Covington, Kentucky has unveiled its economic development strategy for 2025-2030, building on the achievements of the past five years and outlining goals for future growth. Camoin Associates, an economic development consulting firm based in Richmond, Virginia, presented the plan titled "Action to Impact: Building on Momentum" to the Board of Commissioners. The Commission adopted the plan and instructed staff to implement its recommendations.
The new strategy follows a previous plan developed in 2019 by Garner Economics from Atlanta. Mayor Ron Washington highlighted Covington's economic resilience over the past five years despite national challenges. He noted that the city’s business community is thriving due to its unique strengths.
Economic Development Director Tom West emphasized that Covington is currently well-positioned compared to other regions, with high demand for office space driven by young talent attracting businesses. West remarked, “Jobs follow people, people don’t follow jobs like they used to.”
Camoin Associates engaged with over 60 stakeholders to shape the strategic plan, identifying six key goals aimed at increasing investment opportunities and advancing prosperity in Covington. These include developing the Covington Central Riverfront as an economic asset and positioning Covington as a supportive environment for businesses.
The strategy also focuses on elevating Covington's reputation as a destination for business and talent and growing target industries through marketing and partnerships. Additionally, it aims to foster a nationally recognized entrepreneurial culture with support from organizations like SparkHaus and LifeSciKY.
Julie Kirkpatrick, President & CEO of meetNKY, praised the plan as a collaborative effort involving community leaders and policymakers. She stated that it aims not just at economic metrics but at enhancing quality of life for residents and visitors.
Between 2019 and 2024, job growth in Covington was notable across various sectors despite pandemic challenges. Professional Services grew by 12%, while "Made in The Cov" saw a significant increase of 238%. Other sectors such as Life Sciences and Technology also experienced substantial growth.
The 2025 strategy acknowledges prior accomplishments like launching a new city brand and real estate developments such as Hotel Covington. It credits these successes with setting up transformational changes over recent years.
Camoin identified several competitive advantages for Covington including a strong regional market presence, local innovation-driven growth, improved quality-of-place indicators such as rising incomes, and declining poverty rates.
Kirkpatrick highlighted exciting initiatives within the report that continue partnerships between city leaders positioning Covington as an entrepreneurial hub with potential UNESCO recognition as a "Creative City."