Northern Kentucky Gains High-Wage Jobs

Northern Kentucky gained 3,158 new primary jobs in 2008, according to an announcement issued Tuesday by Northern Kentucky Tri-ED.

According to the economic development agency for Boone, Campbell and Kenton counties, the 3,158 net new primary jobs added in the region last year were 128 percent more than the Vision 2015 goal of adding 1,430 primary jobs annually.

The data comes from Policom Corp., an independent economic research firm specializing in local and state economies. The firm released its 2008 Economic Development Performance Evaluation for Northern Kentucky that also included these highlights:

• The average wage for the new jobs created was $72,825, 146 percent higher than the target wage of $50,036.

• On payroll taxes alone, local governments in Northern Kentucky realized more than $2.29 million from these primary jobs in 200.

• The Northern Kentucky’s greatest gains were in the finance and insurance and management of companies sectors, where the region had a net gain of 2,092 jobs in management of companies sector. This was the seventh year in a row the region has added employment in this high wage sector.

“Northern Kentucky Tri-ED tracks both announced and actual primary jobs,” Dan Tobergte, president/CEO of Northern Kentucky Tri-ED, said in the announcement. “While this final data from the U.S. Bureau of Labor data is great news for 2008, it is tempered by the current economic downturn.  Nevertheless, over the first three years into the Vision 2015 timeline, Northern Kentucky has exceeded the primary job creation target by 33 percent, or approximately 1,400 jobs, giving Northern Kentucky a ‘head start’ going into 2009.  A significant portion of the new jobs in 2008 was from the opening of the Fidelity Investments office facility at 100 Howe Drive in Covington.”

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Latest Developments

Despite a diminished pipeline of new prospects and announcements in 2009 year-to-date, Northern Kentucky has recently benefited from the following new, expanding and start-up operations announcements in Northern Kentucky:

· Andrews Electronics

· ASTAR Air Cargo

· DHL Express, (USA) Inc.

· Jacobs Automation

· PHD Diagnostics