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Mon July 7, 2014
Kentucky Struggles To Attract Big Business
The secretary of Kentucky’s Economic Development Cabinet says the days of landing huge manufacturing firms that employ thousands of people are probably a thing of the past.
Larry Hayes says that’s just the nature of the modern economy.
“The fact that with the efficiencies and the new technologies and the reinvestments it takes fewer people and the facilities are actually much different now. You don’t see twenty-thousand employed manufacturing facilities. What that creates is a really competitive environment because there are fewer projects out there for everybody.” –Larry Hayes
In addition, Hays says, Kentucky isn’t just competing with other states for jobs. It’s also pitted against other countries like Mexico and China.