Covington’s Economic Development Department released its 2024 Impact Report this week, which details the city’s economic progress over the past year.
The city touted some of the report’s highlights, including 514 new and retained jobs, $42.8 million leveraged in private investments, $136,000 in incentives awarded to small businesses, 30 city-organized ribbon-cutting events for small retailers and restaurants, and 142 staff visits to 105 companies.
“The 2024 Impact Report demonstrates that momentum builds on momentum,” Covington Business Attraction Manager Susan Smith said in a city press release. “It’s an exciting time for The Cov.”
In addition, significant progress has been made at the Covington Central Riverfront site, the release detailed. The street grid is starting to come together, with roads and sidewalks being laid by construction crews.
The city has also secured several development contracts, including:
- $7 million development for 16 Drees Homes townhomes
- $67.2 million development for 257 apartments, 7,700 square feet of retail, and 194 parking spaces by Silverman and Company, Inc.
- $8.45 million development for 10 single-family homes and two corner mixed-use buildings by Funke Real Estate group
Furthermore, Northern Kentucky University’s Salmon P. Chase Law School and the University of Kentucky’s School of Medicine Northern Kentucky campus are moving to the Covington Central Riverfront site. In 2023, the Kentucky General Assembly allocated $125 million in state funding to the relocation effort.
Workforce development was also a key focus of the city last year as it continued to invest in ongoing initiatives aimed at attracting, retaining and developing workers.
Over the past year, the Covington Academy of Heritage Trades enrolled 24 students, with 18 Covington residents receiving $41,000 in scholarships. Covington also secured $24,000 to restore the roof at the academy’s living lab for hands-on training.
The Esperanza Latino Center also received a grant to support bilingual workforce initiatives, including trade programs for the Latino community and Holmes High School students.
“A big ‘thank you’ to elected officials, leadership and staff, businesses, developers, partners, and residents who all work toward making Covington what it is and what it’s becoming,” Smith said in the release.
Read the full report on the city’s website.