In 2022, Northern Kentucky Tri-ED brought in $292 million in capital investment and 2,356 new jobs to the region, according to a new report the economic development organization released.
Tri-ED set development targets at the beginning of 2022 with some of their primary goals being to bring new companies to the region, expand existing companies and create new jobs. While the region is still recovering from the COVID-19 pandemic, Tri-ED’s new numbers provide a positive outlook moving forward.
“I’m proud to see the Tri-ED team out in the community every day, helping both new and existing companies succeed, and celebrating their wins with them,” said Tri-ED Board of Directors Chair Tom Banta.
Some of Northern Kentucky’s marquee groundbreakings, ribbon cuttings and grand openings over the past year include New Riff Distilling, Prysmian Group and FEAM Aero.
Prysmian Group unveiled a $7.2 million renovation to their North American headquarters in Highland Heights, while New Riff Distilling broke ground on a 55,000 square foot barrel storage warehouse in Silver Grove after an over $10 million investment. FEAM Aero invested $40.2 million to create a 150,000-square-foot hangar at CVG Airport. These three projects alone will create over 360 new jobs.
“We look forward to growing our local economic impact by creating meaningful careers within the region and bringing our best-in-class standards of quality and safety to the already thriving cargo ecosystem at CVG,” said Fred Murphy, founder and CEO of FEAM Aero.
One of the metrics Tri-ED surpassed was exceeding the average wage or base compensation for new jobs created in the Greater Cincinnati area, Northern Kentucky and the state of Kentucky. The average wage for new jobs created in the region over 2022 was $66,375, which is above the Greater Cincinnati average of $58,300, Northern Kentucky average of $55,700 and state average of $51,600. Tri-ED also exceeded their 2022 target goal by 2%.
For 2023, Tri-ED set a new target goal to exceed $68,000 in average wages for new jobs and projects. Tri-ED believes this number is “a strong but achievable goal.”
In early 2022, Tri-ED’s Target Industry Study highlighted four primary industry clusters: life sciences, information technology, supply chain management and advanced manufacturing. These clusters were identified for employment momentum and growth potential, with Tri-ED using them as a guide for a balanced economic development agenda.
The supply chain management sector led Northern Kentucky in job growth, while the advanced manufacturing sectors led in new projects and capital investment.
“The Target Industry Study and development of these four initiatives provides our team and our community with a clear vision moving forward,” said Tri-ED CEO Lee Crume. “This year, we will stay focused on our initiatives, engaging our investors, and bringing jobs to the region, benefitting thousands of families.”
The long-awaited Northern Kentucky Atlas launched this past year, providing citizens, nonprofits, media organizations and government agencies with detailed statistics in over 200 specific demographic and economic categories. The dashboard was officially launched at Tri-ED’s Annual Forum in November 2022 as part of their Data-Informed Community Decision-Making initiative. A 15-member council was created to advise the dashboard.
Tri-ED also launched their Build+Elevate investor campaign which raised over $4.6 million, exceeding their goal by over $100,000. Four key initiatives will be supported with the investor dollars: Data-Informed Community Decision-Making, Activating the Northern Kentucky Port Authority, Deliver Customized Workforce Solutions, and Targeted Business Growth.
Overall, Tri-ED grew their full-time staff from ten to fourteen people, showing the continued growth of the organization.
With 2023 being well underway, Tri-ED will look to capitalize on a strong 2022.
