WHAT IS ECONOMIC DEVELOPMENT TODAY?
Economic development means different things to so many people. This section of the website aims to answer some basic questions often asked about Commerce Lexington’s economic development efforts.
Economic development generally comes in three varieties:
- Business Attraction
- Business Retention and Expansion
- Business Creation
The aim of all three varieties of economic development is to create new primary jobs that pay more than the prevailing wage, increase the amount of income coming into our community from outside its market area, and create greater capital investment in our community. The strategy is to achieve this in a number of diversified industries, thereby diversifying our overall economy. Commerce Lexington’s Economic Development division actively participates in all three core economic development efforts noted above. In the Bluegrass Region, Commerce Lexington and our partners in the Lexington Economic Partnership synergize and facilitate economic development activities, programs, and incentives. Commerce Lexington’s key partnerships help to streamline the process for prospective companies, making the process feel seamless, regardless of which incentive, agency, need, or connection is involved. This mission is critical to reduce duplication of efforts and prioritize limited resources for the benefit of our community.
HOW DO WE DO IT?
- Recruiting New Industry Investment in the Bluegrass
- Entrepreneurial Support
- Existing Business Retention and Expansion
THE FUTURE – WHERE WE ARE HEADING!
Commerce Lexington has identified strategic target markets for recruitment efforts that encourage growth and prosperity in the Lexington region’s workforce and community. Over the summer of 2022, w took an important step forward by engaging with Economic Leadership’s Ted Abernathy to create a work plan focused on seven key points to Building a More Competitive Bluegrass Region. In the spring of 2023, as part of this work, we anticipate the completion of a focused industries report that will guide our efforts as we enhance relationships with site selectors and recruit new businesses to the region.