Communities across the U.S. are getting more creative and investing more funding into generating economic investment opportunities. The regions seeing the greatest success are those that recognize that economic growth, job growth, and population growth are inextricably intertwined. Those communities recognize that creating new, high-paying jobs, is only possible with the right people to fill them. That is why many states and municipalities are investing heavily in proactive talent attraction initiatives.

Competitor states are investing millions of dollars in marketing and awareness campaigns to drive people to move to their regions. Kentucky’s neighbor to the North, Ohio, has invested more than $50 million in its JobsOhio campaign, and other states like Michigan and Florida have poured millions of dollars of public funding into strategic population growth marketing initiatives that focus on selling their states unique quality of life assets.

New survey data from Development Counsellors International (DCI), commissioned by the Kentucky Legislative Research Commission, shows that there has never been a more urgent time for Kentucky to invest in talent attraction. According to the survey, 47 percent of Kentucky residents would be willing to relocate to another state within the next two years if the opportunity arose – citing low wages, limited job opportunities, and lack of advancement. Even more concerning is that 72 percent of HR executives plan to expand staff in the next two years. With nearly half of our state’s existing talent at risk of leaving and the majority of employers planning to grow jobs, Kentucky’s workforce shortage could reach a crisis point. That would have a direct impact on long-term economic investment and jobs.

In Kentucky’s largest metro, a growing talent shortage is even more critical. Data generated by the Greater Louisville Partnership shows that while Greater Louisville saw a steady two percent population growth over the last five years, in the same time period job growth reached 11 percent. This is a testament to strategic investment in economic development from state and local governments and the private sector, but that same funding has not been dedicated to talent attraction. In order to keep pace with our peer regions and with our own economic momentum, Louisville must focus on ensuring we have a strong and growing pool of talent.

In the upcoming legislative session, the General Assembly has the chance to change courses and make a historic investment in a statewide talent attraction campaign. During the interim session, legislators studied this issue and worked with a national consultant to understand Kentucky’s diverse talent needs and how to sell the Bluegrass state to top talent. One thing from this research and outreach was clear – Kentucky is geographically and culturally diverse. A successful campaign must also include regional specific messaging because the talent that will relocate to fill jobs in Paducah or Morehead is different than the talent that is needed in Louisville.

GLI and our coalition partners strongly support investment in this campaign, which will help kickstart Kentucky’s efforts to grow our population and maximize our economic potential. In order to sustain Kentucky’s historic economic momentum, we need to put the same energy and investment into sustainable population growth.

Shelby Somervell is the Senior Vice President of Government Affairs and External Relations for Greater Louisville Inc.

 

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About Greater Louisville Inc.

Greater Louisville Inc. is the Metro Chamber of Commerce and represents 15 counties in Kentucky and Indiana. GLI’s mission is to grow businesses and the regional economy. GLI supports businesses during every stage of development and represents the collective needs of the business community by advocating for pro-growth policies and economic development investment, and deploying programming centered around attracting and developing talent and economic inclusion. GLI is the 2019 National Chamber of the Year and is one of only three percent of chambers nationally certified with 5-star accreditation status by the U.S. Chamber of Commerce. Learn more on social media @GLIchamber or visit www.greaterlouisville.com.