ELIZABETHTOWN/FORT KNOX MSA RANKS IN 100 Leading Locations for 2016–AREA DEVELOPMENT MAGAZINE
A recent article published in Area Development Magazine analyzed economic and workforce data for 394 Metropolitan Service Areas (MSAs) to determine their recent and longer-term economic vitality as well as capacity to support business growth and prosperity. The Elizabethtown/Fort Knox MSA ranked high in comparison to the other MSAs. Below are the Rankings of the Elizabethtown/Fort Knox MSA and excerpts from the article that explain the criteria used to rank the MSAs.
The rankings for the Elizabethtown/Fort Knox MSA:
Category Overall Ranking
- Top Leading Locations –Overall Ranking of 394 MSAs 73
- Top 30 Small Cities (populations < 16o,ooo) 14
- Economic Strength 75
–ranked 19 in the Top 20 Small Cities
- Year-Over Year Growth 53
–ranked 17 in the Top 20 Small Cities
- Five Year Growth 56
–ranked 17 in the Top 20 Small Cities
Area Development Magazine Criteria
“What are the hottest American places for new and expanding businesses? That’s a complicated question to answer, because even if you’re aiming for an objective ruling, there are countless metrics that can point you to locations all over the map.
For the sixth year, Area Development has tackled the question with a multifaceted approach that crunches a wide variety of data to arrive at rankings in four vital factors — Prime Workforce, Economic Strength, Year-Over-Year Growth, and Five-Year Growth. They’re indicators that collectively demonstrate a metropolitan area’s recent and longer-term economic vitality and success, as well as its capacity to effectively support the growth and prosperity of businesses that choose to locate or expand there. The factors that go into Area Development’s Leading Locations studies are, thus, both an examination of the past and a glimpse into the potential future.”
Prime Workforce
“The availability of a qualified workforce is, of course, always one of the leading factors on the minds of executives choosing the next place to locate or expand. Generally speaking, it’s preferable to pick a place with a solid pipeline of potential employees who will be ready to hit the ground running. And given the ever-present hope of growth, it makes sense to choose a location where expansion requiring more workers will be a possibility, not a potential problem. Because labor can be a make-or-break variable, prime workforce plays a key role in the Leading Locations equation.”
Economic Strength
“Economic Strength enters the Leading Locations equation because success tends to breed more success. A strong economy indicates more than just good luck — it’s evidence of leadership that knows how to support the local business community and help development prospects reach their full potential.”
Five-Year Growth
“Five-Year Growth provides evidence of a setting with economic resilience. A win in this column indicates growth that is not a fluke but a sustainable and impressive trend — it could be a community that is rebounding smartly from a downturn, or one that is keeping an especially solid streak alive for an extended period of time. Either way, a good showing on this list indicates strong planning and smart decision-making.”
Year-Over-Year Growth
“Year-Over-Year Growth is a great way to spot those places where the iron is particularly hot right now. Who doesn’t want to bet on a winning team? The calculations for Year-Over-Year Growth are similar to those that go into the Five-Year Growth research — they just measure the most recent year’s activity, rather than the last five. Indicators track the trajectory of local employment and unemployment, as well as gross metropolitan product, the change in manufacturing-related employment, and wage rates.”
This article can be found in its entirety in the Q2/2016 edition of Area Development and Site and Facility Planning Magazine pages 65-83 or online at http://www.areadevelopment.com/Leading-Locations/Q2-2016/Leading-Metro-Locations-Full-Results-18176a0.shtml