COVINGTON, KY — The City of Covington’s Economic Development Department has released its 2025 Impact Report, highlighting a year defined by strong investment, job creation, and national recognition. 

Titled “Timeless Grit, Modern Growth,” the report underscores how Covington continues to show that a historic foundation is the best place to build a future. 

A Year of National Recognition 

Covington’s unique blend of history, culture, and innovation earned national attention in 2025, including: 

• Named one of the “40 Most Charming Small-Town Downtowns in America” by HGTV 

• Recognized as one of the “Top Small U.S. Cities for Food and Drink” by Food & Wine Magazine 

These accolades reinforce Covington’s growing reputation as a destination for both visitors and investment. 

Watch the 2025 Impact Report video here. 

By the Numbers: 2025 Impact 

The report highlights significant economic growth and strategic investment across the city: 

• Total Capital Investment: $92,222,547 

• Total Jobs: +1,021 (671 new; 350 retained) 

• Leveraged Private Investment: $45,142,547 

• Total City Incentives: $4,310,185 

• City ROI: $10 returned for every $1 invested 

In addition, the City supported small business growth through: 

• 24 Small Business Incentives totaling $141,600, including: 

• 14 rent subsidies 

• 7 façade improvements 

• 3 historic electric sign improvements 

A Billion-Dollar Milestone 

According to the U.S. Economic Census, Covington businesses surpassed $1 billion in annual payroll in 2025—an important milestone that reflects the strength and diversity of the city’s economy. 

Small Businesses Leading the Way 

Covington’s small businesses continue to outperform national benchmarks. Based on 2024 U.S. Bureau of Labor Statistics data, businesses that receive City incentives are significantly more likely to survive—particularly during the critical early years. 

Major Projects Driving Momentum 

The report also highlights transformative projects that are shaping Covington’s future: 

• The Fischer Group announced plans to relocate its headquarters to Covington’s Central Business District, further strengthening the city’s corporate presence and job base, with up to 350 jobs. 

• MarfoFMA announced it will open its first U.S. production facility in Covington, representing an investment of more than $37 million and the creation of 98 new jobs. 

Explore the full report here. 

About the Covington Economic Development Department 

The mission of the Covington Economic Development Department is to drive the economic vitality of the community by creating and building real and sustainable wealth throughout our neighborhoods. For more information, visit www.thecovky.gov, call 859-292-2163, or email business@covingtonky.gov.