Elizabethtown MSA Continues to Lead Kentucky Metros with Strong National Ranking in Economic Performance

New GDP Figures Highlight Continuing Growth in Central Kentucky

 

Elizabethtown, Kentucky (February 22, 2013) – Hardin County United (HCU) today commented on the new Gross Domestic Product (GDP) figures just released by the United States Department of Commerce, Bureau of Economic Analysis (BEA).

GDP in the Elizabethtown Metropolitan Statistical Area (MSA), which includes all of Hardin and LaRue counties, grew by 6.1% in 2011. Out of 366 metros in the United States, the Elizabethtown MSA ranked 11th nationally in terms of GDP growth. In Kentucky, the Elizabethtown MSA ranked first in GDP growth out of eight metropolitan areas.

In commenting on the growth, HCU Steering Committee Chairperson Harry L. Berry stated, “Once again, Hardin County is blessed with continued economic expansion, fueled initially by base realignment at Fort Knox, but sustained more recently by continued growth in all categories – manufacturing and retail.

“With continuing high rankings in personal income growth, per-capita income growth and GDP growth, our region will continue to receive “looks” from companies that are interested in expanding to a dynamic and growing market,” Berry continued.

GDP growth rates for all Kentucky metros are shown in the following chart:

2010 – 2011 GDP Growth Rate – Kentucky Metros

Not only did the MSA perform well in 2011, but when growth over the last three years is taken into account, the Elizabethtown MSA has continued to significantly out perform all other Kentucky metros, as shown in the following chart:

Three Year GDP Growth Rates – Kentucky Metros

“Elizabethtown’s nearly 30% growth rate in GDP over the past three years is nothing short of remarkable,” said Luke B. Schmidt, President of L.B. Schmidt & Associates, LLC and consultant to HCU. “These nationally significant numbers continue to attract the attention of companies that are looking to expand to growing communities, which in turn creates more jobs,” said Schmidt.

Over the past three years, the Elizabethtown MSA has also outperformed its peer military metro markets in GDP growth, as shown in the following chart:

Three Year GDP Growth Rates – Peer Military Metros

A complete list of the Elizabethtown MSA’s recent leading national rankings follows:

  • # 1 MSA in the U.S. in personal income growth – 20101
  • # 1 MSA in the U.S. in GDP growth – 20102
  • # 1 MSA in Kentucky for job growth – 2010 – 20113
  • # 4 MSA in the U.S. in personal income growth – 2009
  • # 5 MSA in the U.S. in personal income growth – 2011
  • # 5 MSA in the U.S. in per-capita income growth – 20114
  • # 5 MSA in the U.S. in business establishment growth – 20105
  • # 11 MSA in the U.S. in GDP growth – 20116
  • # 16 MSA in the U.S. for potential job growth – 20107
  • # 34 MSA – Forbes list of best small places for business – 2011
  • # 37 MSA in the U.S. for GDP growth – 20098
  • Ranked 5th out of the Top 20 Southern Cities for economic and job growth – 20129
  • Ranked 7th out of the Top 25 Small Cities for “Recession Busting” Factors – 201210
  • Ranked 9th out of the Top 25 Small Cities for Prime Workforce Growth – 201211
  • Ranked 17th out of the Top 50 Small Cities for economic and job growth – 201212
  • Ranked 21st out of the Top 25 Small Cities for Economic Strength Factors – 201213
  • Ranked 45th out of 365 metros for economic and job growth – 201214

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Hardin County United (HCU) was established for the purpose of examining the various strategic goals which were established by the Hardin County Vision Project in 2010. The intent of HCU is to prioritize the goals and to develop implementation strategies. HCU’s leadership team includes Hardin County Judge/Executive Harry Berry who chairs the Steering Committee; Hardin County Chamber of Commerce President Brad Richardson, who chairs the Community Development Subcommittee; North Central Education Foundation President/CEO Al Rider, who chairs the Education Subcommittee; and Hardin Circuit Court Judge Ken Howard who chairs the Governance Subcommittee. Luke Schmidt, President of L.B. Schmidt & Associates, LLC, provides management and consulting services to HCU.

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Sources:

  1. Source: United States Department of Commerce, Bureau of Economic Analysis
  2. Source: United States Department of Commerce, Bureau of Economic Analysis
  3. Source: Moody’s Analytics
  4. Source (first five bullet points): U.S. Bureau of Economic Analysis
  5. Source: U.S. Census Bureau
  6. Source: United States Department of Commerce, Bureau of Economic Analysis
  7. Source: New Geography 2011 Best Cities for Job Growth report
  8. Source: U.S. Bureau of Economic Analysis
  9. Source: Area Development magazine national survey
  10. Source: Area Development magazine national survey
  11. Source: Area Development magazine national survey
  12. Source: Area Development magazine national survey
  13. Source: Area Development magazine national survey
  14. Source: Area Development magazine national survey

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