Business and the Economy

The percentage of people renting a place to live went up far more in Kentucky than those buying a home between 2000 and 2010, according to U.S. Census data. The downturn in jobs during the recession and tighter credit were key reasons, several real estate agents said. Statewide, the percentage of people renting their residence was 16 percent higher than in 2000, while the percentage of owner-occupied housing was up just 5 percent.

Community leaders and officials from Dynamic Fabrication in Beaver Dam announced Thursday the company will expand its Ohio County operation. The full-service steel fabrication facility, which currently serves the mining industry, will branch out to new industries as a result of the expansion – creating 22 new jobs and a $957,000 investment.

Big Sandy Power plant manager Aaron Sink told Southeast Kentucky Chamber of Commerce members Tuesday that his company will be forced to shut down half of the facility's production of electricity by 2014 and lay off nearly 100 of its 120 employees if changes are not made in the U.S. Environmental Protection Agency's new standards.

The Kentucky Institute for Aerospace Education may have to move to Southern Indiana if an agreement to build a 12,000-square-foot facility at Frankfort's Capital City Airport falls through. Tim Smith, a teacher at Frankfort High School and chief executive officer of the nonprofit organization, says he’s got a lease in hand for use of a hangar at the airport – but no signature. The deal was contingent upon a corporate entity signing on to occupy a second hangar, but no one bid on the project. That’s hindering the group’s fundraising chances for the project, he said, and it could force the institute to move to another airport.

By all accounts, next week could be a watershed for automakers and the United Auto Workers when contract negotiations begin. The UAW will be negotiating with the nation’s Big Three automakers, including General Motors, which builds Chevrolet Corvettes at its Bowling Green Assembly Plant. GM and Chrysler were facing bankruptcy and Ford was saddled with debt during contract negotiations in 2009. All three were struggling to survive and many concessions were made by the unions just so workers would have jobs. But the landscape has changed.

Newly named Cincinnati/Northern Kentucky International Airport chief executive Candace McGraw believes airlines – those currently serving the region as well as those that might be lured here – will boost air service at the beleaguered airport. “We are poised for great things here at CVG,” she said on Wednesday as the Kenton County Airport Board unanimously voted to appoint her to replace former chief executive John Mok, who abruptly submitted his resignation this week.

A more than $28,000 grant from the Kentucky Arts Council is the largest award LexArts has received from the state agency in a few years. The arts council recently announced its funding allotments to 100 non-profit groups across Kentucky.

What will the cost of the Ark Encounter be for Grant County? To date, the project, which is estimated to bring more than 900 full and part-time jobs to the community, has cost a little bit of money, a 100-acre piece of property, some cooperation and a lot of time.

Microsoft is spending two million dollars in Kentucky and twelve other states in order to boost job training programs.  The economy nationwide is still reeling from the economic downturn, but prolonged joblessness is nothing new to the Appalachian region. That’s why Microsoft announced its divvying up two million dollars to non profits from Pennsylvania to Mississippi. Company Vice President Fred Humphries says providing new computer software is vital to uplifting the economy throughout the region.

The Ark Encounter project is moving. Even though no dirt has been moved since the $150 million Grant County project was announced in November, there’s been much activity, mostly getting agreements signed, property purchased and data gathered. The project, which will involve a full-scale wooden replica of Noah’s Ark, as well as a bird sanctuary, a biblical village and animal shows, is on track for a ground breaking ceremony in late summer.

In a sweltering airplane hangar, Gov. Steve Beshear on Tuesday afternoon delivered refreshing news: Three Henderson industries intend to create up to 47 new jobs and invest more than $4 million here. “It’s a further indication that we are on the right track,” Beshear said, commending the “vibrant companies and smart entrepreneurs that are determined to not just survive the recession, but thrive and grow.”

One final test stands between Mine Shields Inc., and certification that could create more than 100 new jobs in Garrard County. But it's a big one. The test, which will take place Thursday in New Mexico, is the last of five necessary to get the company's mine refuge chambers approved by the Mine Safety and Health Administration, Mine Shields CEO Connie Hendren said.

For some, the Georgetown Goodwill store is a great place to bring jeans and old sweaters that no longer fit, purchase gently used furniture or to find old vinyl records. For Paula Kidd, the Goodwill store aided her in a time of need. Two years ago, Kidd started at the Georgetown store as a production clerk. Today, she's the store's assistant manager. Last year, Goodwill Industries of Kentucky employed more than 1,600 people at 59 locations.

Homegrown Lexington tech company SIS is expanding, pouring 5.5 million dollars into its operation. And state and local lawmakers are hoping that becomes a trend. In a time when officials are eager to tout job growth, it's no surprise to see ribbon cuttings drawing larger crowds. SIS, a local tech solutions company, celebrated its expansion Monday, along with the addition of 15 new high-tech jobs. And while that number may sound modest, they're the kind of jobs Governor Steve Beshear says signal recovery.

After 40-years in business, Ann Arbor, Michigan-based Borders plans to liquidate. The company once operated four bookstores in Louisville, but the branches on 4th Street and South Hurstbourne were closed weeks after the company filed for Chapter 11 in February. The stores at Shelbyville Road Plaza and on Bardstown Road were to remain open through the Chapter 11 process, but will now close along with about 400 other branches that survived the first round of closures.

Community leaders and officials from TrollandToad.com attended a ribbon-cutting ceremony Monday celebrating the expansion of the company’s Kentucky operations. The 18-year-old company, which specializes in games, moved into a new location in Corbin and has added 50 new jobs, bringing its total employment to more than 160. Over the next two years, the company plans to hire 100 more employees, for a total of more than 250 employees.

The inaugural Quaker State 400 brought mixed results for businesses near the Kentucky Speedway, with some saying their business was up while others were left wondering why the expected windfall fell short.