Northern Kentucky Closures and Downsizing

Improvements in fundamental business practices have resulted in some closures and downsizing of primary jobs in Northern Kentucky. However, according to a recent Employment Outlook Survey by Manpower, 33% of the companies interviewed locally plan to hire more employees, while 13% expect to reduce their payrolls. Another 41% expect to maintain their current staff levels and 13% are not certain of their hiring plans.

A view of closures and downsizing in Northern Kentucky since 2000 follows:

Closures and Downsizing in Northern Kentucky 2000 - 2007
	Companies		Employees		(Decrease) in Jobs as a Percent of Workforce
Year	Closures	Downsizing	Closures	Downsizing
2000	5	3	628	251	(0.45%)
2001	9	9	966	496	(0.74%)
2002	8	6	490	318	(0.42%)
2003	5	3	537	981	(0.77%)
2004	8	0	1,329	0	(0.64%)
2005	3	5	203	1,022	(0.57%)
2006	3	2	176	1,100	(0.67%)
2007	7	1	1,173	20	(0.57%)
(Source: Kentucky Cabinet for Economic Development and Northern Kentucky Tri-ED, 2008)

According to the most recent information from Policom, in 2006, the TRI-ED Region had a modest gain of 276 primary jobs which is well short of the 2006 milestone of 1,526. The average wage of the new jobs created was $66,117 which exceeds the milestone.