Lexington is Central and Eastern Kentucky’s regional hub for business and industry. The business and professional services industry provides services and support for other businesses in various industries, such as legal, architectural, engineering, and consulting services, as well as basic services that support daily activities such as back-office support operations, accounting, shared services, and processing facilities. These services help companies operate, and the business and professional service industry is a targeted industry for Lexington’s economic development.
In 2017, approximately 29,200 people were employed in Lexington’s business and professional services industry, earning an average salary of $49,515 per year. Average salaries were $71,678 for primary services such as management of companies and enterprises and professional and technical services, to $30,196 for secondary services such as administrative and support services.
Lexington is currently home to over 70 headquarters operations, including Lexmark, Galls Inc., Tempur-Sealy, Gray Construction, Valvoline, Big Ass Fans, Mason & Hanger Corp., and A&W Restaurants. Although not headquartered in Lexington, other industry leaders with a presence in the city and region include IBM, Creative Lodging Solutions, and many others.
Companies engaged in providing business and professional services tend to concentrate in metropolitan areas near their clients, such as cities like Lexington. Back-office and support services companies tend to prefer lower-cost locations in proximity to major metropolitan areas. Lexington is one of the lowest cost-of-business locations in the country and has a business-friendly environment. In fact, Lexington was named #8 City with the Lowest Startup Costs by SmartAssets in 2017, #8 Best City to Start a Business by HeroPay in 2017, and #16 Best Place for Business and Careers by Forbes in 2015.
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Select Business and Professional Services Companies in Lexington
|Company||Services||Number of Employees|
|Conduent||Business Services Outsourcing||2,500|
|Lexmark International Inc.||World Headquarters||1,600|
|Link-Belt Construction||Headquarters & Manufacturing||740|
|Big Ass Fans||Headquarters and Manufacturing||550|
|Central Bank & Trust Co.||Headquarters||501|
|Galls LLC||Headquarters & Mail Order||500|
|Creative Lodging Solutions||Business Travel Consultants||330|
|Total Quality Logisitics||Professional Services||208|
|IBM||Business Services Outsourcing||200|
|CLARK Material Handling Company||Headquarters||200|
|Stantec Consulting Services||Engineering Services||200|
|JP Morgan Chase||Finance||160|
|Associations International||Professional Services||145|
|Fifth Third Bank||Finance||115|
|Bingham, Greenebaum, Doll||Legal Services||90|
|Stoll, Keenon, and Ogden||Legal Services||82|
|Frost Brown Todd||Legal Services||73|
|Stites & Harbison||Legal Services||58|
|A & W Restaurants||Headquarters||30|
Source: Commerce Lexington, 2019