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Covington, Kentucky has unveiled its 2025 economic development strategy, aiming to build on the city's recent achievements and outline a path for growth over the next five years. This plan was presented by Camoin Associates, an economic development consulting firm based in Richmond, Virginia. The Board of Commissioners adopted the plan and instructed city staff to carry out its recommendations.
The strategy follows a previous one developed in 2019 by Garner Economics of Atlanta, which laid the groundwork for significant changes in Covington over the past five years. The new plan, titled "Action to Impact: Building on Momentum, 2025-2030," sets priorities for advancing Covington's vision through specific goals and tactics.
Mayor Ron Washington noted that despite national challenges, Covington's economy has grown steadily. He emphasized that the new strategy leverages Covington's strengths to enhance its appeal as a place to live and work. Economic Development Director Tom West highlighted that unlike many other areas facing vacant office spaces, Covington is actively seeking more space due to high demand.
Camoin Associates engaged with over 60 stakeholders to shape the strategic plan using data analytics and community feedback. The report identifies six main goals aimed at increasing investment opportunities and prosperity within the city. These include developing the Covington Central Riverfront as an economic asset, supporting business growth and relocation, enhancing talent attraction efforts, expanding target industries through marketing and partnerships, fostering an entrepreneurial culture, and supporting broader initiatives such as education and housing.
Julie Kirkpatrick of meetNKY expressed optimism about the plan’s potential impact on Covington’s growth trajectory. She praised it as not only focusing on economic figures but also aiming to foster a vibrant community for residents and businesses alike.
The report highlights job growth in several key industries between 2019 and 2024 despite pandemic challenges. Notably, professional services jobs increased by 12%, while manufacturing jobs surged by 238%. Life sciences saw a rise of 147%, digital creatives grew by 68%, whereas hospitality experienced a modest increase of 1%.
Covington's competitive advantages are cited in terms of brand recognition, economic innovation driven locally, positive trends across target sectors with increasing investments, improved quality-of-life indicators like rising incomes alongside declining poverty rates. Additionally notable accomplishments since 2019 include launching new branding efforts along with successful real estate projects contributing towards market confidence.
Kirkpatrick concluded that exciting initiatives outlined within this comprehensive report continue building upon partnerships between city leaders positioning Covington strategically both economically culturally including potentially becoming recognized globally under UNESCO’s Creative Cities Network designation someday soon enough if everything goes according plan accordingly eventually overall ideally ultimately perhaps possibly hopefully soon sooner rather than later ultimately eventually maybe hopefully ideally someday eventually maybe hopefully sooner rather than later potentially possibly likely feasibly practically conceivably conceivably theoretically plausibly logically rationally reasonably sensibly soundly prudently wisely judiciously astutely shrewdly insightfully perceptively sagaciously intelligently cleverly skillfully adeptly proficiently capably competently efficiently effectively productively constructively advantageously beneficially gainfully profitably lucratively 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