Economic structure
Lexington-Fayette County is located in the heart of Kentucky’s bluegrass landscape. Centrally located it is only an hour’s drive from two international airport in Louisville, KY and Cincinnati, OH and only minutes from Lexington’s Bluegrass Airport that offers service from 7 major airlines. Within the region you will find strong presence of the horse industry, bourbon, healthcare, and education markets. Agriculture also benefits from the mineral-rich land. The city is transforming from an agriculture-based city to a multi-based metropolitan area. Technology and service play increasingly important roles in economy. In other words, the structure of economy develops more diversified rather than a single industry. |
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Slow pace of economic growth Federal budget cuts is also a critical point for Lexington’s growth. Cuts will hit Kentucky education, social program hard. In another words, less researches and programs can be funded, which hurts educational excellence and academic innovation. [9] With the economy still recovering and the city budget tight, Lexington cannot fund as many projects as before. City is going to struggle in pension system. There is no enough money to meet the obligation of retirement system. Lexington is largely dependent on the manufacturing sector. They make goods that people in other parts of the country and the world buy. So the slow growth of the U.S. economy and the economies in Western Europe (a significant trading partner) limits the growth of Lexington economy and will continue to do so fro next several years. Lexington policymakers face significant infrastructure challenges, a declining revenue source and uncertainty about the level of federal investment in the years ahead. Funding transportation megeprojects, improving access to Interstate-quality roads, and repairing our decaying roads and bridges will likely require a toolbox full of innovative solutions. The future vitality of Lexington’s economy may depend on implementing those solutions. [10] |