Covington, Kentucky has unveiled its 2025 economic development strategy, marking a continuation of the city’s progress over the past five years. The plan, presented by Camoin Associates, a consulting firm based in Richmond, Virginia, was adopted by the Board of Commissioners on Tuesday. It aims to build on previous achievements and set clear priorities for the next five years.
The strategy follows the 2019 plan developed by Garner Economics, which guided significant changes in Covington. The new plan emphasizes leveraging Covington’s strengths to further economic growth. Mayor Ron Washington highlighted the city’s sustained economic growth despite national challenges and expressed optimism about future developments.
Economic Development Director Tom West noted that Covington is well-positioned compared to other regions, with high demand for office space driven by an influx of young talent. “Jobs follow people,” West stated, underscoring the city’s appeal to businesses.
Camoin’s strategic plan outlines six 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 business growth.
Julie Kirkpatrick, President & CEO of meetNKY, praised the plan’s focus on more than just economic metrics, calling it an exciting blueprint for continued city growth.
Job growth in target industries has been notable since 2019. Professional Services saw a 12% increase; manufacturing jobs surged by 238%; Life Sciences and Technology grew by 147%; hospitality increased slightly; and Digital and Creative sectors expanded significantly.
The new strategy acknowledges past accomplishments such as launching a city brand and website, real estate successes like activating key sites including Republic Bank building and First District, and opening Hotel Covington.
Camoin identified several competitive advantages for Covington: strong regional market recognition, local innovation driving national economic growth recognition, rising investment levels across industries, improved quality-of-place indicators like income increases and poverty declines, signature development projects enhancing business and cultural hubs status, affordability in various markets compared to peer cities, vibrant arts scene contributing to commercial vibrancy, and collaborative regional relationships.
Kirkpatrick emphasized ongoing partnerships with city leaders to position Covington as both an entrepreneurial hub and potential UNESCO ‘Creative City.’
