Friday April 19, 2024
Local Connection
Weather
Traffic
@LouisvilleDispatch
@LouisvilleDisp
Subscribe
Photo: Kentucky Cabinet For Economic Development
Gov. Matt Bevin, Cabinet for Economic Development Sec. Terry Gill, other state officials and business representatives will attend the 52nd International Paris Air Show in France this week to discuss new business and expansion opportunities with aviation and aerospace executives from around the globe.
“Kentucky is a top location in the U.S. for aviation and aerospace engineering, manufacturing and R&D. We offer formidable advanced-manufacturing resources and experience, plus workforce programs that set the bar nationally, logistics hubs that deliver products nearly anywhere globally overnight, and a network of available sites and buildings in attractive communities,” Gov. Bevin said. “Meetings we have scheduled with corporate executives during the Paris Air Show will give us the opportunity to demonstrate how Kentucky meets their needs and provides the environment for long-term success.”
First held in 1909, the Paris Air Show is the world’s largest aerospace event. It brings together key players in the aerospace industry to pursue business deals, showcase technology and develop industrial partnerships.
“Aerospace has been one of the fastest growing industries in Kentucky for several years now, and it is important we use every opportunity to build upon that success,” Sec. Gill said. “The Paris Air Show provides the greatest opportunity to do just that. The ability to meet in person with aerospace executives from around the world and discuss Kentucky’s many advantages will go a long way toward developing new relationships and strengthening those we have already established.”
Across Kentucky, the aerospace industry is on the rise.
Through May 2017, Kentucky announced more than $1.3 billion in investment by aerospace-related companies. Projects include the nation’s first aluminum rolling mill built on a greenfield site in more than a generation. The Braidy Industries mill, expected to open in 2020, will produce high-strength aluminum alloy sheet for the aviation and aerospace industry as well as other sectors. The investments are expected to create nearly 600 full-time jobs.
Already, the aviation and aerospace sector is a pillar of Kentucky’s economy. It employs nearly 17,000 people statewide at almost 80 different manufacturing, service and technology-related facilities. Advanced manufacturers of carbon brakes, jet engines and turbines, cockpit avionics, wiring and control systems, micro satellites, software development, data analytics, advanced materials R&D, micro-gravity research services, industry logistics and support services and missile defense system manufacturing and overhauling.
Aerospace products and parts continue to be Kentucky’s top export category, with more than $10.8 billion in products shipped abroad in 2016. Nearly $2.9 billion in aerospace products were exported from the commonwealth in the first quarter of 2017, a 9.4-percent increase over the same months a year ago.
To learn more about Kentucky’s aerospace industry, visit http://thinkkentucky.com/Aerospace/.
This year’s Paris Air Show will include more than 2,300 exhibitors with more than 130 aircraft scheduled to be on display.
In 2015, the air show shattered its previous attendance records with more than 350,000 visitors, including more than 4,300 journalists from 72 countries.
To learn more about the Paris Air Show, visit www.siae.fr/en/.
Information on Kentucky’s economic development efforts and programs is available at ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook or follow on Twitter. Watch the Cabinet’s “This is My Kentucky” video on YouTube.
Kentucky’s exports broke an all-time record in 2016 with $29.24 billion in goods and services shipped abroad from the Commonwealth, a 5.8-percent increase from 2015, Gov. Matt Bevin recently announced.
Aerospace products and parts led all categories with more than $10.85 billion in goods exported internationally, an increase of more than 24 percent over 2015. Kentucky ranked second nationally for 2016 in aerospace-related exports.
“Kentucky is headed in the right direction and the business community is taking notice. This new record is unequivocal proof of our positive trajectory,” said Gov. Bevin. “As we improve our business climate, global demand for our brands and expertise continues to grow, attracting new companies while at the same time strengthening existing partnerships. Together, we are moving forward. The economic future in Kentucky is very bright, indeed!”
Overall, the state’s 2016 exports increased $1.6 billion over the 2015 total. That placed Kentucky eighth among all U.S. states by percentage increase, according to data from the U.S. Census Bureau Foreign Trade Division and WISERTrade.
Kentucky’s strong showing in exports – ranking 17th nationally by dollar amount – continued its years-long trend of punching above its weight. As a state with 4.4 million people, Kentucky ranks 26th nationally in size.
As well, Kentucky’s positive numbers stand in contrast to a 3.3 percent decline nationally in exports during 2016. Additionally, the fact Kentucky is not along a coast speaks volumes about the state’s logistics industry – which includes air cargo, rail, barge and ship, and trucking capacities – and its ever-increasing ability to quickly send products across the world.
Kentucky exported to 199 nations in 2016, with Canada, the United Kingdom, France, Mexico and Brazil as the state’s top five trade partners. The Commonwealth sold nearly $7.5 billion in products and services to Canada last year, nearly three times as much as the next destination, the U.K.
Among the state’s largest percentage increases by destination in 2016 were France (59.8 percent), Malaysia (31.8 percent), the Republic of Korea (28.2 percent), Hong Kong (26.8 percent) and Brazil (17.6 percent).
By industry category, following aerospace were motor vehicles ($3.32 billion), pharmaceuticals and medicines ($1.81 billion), motor vehicle parts ($1.76 billion), resin and synthetic rubber, artificial and synthetic fiber and filament ($1.1 billion) and basic chemicals ($741 million). Those categories are established under the North American Industry Classification System.
Aerospace saw the highest percentage increase in 2016 (24.3 percent), followed by motor vehicle parts (12 percent) and pharmaceuticals and medicines (9 percent).
The Commonwealth ranks sixth nationally in motor vehicle exports for 2016. In total, Kentucky’s automotive industry – with parts, bodies, trailers and whole vehicles combined – exported nearly $5.5 billion in products throughout 2016.
The state’s horses, live, purebred breeding industry ranked first in the nation in 2016, with $195.2 million exported, a 33.1 percent increase over the previous year. Kentucky also exported whisky to Cuba, wine to France and beer to Ireland during 2016.
For more information on Kentucky exports, visit www.kyexports.com.
The state helps businesses learn about and connect with exporting opportunities through the Kentucky Export Initiative. KEI brings together a coalition of business organizations, trade experts and government entities including the Kentucky Cabinet for Economic Development with a focus on increasing Kentucky exports to create new jobs and diversified markets for the state’s products.
Information on Kentucky’s economic development efforts and programs is available at ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook or follow on Twitter. Watch the Cabinet’s “This is My Kentucky” video on YouTube.