Latest / Kentucky Business News / 11.20.25

Transcript

11.20.25 · Kentucky Business News

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Speaker 1: Hello. Today, I'll be reading from business sources in Lexington
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and Louisville, including The Lame Report and others from around
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the Commonwealth. Your reader today is Julia Shane. As a reminder,
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RADIOI is a reading service intended for people who are
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blind or who have other disabilities that make it difficult
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to read printed material. Our first article comes from the
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November eighteenth, twenty twenty five edition of The Lame Report
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and is titled b n k Y Updating its Target
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industry Sectors for a Prosperous Northern Kentucky. Five years ago,
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b k Y Growth Partnership worked with Ernest and Young
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to release a target industry study. Now the company is
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again evaluating which industry sectors will provide the Northern Kentucky
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region with a high growth economy. This new study will
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guide b in k why's business retention and attraction efforts
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in Northern Kentucky for years to come. Young Kim, research
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director for ewy's Economy Development Advisory Service Practice, presented initial
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findings from this study at b NKWISE two four twenty
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twenty five Economic Development Briefing on November twelfth at Drees Pavilion.
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The Northern Kentucky economy, mirroring national trends, evolved significantly in
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recent years due to the emergence of COVID nineteen, changing
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federal economic policies such as tariffs enacted by the current
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presidential administration, and global instability including wars in Ukraine and
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the Middle East. Five years after b INKY Growth Partnership
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collaborated with Ernst and Young to release its first Target
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Industry study, the company is again evaluating which industry sectors
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will provide the Northern Kentucky region with a high growth
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economy driven by high quality jobs. This new study will
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guide b inkwy's business or tension and attraction efforts in Boone, Kenton,
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and Campbell Counties for years to come. Establishing target industries
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enables BNKY and its partners to efficiently focus resources on
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industry sectors that are on an upward trajectory so Northern
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Kentucky can better compete in the global marketplace for trade
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and investment. To establish target industries, EY first examined which
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industries are growing or projected to grow in terms of
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employment on national and local levels. These industries were then
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narrowed down to those that have an existing presence in
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Northern Kentucky and further drilled down to those that best
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suit Northern Kentucky's assets and align with Northern Kentucky's goals
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and values. Building on b inky's previous target industry study,
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advanced manufacturing, information technology, life sciences, and supply chain management
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and support SORT services continued to be top drivers of
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growth in the region and present many opportunities for cross
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industry collaboration. Real time data availability through the IT sector
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can provide insights on usage and predictive maintenance for machines
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used in advanced manufacturing and data processing capabilities support biotech
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advances and patient centric precision medicine in the life sciences.
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While Northern Kentucky continues to progress with their targeted industries
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and business development, there is always room to improve and
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refine operations, said Kim. This analysis factors in the latest
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developments in technology and global trends to delve deeper into
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the region's strengths and opportunities. The study adjusts the subsectors
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b and KY focused on over the past five years.
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These include the addition of chemicals to the Materials and
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Packaging subsector, the combination of electronics manufacturing and electrical equipment
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manufacturing into a single subsector, and the addition of industrial
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machinery and equipment, an industry with legacy roots in the
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region and continued growth potential. Stakeholders in our four target
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industries have access to outstanding assets and opportunities in Northern
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Kentucky that aren't available everywhere, including the Life sie Ky
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wet lab space at the one Inky Center, Spark Costs,
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and the Cincinnati Northern Kentucky International Airport, said b INKY
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Growth Partnership Vice President of Economic Development Kimberley Rossetti. We
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are grateful for EY for distilling their research so we
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can create opportunity and prosperity for all Northern Kentuckians through
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good paying and rewarding careers in our target sectors. President
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Amy Hallaway, who partnered with EY, will offer an in
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depth look at these industry sectors and their growth opportunities
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at b nk wi's twenty twenty six Annual Forum on
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January thirtieth at Turfway Park in Florence. The next article
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from the LANE report is titled Tourism generates eighty three
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point six million dollars for Oldham County Economy. Tourism continues
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to be a major driver for Oldham County's economy, often
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from behind the curtain. Over the last couple of years,
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Oldham County's tourism has increasingly been in the spotlight more
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getting some well deserved attention. Oldham's tourism supports local jobs,
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strengthens its tax base, and brings energy and excitement into
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our shops, restaurants, attractions and its communities, said Kim Hydes,
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Executive director of Oldham County Tourism. Our annual results show
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just how important tourism is to our county's growth and
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reflects the hard work of our many businesses and ecomomic
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nations who welcome visitors every day. As awareness of Oldham
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County as a place to visit continues to grow, we
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are excited to welcome even more people to experience what
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makes each of our communities so special in their own
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unique way. According to an annual statewide report commissioned by
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the Kentucky Department of Tourism in twenty twenty four, eighty
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million visitors spent ten point one billion dollars in the state.
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Last year, visitor spending generated a total economic impact of
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fourteen point three billion dollars. This figure supported ninety seven thousand,
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three hundred ninety four jobs and contributed one billion dollars
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in state and local taxes, which aided in benefiting the community.
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To say that tourism is essential to Kentucky is an understatement.
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It's one of the state's most important and valuable industries.
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So what does that look like in Oldham County. In
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twenty twenty four, Oldham County's tourism industry generated eighty three
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point six million dollars in economic impact, more than double
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the thirty seven point nine million dollars recorded in pre
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COVID numbers. The Oldham County industry also supports four hundred
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forty nine local jobs, underscoring its role as a meaningful
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contributor to the county's workforce. The return on investment is remarkable.
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For every one dollar Oldham County Tourism spends marketing to visitors,
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the county sees nine hundred ninety dollars in direct economic impact.
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All of this is achieved on a budget funded entirely
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by an accommodation's tax paid by visitors, not residents. When
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people discover Oldham County, they quickly notice what sets it
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apart from neighboring communities. Aside from visiting friends and family,
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our farm tours remain the number one reason travelers choose
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Oldham County throughout the year, and our marketing results clearly
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show that set high guides. The county has seen remarkable
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tourism growth, with momentum that continues to build each year,
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as reflected in the latest economic impact numbers, and in
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a state celebrated for bourbon and horses, having a true
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alternative to Lexington is a meaningful advantage for Oldham County.
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We are the farm tour capital of Kentucky and that
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recognition has grown because our hands on working farms truly
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stand out. She added, But the story has expanded well
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beyond tours. The farm tours were the spark that first
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drew attention to Oldham County for people who knew nothing
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about our schools, and that early curiosity has grown into
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something much larger. Today. Visitors come for our farm tours,
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our event venues, our farm stays, and the high quality
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experiences offered across our agricultural community. We're the only place
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in Kentucky where you can follow the full life of
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our racehorse, for example, she said, it's not just our
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horse farms, our dairy farm is now producing cheese and yogurt,
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and our bison farm has expanded far beyond Weisson alone.
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Both are truly unique assets, not only for Oldham County,
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but for Kentucky as a whole. She's thrilled to bring
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Ashbourne Farms into this year's Farm Tour program, broadening the
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experience to highlight the farm's deep agricultural roots in Oldham County,
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its expanding presence and ag retail through their Haymarket farm
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store on River Road and its new twenty twenty five
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New lou location, and its growing reputation as a premier
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setting for world class events and performances. Ashbourne Farms has
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brought an exciting new level of attention to Oldham County's
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farm experiences, from the recent Louisville Orchestra's Symphonic Blues experience
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with Morgan Freeman to a wide range of concerts across
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many genres. She said. Visitors and even our own residents
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want to participate in something when they're here, says Hides.
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They're looking for experiences they can feel, not just things
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they can look up online. They want to pet animals
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they don't have at home, feel the rumble of a train,
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sip Bourban directly from the barrel, step into a moment
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from the past, and truly engage with the place. One
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of our ongoing challenges and tourism is creating more tactile,
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hands on experiences that invite people to connect in a
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meaningful way, she said. Our Drive in another rarity in Kentucky,
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has done a fabulous job at creating moments and memories
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before the movie begins. A powerful example of stepping into
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history rather than simply reading about it is Oldham County's
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Augmented Reality Initiative Kentucky Black Trailblazers, a collaboration with six
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neighboring counties, each highlighting their own three influential Black figures.
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Oldham County Tourism partnered with Nancy These, executive director of
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the Oldham County History Center, to showcase its Black Trailblazers
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Henry Bibb on the Commons in Westport, Eliza Brooks at
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Shiloh United Methodist Church in Goshen, and Alex Beaumont on
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the History Center campus in Lagrange. The project is a
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compelling demonstration of how technology can bring our history to life.
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For younger generations who might not otherwise encounter these stories
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in such an immersive, memorable way. Since its inception, the
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Kentucky Black Trailblazers project has won numerous awards, including an
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International Technology Award in twenty twenty four. For adults, the
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new Kentucky Artisan Distillery Bourbon Clubhouse offers something truly special.
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It's one of the few places in Kentucky where you
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can sample bourbon straight from the barrel and fill your
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own bottle to take home. Hide said that kind of
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access is rare. Simply having a distillery isn't enough anymore.
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Nearly every county has one. The difference comes from offering
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an experience that few others can match. Oldham County's distillery
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is widely regarded as one of the best crafted distillery
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tours in the state. Judith Millinery in Lagrange is frequently
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included on the Oldham County Group tours, created by Hydes Co.
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Owner bart Finstill said, Oldham County is the perfect blend
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of charm and adventure. From bourbon tours that celebrate our
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heritage to the train that rolls through downtown Lagrange, every
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corner invites exploration, he said. We partner with KIM to
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offer a one of a kind experience for tour groups
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looking to visit our county. We aim to create an
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experience that complements rich traditions of Kentucky and Oldham County.
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Finstal said that while Thoroughbreds and distilleries are cornerstones of
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Kentucky culture, the iconic Derby hat holds a special place
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in our local lore. That's where we come in. Through
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supply house tours and hands on hat making experiences, we
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invite guests to explore the artistry, history, and nostalgia behind
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this cherished tradition. He continued. Our story is stitched together
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by Jenny, a six time featured milliner of the Kentucky Derby.
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Her expertise and legacy bring authenticity and prestige to every
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experience we offer, making it not just memorable, but truly
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meaningful you del Botonical gardens and Creasy Mayhan Nature Preserve
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have attracted new visitors since the introduction of the Kentucky
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Garden Trail, a twelve garden botanical garden and an Arboreta
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trail developed by Oldham County Tourism in collaboration with eight
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other tourism offices. It takes visitors on a passport guide
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excursion through nine communities to see the best gardens in Kentucky.
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It's the first statewide garden trail in Kentucky. Hydes said.
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As a result of inclusion on the Kentucky Garden Trail,
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we have welcomed many first time visitors who have been
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curious and interested in our special site, said Tavia Cathart Brown,
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executive director of Creasey Mayhon Nature Preserve. They've also expressed
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interest in continuing to see other gardens on the tour.
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The Kentucky Garden Trail has provided a formal invitation to
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many residents and visitors to the Commonwealth. We are thrilled
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to be selected as one of the twelve gardens on
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the official trail. Food and beverage purchases in Oldham County
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accounted for fifteen point three five million dollars of all
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visitors spending. A couple of Oldham County restaurants have gained
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notoriety online in the last year, Hyde said, adding to
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the economic impact. Cravings by Canna in Crestwood was Toweddi
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by yelp as having the best tacos in Kentucky. And
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taste of tie in Crestwood is touted as the best
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tie food by visiting media. U del Botonical Gardens opened
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a new outdoor cafe, marking it extremely unique along the
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Kentucky Garden Trail, and Third Urn Oldham Gardens, the state's
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largest beer garden, opened three new restaurants to add to
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their already well known offerings. Hailey Pfeiffer, sales manager for
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Third Urn, said the restaurants have been a huge boost
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for the local economy. Since opening our three new restaurant partners,
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we've seen visitors coming from all over Louisville, Cincinnati, Madison, Indiana,
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and beyond. Our daily attendance has increased noticeably, and that
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additional foot traffic also benefits other nearby businesses as visitors
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explore more of the area. Oldham County offers standout dining
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across the county, from farm to table meals and cocktails
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to local favorites like Barn eight at Hermititch Farm one
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nineteen West Maine, Martha Lee's Kitchen at U Dell and
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Kentucky Artisan Distillery, Clubhouse, and knock on Wood Cafe and Mercantile.
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Visitors can stay at three award winning bed and breakfasts,
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several hotels, or a variety of short term rentals. Outdoor activities,
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including the annual Old Kentucky Home Bike Tour, gives guests
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a chance to explore the beauty of Horse country. Third
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turn Oldham Gardens participates in the bike tour each year,
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and Feiffer says it always brings in a great crowd
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and a lot of first time visitors, many of whom
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return later with friends or family. She added that visitors
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love the atmosphere were home to the second largest beer
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garden in the country, with entertainment most nights of the week,
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whether it's live music, themed events or a casual evening outside,
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people leave with great memories and usually plans to come back.
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Hides highlighted how ARPA funding allowed Oldham County Tourism to
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partner with surrounding counties and create a broader impact than
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any could have achieved alone. Some projects were designed with
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a very specific purpose, she said, pointing to the Gateway
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to Bourbon Country collaboration with Garden and Gun magazine. As
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part of that effort, Oldham County Tourism hosted a Women
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in Whiskey Garden lunch and a bourbon tasting at U
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Dell Botanical Gardens, bringing together Kentucky's leading female master distillers
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and well known female chefs. That event sparked a new
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relationship between Oldham County Tourism, U Dell and Garden and
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Gun that continues today. That same partnership proved especially valuable
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when the Kentucky Garden Trail launched later in the year.
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Garden and Gun promoted the trail for four months, giving
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major visibility to Oldham County, U Dell and Creasy Mayhannan
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Nature Preserve. Several ARPA funded projects continue to thrive, including
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Kentucky Black Trailblazers and the Kentucky Garden Trail. We intentionally
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selected ARPA projects that required us to build new tourism
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assets from the ground up, hydesid assets that would continue
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benefiting Oldham County long after the ARPA funds were gone.
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One of the key drivers of our success has been
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the big collaborations with larger communities who have a larger
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budget and presence than Oldham County Tourism. She said. The
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Kentucky Garden Trail not only showcases U Dell and Creasey
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mayhon in Oldham County. It highlights four universities. It showcases Waterfront,
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Botanical and Cave Hill in Louisville and Bernheim and Bullet County,
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to name a few. A New Kentucky After Dark program
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showcases Main Street, Lagrange and Duncan Memorial Chapel in Floydsburg
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Cemetery in Oldham County, and includes regional attractions as wells
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such as Waverley and Louisville. The Bluegrass Train experience was
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a long time coming. In Hyde's mine. The project showcases
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Lagrange and Peewee Valley in Oldham County, but also showcases
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the Dinner Train in Bardstown. Six communities with major train
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attractions are brought together for one incredible program for train lovers.
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She said. The entire Kentucky Black Trailblazers project is in
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our region in Shelby, Louisville, Bullet, Bardstown, Elizabethtown, and Oldham County.
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Unlike some of the others that are more spread out,
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our region has worked together to promote each other a
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lot in the last three years, including Oldham County Tourism
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representing the region at travel shows that would have otherwise
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been out of the budget. Oldham County Tourism never sleeps.
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Kim is such a great advocate for us, said Pfeiffer.
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She consistently promotes our offerings and events through her channels
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and always encourages groups visiting area to check us out.
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Her community calendar is also a huge asset. It helps
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keep both locals and tourists informed about what's happening here,
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which brings new faces through our doors all the time.
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The next article comes from the November eighteenth, twenty twenty
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five edition of Business Lexington and is titled Lexington becomes
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State's first city to offer large scale medical debt forgiveness.
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Lexington will soon erase millions in medical debt for thousands
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of qualifying local residents through a new partnership with Undue
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Medical Debt, a national nonprofit that buys and abolishes outstanding
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bills for pennies on the dollar. The Urban County Council
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unanimously approved one million dollars for the program last October.
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City officials say the investment is expected to eliminate upward
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of ninety million dollars in medical debt for Fayette County residents.
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Undue Medical Debt typically erases one hundred dollars in debt
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for every one dollar donated. Representatives said, with costs going
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up on everything, we had an important opportunity to put
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real money back into Lexington family's pockets. Vice Mayor Dan
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Wu said in announcing the program, we may not be
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able to fix all of the problems with the national
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health care system, but as the form of government closest
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to the people, we can take meaningful steps to improve
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day to day lives. I'm grateful to my colleagues on
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council for making this possible. The first phase that the
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initiative will abolish twelve point six million dollars in debt
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for six four hundred eighty four residents. Eligible recipients must
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live in Lexington Fayett County and either earn up to
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four hundred percent of the federal poverty level or hold
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medical debt equal to at least five percent of their
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annual income. Undue medical debt will notify qualifying residents by
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mails starting this week. The relief carries no tax penalties.
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Please don't throw away your letter from undue medical debt,
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Wu said, it can be used as proof for creditors
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that your debt is canceled. Lexington is the first community
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in Kentucky to launch this type of medical debt relief,
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joining a growing number of cities taking local action to
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ease financial burdens for residents. The next article from Business
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Lexington is titled Kentucky lawmakers prepare for budget challenge amid
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federal cuts. Kentucky lawmakers are expressing concern over potential state
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budget challenges due to recent federal cuts to Medicaid and
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the Supplemental Nutrition Assistance Program SNAP, among other programs. These
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federal reductions are expected to shift additional costs to the state,
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complicating the upcoming budget planning process. During a conference on
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November tenth, twenty twenty five, Republican leaders highlighted the anticipated
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financial impact. House Speaker David Osborne noted that the budget
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would present unique challenges due to differing approaches to budget manage.
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The chair of the Senate Appropriations and Revenue Committee estimated
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that increased SNAP costs would result in an immediate one
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hundred eighty million dollar impact on the state budget. He
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also mentioned potential future challenges related to Medicaid impact of
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the One Big Beautiful Bill Act. The federal One Big
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Beautiful Bill Act passed earlier this year has been a
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focal point of these concerns. The Act shifts more administrative
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cost to states for SNAP and changes the cost sharing
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structure based on error rates in determining benefits. This shift
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could lead to significant financial burdens for Kentucky, which currently
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provides food assistance to nearly five hundred ninety three thousand
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low income residents through SNAP. Projected increase in the number
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of uninsured. The Congressional Budget Office projected that the One
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Big Beautiful Bill Act would reduce federal Medicaid spending by
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nine hundred eleven bills million dollars over the next decade,
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potentially increasing the number of uninsured individuals by about ten
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million dollars. The National Conference of State Legislatures attributes these
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reductions to stricter eligibility requirements and limitations on provider taxes
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that states use to cover their share of Medicaid costs.
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The role of state legislators. State legislators have made it
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clear that they will not serve as a backstop for
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programs negatively impacted by the federal Act, acknowledging the state's
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limited financial capacity. As the state looks to the twenty
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twenty six legislative session. Preparation for potential changes in education
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funding is also a priority, given federal education budget proposals
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suggesting deep cuts to K through twelve schools. Healthcare system challenges.
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The impact on Kentucky's healthcare system is notable. The chair
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of the Senate Health Services Committee for instant assessment from
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the Kentucky Hospital Association indicating that thirty five hospitals in
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the state could face closure due to the planned reduction
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of provider taxes that hospitals rely on for better reimbursement
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rates for treating Medicaid patients. This uncertainty raises alarms for
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many stakeholders in the health sector. Conclusion in summary, Kentucky
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lawmakers are bracing for significant budgetary challenges stemming from federal
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cuts to Medicaid and SNAP as the state prepares for
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the upcoming legislative session in twenty twenty six. Stakeholders are
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encouraged to stay engaged and proactive and advocating for policies
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that promote economic growth, support small businesses, and protect vital
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community services. The next article from Business Lexington is titled
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FCPS initiates facility review to enhance financial efficiency. The FAYE
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County Public Schools FCPS District has commenced a comprehensive evaluation
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of its facilities to identify opportunities for improving financial efficiency.
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This initiative aims to address the district's ongoing budget challenges
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and optimize resource allocation. FCPS is grappling with a significant
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budget deficit attributed to rising costs in insurance, utilities, infrastructure,
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and personnel, alongside the expiration of federal funding resources. In response,
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the district has launched a facility review to assess its
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infrastructure and identify cost saving measures. This review is part
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of a broader strategy to enhance financial efficiency and address
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the district's fiscal challenges. To mitigate the sixteen million dollar
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budget deficit, the FCPS school Board has considered various solutions,
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including reducing the district's contingency fund from six percent to
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four percent. However, internal calculations have indicated that the contingency
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fund is projected to be between fifteen million dollars and
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twenty two million dollars, making this option unfeasible. Consequently, the
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district is exploring alternative strategies to address the financial shortfall.
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In light of the financial challenges FCPS leaders have proposed
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the establishment of a streamlined budget committee. This new committee
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would reduce the current eighteen member Budget and Finance Committee
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to nine voting members, aiming to provide more focused and
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data informed recommendations to the superintendent. The proposed committee structure
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is designed to enhance financial oversight and decision making processes
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within the district. Looking ahead, the outcomes of the facility
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review and the formation of the new budget committees are
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expected to play a crucial role in fcps's efforts to
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navigate its financial challenges. The district remains committed to providing
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quality education to its students while ensuring the efficient use
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of its rest sources. This concludes the reading of the
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most recent business news in Lexington, Louisville, and around the state.
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Your reader today has been Julia Shane. If you have
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any questions or comments about this program, please give our
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Lexington Studios a call at eight five nine four two
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two six three nine zero. Thanks for listening, and now
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please stay tuned for readings from the Kentucky series here
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on Radio I