in the high price
• 26:50
  Speaker 1: of housing as contributing factors in the shifting market. It
• 26:55
  Speaker 1: also stressed a workplace factor as more employers scale back
• 26:59
  Speaker 1: fully remote arrangements, relocating to a lower cost state can
• 27:04
  Speaker 1: carry new professional risks. Storage Cafe noted with its findings,
• 27:09
  Speaker 1: without certainty about long term flexibility, households are hesitating and
• 27:14
  Speaker 1: career mobility, once the dominant engine of interstate migration, has
• 27:18
  Speaker 1: softened considerably over the past decade. The next article from
• 27:22
  Speaker 1: Louisville Business First is titled former post Office to become
• 27:26
  Speaker 1: Hilton Hotel, written by Joel Stennett. Louisville based Timbawalla Group
• 27:31
  Speaker 1: is planning to renovate a former post office into a
• 27:35
  Speaker 1: one hundred and fifty room canopy by Hilton Hotel. According
• 27:38
  Speaker 1: to a development plan filed with the Louisville Metro Council,
• 27:42
  Speaker 1: the property on West Liberty Street encompasses more than one
• 27:45
  Speaker 1: hundred thirty thousand square feet. The project is expected to
• 27:48
  Speaker 1: cost approximately seventy four million dollars. A proposed development area
• 27:53
  Speaker 1: around the hotel would pledge eighty percent of the incremental
• 27:57
  Speaker 1: increase of local property taxes from the area. This concludes
• 28:01
  Speaker 1: the reading of the most recent business news in Lexington, Louisville,
• 28:04
  Speaker 1: and around the state. Your reader to day has been
• 28:07
  Speaker 1: Julia Shane. If you have any questions or comments about
• 28:10
  Speaker 1: this program, please give our Lexington Studios a call at
• 28:14
  Speaker 1: eight five nine four two two six three nine zero.
• 28:18
  Speaker 1: Thanks for listening, and now please stay tuned for readings
• 28:21
  Speaker 1: from the Kentucky series here on Radio I