| ||||||||||
Dr. Ronald P. Rogers CHIROPRACTOR Support for your body's natural healing capabilities 270-384-5554 Click here for details Columbia Gas Dept. GAS LEAK or GAS SMELL Contact Numbers 24 hrs/ 365 days 270-384-2006 or 9-1-1 Call before you dig Visit ColumbiaMagazine's Directory of Churches Addresses, times, phone numbers and more for churches in Adair County Find Great Stuff in ColumbiaMagazine's Classified Ads Antiques, Help Wanted, Autos, Real Estate, Legal Notices, More... |
Moody's: KY economy entering new year with gusto By Crystal Staley/Sebastian Kitchen Frankfort, KY - Citing widespread vaccinations and an early reopening, a second major rating agency has published a positive economic outlook for Kentucky. The Moody's Analytics report is the latest in a string of positive economic news highlighting that the commonwealth is poised to prosper as the state emerges from the pandemic. The report notes "mass vaccinations will be the driving force behind a sustained recovery in consumer services," "the state's recovery has benefited from earlier reopening efforts and increased demand for manufactured goods over services," that Kentucky's "manufacturing industry has outperformed the nation's" since an initial downturn nationally last year and "payroll employment surged in the first quarter and is now 4.9% below its pre-pandemic level, which is slightly better than the national average." "Consumer industries are ripe for a rebound as mass vaccinations pave the way for increased local spending in the second half of 2021," according to the Moody's analysis. Gov. Beshear, in response to the latest positive economic news for Kentucky, said "Two major rating agencies, the U.S. Treasury Department, Site Selection magazine and our own sales tax receipts show while our economy is prepared to boom, this is just the beginning. Our economy is open, and we are announcing new, good-paying jobs every week. We must seize this moment to create a better commonwealth with more opportunities for our people in every corner of Kentucky." From the Moody's report: "Kentucky's economy will improve after a modest pullback late last year. Mass vaccinations will be the driving force behind a sustained recovery in consumer services, while manufacturing will fare well once it gets past some near-term supply disruptions." "Kentucky's economy lagged the U.S. prior to the pandemic, but the state's recovery has benefited from earlier reopening efforts and increased demand for manufactured goods over services. Payroll employment surged in the first quarter and is now 4.9% below its pre-pandemic level, which is slightly better than the national average." "Manufacturing was one of the hardest hit industries during the initial downturn last year, with employment contracting as much as 18% compared with 11% nationally. Since then, KY's manufacturing industry has outperformed the nation's, with more than 80% of lost manufacturing jobs being recouped." The Moody's report is just the latest positive economic news for Kentucky. The Governor announced that year-to-date, businesses have announced the planned and ongoing creation of nearly 2,750 full-time, Kentucky-resident jobs. That figure nearly doubles the 1,430 jobs announced throughout the same span in 2020. Businesses announced plans for 33 projects in Kentucky comprising nearly $1.5 billion in planned investment in addition to the more than 2,700 jobs. Earlier this month, Fitch Ratings improved the state's financial outlook to stable, reflecting the commonwealth's solid economic recovery. The state's April sales tax receipts set an all-time monthly record at $486.5 million, as did vehicle usage tax receipts at over $64 million. In March, Site Selection magazine's annual Governor's Cup rankings for 2020 positioned Kentucky atop the South Central region, and third nationally, for qualifying projects per capita. The commonwealth also placed seventh overall in total projects, the highest of any state with a population under 5 million. While most Kentucky businesses have been fully open for months, the economy will be further ready to thrive when all businesses are able to fully reopen June 11. On May 28, all indoor and outdoor events of any size and businesses of any capacity can increase to 75% capacity. Just two weeks later, the state's emerging economy is set for liftoff as final capacity restrictions related to COVID-19 end Friday, June 11. The same day, the state will also eliminate the mask mandate for all Kentuckians with the exception of places where people are the most vulnerable. The Governor said he was keeping some capacity limits and the mask mandate in place until June 11 in order to give 12- to 15-year-old Kentuckians enough time to receive both doses of the vaccine before all restrictions are lifted. With the Moody's report evidence of the importance of vaccinations allowing Kentucky to safely and sustainably reopen its economy, Gov. Beshear encouraged all of those eligible to get their shot of hope. As of Tuesday, 1,932,189 Kentuckians have received at least one dose of the safe, effective vaccines. This story was posted on 2021-05-19 20:08:00
Printable: this page is now automatically formatted for printing.
Have comments or corrections for this story? Use our contact form and let us know. More articles from topic News:
State tackling findings of child trafficking study LWC Men's Golf in top-15 after day 1 of NAIA Championships LCDHD COVID-19 Public Information Brief 5/18/2021 Partly sunny today, high 80F 7-County Area Courts for Wed 19 May 2021 Produce growers reminded to take survey, schedule training When did Kelleyville become Kellyville? LCDHD COVID-19 Public Information Brief 5/17/2021 Mostly cloudy today, chance of a storm, high 77F 7-County Area Courts for Tue 18 May 2021 View even more articles in topic News |
|
||||||||
| ||||||||||
Quick Links to Popular Features
Looking for a story or picture? Try our Photo Archive or our Stories Archive for all the information that's appeared on ColumbiaMagazine.com. | ||||||||||
Contact us: Columbia Magazine and columbiamagazine.com are published by Linda Waggener and Pen Waggener, PO Box 906, Columbia, KY 42728. Please use our contact page, or send questions about technical issues with this site to webmaster@columbiamagazine.com. All logos and trademarks used on this site are property of their respective owners. All comments remain the property and responsibility of their posters, all articles and photos remain the property of their creators, and all the rest is copyright 1995-Present by Columbia Magazine. Privacy policy: use of this site requires no sharing of information. Voluntarily shared information may be published and made available to the public on this site and/or stored electronically. Anonymous submissions will be subject to additional verification. Cookies are not required to use our site. However, if you have cookies enabled in your web browser, some of our advertisers may use cookies for interest-based advertising across multiple domains. For more information about third-party advertising, visit the NAI web privacy site.
|