Somerset, Ky. - The Somerset Micropolitan Area is once again being recognized for its economic development success.
Last week, the Somerset Micropolitan Area was named by SITE Selection magazine as one of the top-performing micropolitan areas in the country for new and expanded business and industry projects in 2015.
The Somerset Micropolitan Area, which encompasses the whole of Pulaski County, earned its highest ranking in the history of this recognition: No. 10 among 536 micropolitans in the U.S.
It ranked No. 2 among all micropolitans in the state of Kentucky, tying with nearby Danville. Frankfort ranked seventh nationally and first at the state level.
"I am pleased that the Somerset Micro's business development performance ranked it in the top tier of small-town communities in the country, and our effort helped the Commonwealth of Kentucky to take first prize per capita in SITE Selection's 2015 Governor's Cup competition," said Martin Shearer, Somerset Pulaski County Development Foundation Executive Director.
Two new projects were located here and six expansions were completed or started in 2015. The total investment from these projects exceeded $35 million and 427 jobs were created.
Qualifying projects include Menzner Lumber and Supply Co, EOS CCA, Camtech Manufacturing Solutions, and Armstrong Wood Products. "Considering the total number of projects with which we worked as a team, not just those qualifying for SITE Selection's consideration, 2015 was a very good year for our community and its economic productivity," Shearer said.
SITE Selection, an Atlanta-based publication, has rated the states annually since 1978. The ranking is based on a state's total number of qualified projects as tracked by Conway Data Inc.'s New Plant database. Qualified projects include those that meet at least one of three criteria: • Involve a capital investment of at least $1 million, • Create 50 or more jobs, or • Add at least 20,000 square feet of new floor space.
Corporate real estate analysts regard the rankings as an "industry scoreboard." The magazine's circulation base consists of 48,000 executives involved in corporate site selection decisions. In addition to the Governor's Cup, SITE Selection recognizes top metropolitan and micropolitan areas for their economic development successes. Other top-performing Kentucky micropolitans included: Bardstown (No. 13); London (No. 22); Madisonville and Paducah (tied at No. 39). To view the SITE Selection rankings, click here. For more information visit www.spcdf.com.