Market research > 50 in 50: KENTUCKY

50 in 50: Kentucky

At-a-glance snapshots of key market indicators in various market sectors and geographies.

PUBLISHED: 8/8/2022

Business Finance, accounting, contract, advisor investment consulting marketing plan for the company with using tablet and computer technology in analysis.

50 in 50: Kentucky

50 states in 50 weeks: U.S. states economic and infrastructure highlights.

Key Economic Indicators

GDP: $194.3 billion

GDP 5-year compounded annual growth rate (CAGR) (2017-2021): 1.1% (U.S: 1.6%)

GDP per capita: $43,675 (U.S.: $58,154)

Population: 4.5 million

Population 5-year CAGR (2017-2021): 0.3% (U.S.: 0.5%)

Unemployment: 3.7% (U.S.: 3.9%)

Economic outlook ranking: #34 out of 50

Fiscal health ranking: #44 out of 50

Overall tax climate ranking: #18 out of 50

Key Sectors and Metro Areas

Top five industry sectors by 2021 GDP:

Sector

GDP ($ billions)

% of total GDP

Manufacturing

37.0

19.0%

Real estate and rental and leasing

20.0

10.3%

Health care and social assistance

17.8

9.2%

State and local

16.2

8.3%

Wholesale trade

13.8

7.1%

Top three industry sectors by GDP 5-year CAGR (2017-2021):

Sector

GDP 5-year CAGR

Management of companies and enterprises

4.5%

Administrative and support and waste management and remediation services

4.3%

Finance and insurance

4.1%

Top three metro areas by GDP:

Louisville/Jefferson County
Lexington-Fayette
Bowling Green

Top three metro areas by population 5-year CAGR (2016-2020):

Bowling Green
Elizabethtown-Fort Knox
Lexington-Fayette

Infrastructure Highlights

Infrastructure: ASCE Infrastructure Grade (2019): C-

Kentucky’s dams, levees, roads, and hazardous waste infrastructure are in poor condition according to the last survey conducted by the ASCE. Furthermore, a high percentage of bridges in the state are deemed to be structurally deficient. As a result, Kentucky will be receiving a relatively high amount ($438 million) of federal funds to repair them over the next five years. Additionally, the Cleaner Water Program, which was funded by the American Rescue Plan Act, has made over $250 million available for water systems projects that will need to be obligated by the end of 2024. Over the next five years, Kentucky’s Bipartisan Infrastructure Law funds will address the following categories of projects (additional funds may be deployed as federal grants get awarded to states):

Funds

Improvement Area

$4.6 billion

Roads and highways

$647 million

Water infrastructure

$438 million

Bridges replacement and repair

$391 million

Public transportation

$204 million

Airports

$100 million

Broadband (minimum allocation)

$69 million

Electric vehicle (EV) charging network

$19 million

Wildfires protection

$18 million

Cyberattacks protection

Construction spending (Value of Construction Put in Place – CPiP):

Private Nonresidential 2021 CPiP: $5.3 billion; 4.7% 5-year CAGR (2017-2021), above overall U.S. CAGR of 1.4%
State & Local 2021 CPiP: $2.7 billion; -6.9% 5-year CAGR (2017-2021), below overall U.S. CAGR of 4.0%

AE Industry

ENR 500 firm headquarters (2022): 2

12 deals with buyers from Kentucky
20 deals with sellers from Kentucky

For customized market research, contact Rafael Barbosa at [email protected] or 972.266.4955. Connect with him on LinkedIn.

Current Issue of Word on the Street

Weekly real-time market and industry intelligence from Morrissey Goodale.

Read Newsletter

Current Issue of M&A Update

The AE industry’s weekly go-to source for the latest information on M&A deals and trends.

Read Newsletter

Current Issue of the AE Industry Dashboard

Bringing you snapshots of key market sectors, business management ideas, and must-know information for managing and leading your firm.

Read Newsletter

Current Issue of the AE Leadership Letter

Brining you new ideas for impacting people performance including the latest on company culture, work-life balance, time management, developing next-generation leaders, and new management ideas being implemented in other industries.

Read Newsletter