Places that thrive in today’s knowledge based economy are distinctive, attractive, and rich in amenities. A strong Urban Core gives knowledge-based professionals the quality of life they prefer.– International Economic Development Council, 2007
50% of Americans prefer an urban model of living-walkable downtowns, smaller living spaces, and mixed-use development.
– Volk and Zimmerman
There are currently over $500 million dollars in downtown development projects under construction or on-line.
–Downtown Development Authority, 2007
These projects range from mixed-use, residential, and commercial developments.
–Downtown Development Authority, 2007
Since 2004, more than 250 new residential units have opened downtown, 384 are under construction and 276 are in the planning stage.
–Downtown Development Authority, 2006
–Lexington Herald-Leader Editorial, October 1, 2006
Over 27,000 people work downtown, there are over 80 places to eat and shop, there are 15 local and national historic neighborhoods, and numerous art galleries, theatres, and concert halls.
–Downtown Development Authority, 2006
The second favorite thing Lexingtonians like about their city is downtown.
– LFUCG Division of Planning, Comprehensive Update Library Survey, 2005
The UK Med Center has created over 2,000 direct jobs and added $215 million to local payroll and benefits.
– Business Lexington, July 11 2008
According to latest projections, hospital business in 2008 will approach $800 million, which equals $1.3 billion overall
– Business Lexington, July 11 2008
Since 2003, UK Med Center patient discharges have increased to 70%.
– Business Lexington, July 11 2008
Downtown and urban living create a quality of life attractive to knowledge based professionals.
Despite these trends, we still have work to do. Although Lexington-Fayette County is the 10th most college-educated city in the U.S., Forbes ranked Lexington 120th in job growth, 157th in culture and leisure, and 200th in income growth out of 200 U.S places for business careers. This is an alarming trend, considering Lexington relies on payroll taxes for 85% of its revenues.
– U.S. Census Bureau, 2007
– Forbes, 2007
In addition, KY ranks 45th in knowledge-based jobs and 49th in economic dynamism.
– The Information Technology and Innovation Foundation, 2007.
Lexington is ranked the 10th Brainiest city in America, in which 39.5% of people over 25 years of age have a bachelor’s degree. Yet, we are losing our young professionals at a steady rate. The proportion of 20-somethings in Lexington’s population was 19.9% in 2004, and 16.9% in 2006.
– Guide to the Bluegrass, Commerce Lexington, 2008; “Vitale Buford”, Business Lexington, November 30th 2007.
To expand the urban service area at this time will take needed markets and resources away from downtown during a critical stage of its rebirth-undermining our ability to recruit and retain knowledge-based professionals.
