Strategic plan clarifies priorities and advances City’s bold vision
COVINGTON, Ky. – Covington’s 2025 economic development strategy reflects the City’s notable accomplishments of the past five years and looks ahead to the next five with specific recommendations and sound tactics to achieve the stated goals.
Camoin Associates, a Richmond, Virginia-based economic development consulting firm, presented its Action to Impact: Building on Momentum, 2025-2030 strategic plan to the Board of Commissioners on Tuesday. The Commission voted to adopt the plan and directed staff to implement its recommended actions.
The multi-year, city-wide economic development strategy charts the city’s next chapter. It comes on the heels of the 2019 strategy developed by Atlanta-based Garner Economics, From Opportunity to Action, which set the course for transformational change over the last five years. Camoin’s Action to Impact: Building on Momentum, 2025 – 2030 strategic plan, builds on that plan and prioritizes Covington’s bold vision for the next five years.
“Over the last five years, Covington’s economy has experienced sustained growth – even in the face of a national epidemic,” said Mayor Ron Washington. “This new economic development strategy builds on that momentum by doubling down on the unique strengths that make Covington an exceptional place to work and live. From venture capital leaders and life science researchers to our local small business owners, Covington’s business community is thriving – and the best is yet to come.”
Covington Economic Development Director Tom West said the timing is right for a new strategic plan.
“We’re doing this at a really good time for Covington.” said West. “We’re in a very different place than a lot of our neighbors, as well as the rest of the country, in that while they’re trying to find uses for vacant office space – we’re trying to find vacant buildings to turn into office space.”
West said the city is fortunate that office space is in demand, and credits much of that to the city’s authentic appeal to young, creative, and talented people, who, in turn, attract businesses to Covington.
“Jobs follow people, people don’t follow jobs like they used to,” said West.
Grounded in data analytics and insights from those who live, work, and invest in the city, and those who lead the city, Camoin engaged with more than 60 stakeholders who participated in focus groups, steering committee meetings, and interviews. The feedback and market data shaped the direction of the strategy, and identified the city’s strengths and competitive advantages to navigate its forward trajectory.
Camoin’s strategic plan identified six goals, along with strategies and tactics – the “on-the-ground” work to achieve the goals – that the report states will increase investment opportunities and advance prosperity in the city; it also modified the existing industry sectors to include Digital and Creative, and Professional Services sectors:
- Advance the development of the Covington Central Riverfront as a vibrant economic asset with region-wide impact.
- Build staff capacity for CCR’s next phase, which would include a dedicated Development Manager.
- Tenant attraction strategy to make CCR a destination that appeals to residents and visitors.
- Continue to cultivate a diverse mix of developers and development partners.
- Position Covington as the region’s most supportive place to start, grow, or relocate a business.
- Streamline business navigation.
- Track and promote real estate.
- Serve Covington’s diverse mix of business owners.
- Use business intelligence to inform action.
- Elevate Covington’s reputation as a destination for business and talent.
- Enhance Covington’s presence for talent attraction.
- Amplify the City’s support of business through events.
- Assert Covington’s identity and value proposition with regional business recruitment efforts.
- Grow Covington’s target industries through intentional marketing, support, and building partnerships with industry.
- Professional Services (lawyers, architects, etc.)
- Digital and Creative.
- Life Sciences and Technology
- Experiencing Covington (hospitality, tourism, etc.)
- Made in The Cov (manufacturing).
- Become a national recognized entrepreneurial culture and hub.
- Coordinate with SparkHaus, LifeSciKY, Aviatra, and other entrepreneurial support organizations to determine the next steps for entrepreneurs who are seeking to expand and scale up their business.
- Beyond business: What makes economic prosperity possible. This highlights where the City’s Economic Development Department will play a supporting and collaborative role in driving forward initiatives.
- Education, talent, and workforce development.
- Housing.
- Placemaking and mobility.
“Covington is charting an inspiring and bold course with their 2025 Economic Development Strategy. I was honored to join the steering committee, working side by side with community leaders, business champions and policy makers to continue Covington’s growth trajectory,” said Julie Kirkpatrick, President & CEO of meetNKY. “This plan is not just about economic numbers. It is an exciting plan to continue to grow this vibrant and dynamic city for our residents, businesses, and visitors.”
Camoin found that the total number of jobs grew in Covington by 7% between 2019 and 2024, during the pandemic and early post-pandemic years. Job growth in The Cov’s target industries during that time include:
- Professional Services increased 12% since 2019.
- Made in Cov increased 238%, from 137 jobs in 2019 to 462 jobs in 2024.
- Life Sciences and Technology increased 147%, from 79 jobs in 2019 to 195 in 2024.
- Experiencing Covington increased 1% since 2019.
- Digital and Creatives increased 68%, from 806 jobs in 2019 to 1,353 in 2024.
The new 2025 strategy credits the 2019 development strategy with laying the groundwork for transformational change over the past five years, and notes ways the City put its vision into action. Among the notable accomplishments;
- Launch of the new city brand and economic development website.
- Maintaining responsive and evolving incentive programs to retain and attract businesses.
- Significant real estate wins and activation of key sites such as the Republic Bank building, First District, and the city’s firs industrial spec building in decades, built in Latonia.
- Advancements in Latonia’s industrial development and transformation of big box properties.
- Creative reuse of properties like the John R. Green Lofts and ongoing momentum in mixed-use development.
- Opening of Hotel Covington and other catalytic investments, that reflect rising market confidence.
Citing the city’s competitive advantages, Camoin found:
- A standout, welcoming brand with growing name recognition in a strong regional market.
- Nationally recognized economic growth driven by local innovation and leadership.
- Positive trends across target industries with rising levels of investment.
- Improvements in quality-of-place indicators, including rising incomes and declining poverty.
- Signature development projects positioning Covington as a hub for business and culture.
- Competitive affordability in commercial, industrial, and housing markets, particularly relative to peer cities.
- A deeply embedded arts and culture scene that contributes to the vibrancy of commercial corridors.
- Collaborative relationships and willingness to problem-solve with regional organizations.
“There are exciting initiatives throughout the entire report,” said Kirkpatrick. “These are the critical elements that continue our partnership with city and county leaders to position Covington as where a phenomenal entrepreneurial hub meets a potential UNESCO ‘Creative City’.”
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