Economic Development Plan for Kentucky

      "We need more jobs in Kentucky because jobs provide opportunities to increase household incomes. Kentucky is one of the richest states in the nation in natural resources, yet our economy has been underdeveloped for decades. We must do something different. We deserve something better than what we have been getting." -- Otis Hensley.

Objective, Strategy, and Goal

      Increase household incomes in Kentucky by making Kentucky attractive to business and then starting more businesses and recruiting more businesses into the Commonwealth. The goal is to achieve and maintain a 4% unemployment rate in every county within 10-15 years. This will require creating over 560,000 net new jobs.

Implementation Plan

1. Increase the supply of capital for investment in new businesses and existing small businesses in Kentucky that want to grow. Implement the Kentucky Small Business Investment Program (HB 725, 2006 Regular Session), which establishes and funds a network of venture capital funds to invest in new and existing small businesses in Kentucky, and establish community venture capital funds to attract businesses into a given area.

Click Here for More info about the KSBIP
Click Here To Read HB 725

2. Work to reduce the cost of doing business in Kentucky to make Kentucky attractive to business. Find ways to reduce the cost of government taxation, regulation, and lawsuits and the cost of health insurance and workers' compensation insurance.

3. Recruit companies from higher cost areas to relocate to Kentucky. This includes, but is not limited to, banks, insurance companies, investment brokers, corporate headquarters, power plants, and oil refineries. Kentucky has a similar cost advantage relative to cities such as Chicago and New York that other countries have relative to us.