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NKY economy growing overall despite pandemic

Northern Kentucky
Posted at 10:51 PM, Jan 30, 2021
and last updated 2021-01-30 23:20:11-05

Despite the COVID-19 pandemic, which has challenged many industries and crippled others, Northern Kentucky surpassed projections for jobs and growth in 2020.

More companies chose to relocate to NKY in 2020 than expected, which in turn created more jobs and investment in the region as many essential industries experienced rapid growth during the pandemic.

"It's a great location," said Lee Crume, president of Northern Kentucky Tri-ED. "The cost of doing business is very reasonable here. We had a good talent story for the companies that were able to grow and expand here."

In 2020, 27 companies expanded or announced new locations in the region that involved 1,500 jobs and $268 million in new investment in the region, according to Kentucky Tri-ED, the primary economic development corporation for Boone, Kenton and Campbell counties. The company works to draw new companies and industries to the region.

"That really did lead us to have a surprisingly good year despite the effects of the pandemic," said Crume.

STEP CG, an IT services provider, decided to open its new headquarters in Covington's RiverCenter in 2020. The company's growth in the year also involved adding 50 new employees.

CEO Ed Walton said the company was initially looking at out of state locations, but chose Covington after talking to Northern Kentucky Tri-ED and other community leaders.

"We looked at properties out of state, up and down the river, across the river and we decided on Covington, Kentucky for our home," he said. "It really presented the best value for us to make it our home that we're going to expand in."

Northern Kentucky Tri-ED said it plans to continue to monitor how companies adapt to the COVID-19 pandemic and analyze incentive programs to keep the Northern Kentucky region competitive.