Lexington, KY - Lexington-Fayette County has received another top national economic ranking, its distinctive landscape weighing heavily in the area's placement high among the nation's medium-sized markets.
A new ranking measure called the "Fourth Economy Community" (FEC) Index placed Lexington first among top mid-sized counties (population of 150,000 to 300,000). Key criteria included investment, talent, sustainability, place and diversity.
Other cities among the top five include: 2. Wilmington, North Carolina; 3. Omaha, Nebraska; 4. Green Bay, Wisconsin; and 5. Springfield, Missouri.
According to a release from Fourth Economy Consulting, "These communities are ideally positioned to attract modern investment and managed economic growth."
In the index, Lexington is cited as a "bike friendly location" with "high quality place-based amenities" and "critical resources to support innovation." This particular index focused on mid-sized cities with an educational attainment above 25-percent and average travel times less than 20 minutes.
"We are very fortunate to have one of the most educated workforces in the country," said Commerce Lexington Inc. president and CEO, Bob Quick. "Because of our diverse economy and an entrepreneurial focus, Lexington has been able to weather the recent economic downturn better than a lot of other cities. Our economic development partnership with the city of Lexington and the University of Kentucky has enabled us to better assist companies looking to relocate or expand here."
The top Fourth Economy communities reflected several commonalities, including urban and rural characteristics, a variety of housing and employment opportunities, and strong higher education institutions.
"Many different studies have shown that of comparable cities, we have the most distinctive rural landscape. We're also unique in that we have very active planning to preserve our farmlands here," said Nancy Cox, Director of the Kentucky Agricultural Experiment Station and Associate Dean for Research in the College of Agriculture.
Cox, noting the joint Lexington-Louisville Bluegrass Economic Advancement Movement (BEAM), said many Fayette county landowners believe manufacturing and the region's rural brand can coexist. "I believe food production and/or valued-added food-related industries certainly might fit into that category. We have encouraged growth of equine pharmaceutical companies and when I hear about the advanced manufacturing initiative in the Louisville-to-Lexington corridor, I think of the horse farms along that corridor and the opportunity to even expand the kinds of industries that support horse health and related businesses," she said.
To find out more about the Fourth Economy Community (FEC) Index, visit
www.fourtheconomyindex.com
.
"We are very excited about this new ranking, because it measures communities
over time and considers factors that will enable our area to be successful now and in the future, such as the ability to support innovation, human capital, state policies that are beneficial to economic development, and increased productivity. Most economic rankings reflect a set a metrics without consideration of past progress or future potential," said Quick.