1st-in-a-while annual report touts 2020’s stunning growth
in The Cov’s economic development
COVINGTON, Ky. – An eight-page report released today confirms what City officials suspected: Despite the pandemic, 2020 saw stunning growth and investment in Covington’s economy.
- Page 2 touts overall numbers: The announcement of 2,100 new jobs and $85.6 million in new capital investment.
- Page 3 mentions new arrivals (Icon Marketing, Gentis Solutions, DBL Law and others) … expansions (Fidelity Investments, Step CG, MegaCorp Logistics and others) … and Gravity Diagnostic’s incredible story of innovation and COVID leadership.
- Page 6 discusses emergency assistance ($625K in business relief incentives and over $81K in rent and mortgage assistance) … and a revolutionary new approach to zoning regulation.
- And page 7 discusses an array of exciting projects: the 23-acre IRS site development, the long-awaited move away from “big boxes” at the Latonia shopping center, multiple changes at 6th and Madison’s “banking intersection,” and others.
“As you know, 2020 was a challenging year for very obvious reasons,” Economic Development Director Tom West said. “That said, it was also a banner year for Covington in terms of creating jobs, attracting private commercial investment, and developing transformational policies like the Neighborhood Development Code.”
The annual report – the first in recent memory – can be seen HERE.
Titled “From Opportunities to Action,” it was compiled by Susan Smith, the City’s new manager of business attraction, with help from Covington-based designer Scooter Media and printer T&W Printing.
“I had hoped to finish the report quickly, but everywhere I looked, I found more evidence of Covington accelerating the momentum it had building even before COVID-19 arrived,” Smith said. "It took longer than I expected to put together."
West unveiled the report earlier today at the monthly luncheon of the Covington Business Council.
He said the report will be used to “tell Covington’s story” to prospective investors and companies.
“The report is about celebrating accomplishments and, more importantly, reinforcing Covington’s energy with decision-makers looking to relocate, grow, and start businesses as well as those looking to invest in commercial development,” he said.
“At the same time, we remain committed to making sure our existing businesses not only survive but thrive. We recognize that the pandemic has caused real damage in the small-business community, and their future is important to us.”
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