FLORENCE – Boone County may be looking at record numbers in capital investment by the end of the year, according to Judge Executive Gary Moore.
DHL Express announced a $180 million expansion of its facilities at Cincinnati/Northern Kentucky International Airport earlier this year. Two other $100 million-plus deals could by finalized in the next few months, he said.
“The economic development picture in Boone County is very strong,” Moore said.
Moore presented a “state of the county” overview to the Florence Rotary Club on Monday, Sept. 21. He noted that the county has experienced 16 straight quarters of property tax growth. In addition, Boone County is one of only five counties in Kentucky with a Moody’s credit rating of AA-plus, which enables the county to acquire low-interest financing, he said.
DHL Express has been one of the major economic drivers. The international air transport service has invested $281 million and created more than 2,400 jobs at CVG since 2009. The Bonn, Germany-based company now has more than 50 million international shipments a year to more than 200 countries.
That provides a catalyst for economic growth from several perspectives, according to Moore. Landing fees at CVG are based on weight and DHL provides more than 50 percent of the landing fees revenue. In addition, the ready availability of air transport attracts e-commerce distribution facilities such as Wayfair, an online home furnishings retailer.
Among other positive economic markers Moore cited were the following:
- The employment rate in Boone County is 4.3 percent, down from 5.5 percent last year and among the lowest in the state.
- Home ownership stands at 72.4 percent, and Boone County is one of only two counties in the region in which the percentage is growing.
Moore credits the economic growth to the work of the county staff and county commissioners.
“What we are spending time on now is visioning to sustain what has been put in place,” he said. “We want to be able to continue the progress we’ve been making.”
“I have to give all three commissioners credit,” he added. “We are working together. There was some division in the past and we don’t always agree now. There are some 3-1 votes, but that’s healthy.”
