Press Release: Elizabethtown MSA Ranks # 1 in Personal Income Growth

MSA Ranks First Among 366 Metros

Elizabethtown Metropolitan Statistical Area Hardin County Larue County KentuckyElizabethtown, Kentucky (August 9, 2011) – Hardin County United (HCU) today acknowledged the outstanding first place ranking of the Elizabethtown Metropolitan Statistical Area (MSA) in personal income growth during the year 2010.

The Elizabethtown MSA includes Hardin and LaRue counties.

The Elizabethtown MSA ranked first in income growth out of 366 metros throughout the United States, according to a study released by the U.S. Bureau of Economic Analysis (BEA). Last year, personal income grew by 10.1%. The Elizabethtown MSA was the only MSA to achieve double digit growth in 2010. This first place ranking builds upon solid economic growth in the MSA, including last year’s fourth place finish among all metros. Recently, the MSA has achieved the following positive rankings:

  • First MSA in Kentucky to move from recession to recovery (Source: Moody’s Analytics)
  • MSA led all Kentucky MSAs in job growth 2010 – 20112 (Source: Moody’s Analytics)
  • MSA ranked 16th nationally for job growth – 20113 (Source: New Geography 2011 Best Cities for Job Growth report)
  • MSA return to 2008 peak employment is expected in 20114 (Source: Governing Magazine)

“This is great news,” said Hardin County Judge Executive Harry L. Berry.  “This ranking confirms what we have known all along, and that is that this area is on a roll.  Hardin County continues to reap the benefits of base realignment at Fort Knox and our citizens are fortunate to have job opportunities that are not necessarily available in other areas.”

Since 2008, personal income in the MSA has grown from $3.895 billion to $4.388 billion in 2010, an astounding 12.7%.  The Elizabethtown MSA was the only Kentucky MSA to crack the Top 10 in 2010, which includes the communities shown in the following chart:

Elizabethtown MSA Ranks #1 in USA Personal Income Growth

“The number one ranking shall serve to shine an additional spotlight on Hardin County,” said Luke B. Schmidt, consultant to HCU.  “This is a game changer.  Rankings such as this one and the other positive trends shall assist in developing new business opportunities and will create new jobs, and it illustrates the power of this market as it considers such things as unified government.”

HCU is currently leading an initiative to unify Hardin County Government with each of the six cities located in the county by calling for the appointment of a Unification Review Commission.

The complete BEA report can be accessed by clicking on the following link:

http://www.bea.gov/newsreleases/regional/mpi/2011/mpi0811.htm

Hardin County United (HCU) was established for the purpose of examining the various strategic goals which were established by the Hardin County Vision Project in 2010.  The intent of HCU is to prioritize the goals and to develop implementation strategies.  HCU’s leadership team includes Hardin County Judge/Executive Harry Berry who chairs the Steering Committee; One Knox Executive Director Brad Richardson, who chairs the Community Development Subcommittee; North Central Education Foundation President/CEO Al Rider, who chairs the Education Subcommittee; and Hardin Circuit Court Judge Ken Howard who chairs the Governance Subcommittee.  Luke Schmidt, President of L.B. Schmidt & Associates, LLC, provides management and consulting services to HCU.


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