Kentucky’s economy—based on manufacturing, trade, mining, agriculture, and tourism and other services—varies by region. The Bluegrass is an affluent region with a large number of manufacturers and numerous amenities.
How is Kentucky doing economically?
Kentucky is currently ranked 34th in the United States for its economic outlook. This is a forward-looking forecast based on the state’s standing (equal-weighted average) in 15 important state policy variables. Data reflect state and local rates and revenues and any effect of federal deductibility.
What is the leading industry in Kentucky?
Manufacturing is Kentucky’s leading industry in several aspects. 18% of Kentucky’s GDP comes from the manufacturing industry, which has nearly doubled since 2009. Manufacturing is also one of the main sources of employment for Kentucky residents, giving jobs to 274,000 people – or 14.3% of the population.
What are the main industries in Kentucky?
Kentucky’s leading service industries are the community, business, and personal services (private health care, hotels, law firms, repair shops) and wholesale and retail trade industries (wholesale trade of coal, food products, motor vehicles, and retail automobile dealerships, gas stations, grocery stores, restaurants)
Is Kentucky a good place to live?
Is Kentucky a Good Place to Live? Kentucky is an excellent place to live if you’re looking for affordable home prices, a low cost of living, delicious bourbon, top-tier national and state parks, southern friendliness, and did we mention good bourbon!
Is Kentucky a rich or poor state?
The rate varies widely from state to state, with most wealthy states having a poverty rate below 9%. In contrast, the nation’s poorest state has a poverty rate twice that.
Poorest States 2022.
| State | Mean Household Income |
|---|---|
| New Mexico | $69,077 |
| Alabama | $69,842 |
| Kentucky | $70,144 |
| Louisiana | $71,001 |
Is Kentucky rich or poor?
Kentucky is the fortieth richest state in the United States of America, with a per capita income of $26,779 (2017).
What is the main source of income in Kentucky?
Manufacturing. Manufacturing is the largest single contributor to Kentucky’s economy, accounting for nearly one-fifth of the state’s gross product.
What do they mine in Kentucky?
Chief markets for limestone are in power plants and heavy industry along the Ohio and Mississippi Rivers. Mineral resources in Kentucky fall into four broad categories: metals, gemstones, industrial and coal, and oil and natural gas. Metals include zinc, lead, iron, copper, titanium, and rare earth elements.
Is Kentucky a farm state?
Kentucky is an agricultural producer in the United States. Value of agricultural products was $5 billion in 2012, of which slightly less than half was crops. Crops grown in the state include corn, soybeans, hay, wheat and tobacco. Historically, hemp has been a cash crop in the state (see hemp in Kentucky).
Does Ky have a strong economy?
Kentucky’s GSP in 2019 reached $189.4bn, with growth of 1.0% over the five years to 2019. Kentucky’s GSP growth ranks 42 out of all 50 US states. GSP is a measurement of a state’s output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of an economy.
How much does it cost to live in Kentucky?
Average Cost of Living in Kentucky: $36,574 per year
The average cost of living in Kentucky is $36,574 per person, according to the most recent personal consumption expenditure data from the Bureau of Economic Analysis’ latest Personal Consumption Expenditures data .
Why do people want to live in Kentucky?
Because savings do not stop with your home. Other expenses in Kentucky are less too. Since groceries, health care, utilities, and transportation. All run anywhere between 5-10% lower than the national average.
Is it cheap to live in Kentucky?
Kentucky has about a 21% cheaper cost of living than any other state. The friendly people and the beautiful countryside make it a desirable place to call home. Each of these towns is recognized for the reasonable housing, pleasant environment and peaceful surroundings.
What is the average household income in Kentucky?
Table
| Population | |
|---|---|
| Mean travel time to work (minutes), workers age 16 years+, 2016-2020 | 23.7 |
| Income & Poverty | |
| Median household income (in 2020 dollars), 2016-2020 | $52,238 |
| Per capita income in past 12 months (in 2020 dollars), 2016-2020 | $29,123 |
What part of Kentucky is poor?
Martin County, Kentucky
Currently, Martin County’s population is one of the poorest in the United States. Nearly 30 percent of county residents live in poverty, and most households earn less than $30,000 a year.
How many millionaires are in Kentucky?
Kentucky
Kentucky has fewer than 84,000 millionaire households.
How much does the average person make in Kentucky?
How much does an Average make in Kentucky? As of Jul 31, 2022, the average annual pay for the Average jobs category in Kentucky is $62,913 a year. Just in case you need a simple salary calculator, that works out to be approximately $30.25 an hour. This is the equivalent of $1,210/week or $5,243/month.
What is middle class income in Kentucky?
$30,230 is the 25th percentile. Salaries below this are outliers. $68,964 is the 75th percentile.
How much is Kentucky taxes?
5.00 percent
Kentucky has a flat 5.00 percent individual income tax rate. There are also jurisdictions that collect local income taxes. Kentucky has a 5.00 percent corporate income tax rate. Kentucky has a 6.00 percent state sales tax rate and does not levy any local sales taxes.
Is Kentucky poor?
In 2020, about 16.6 percent of Kentucky’s population lived below the poverty line.
Poverty rate in Kentucky from 2000 to 2020.
| Characteristic | Percentage of population |
|---|---|
| 2019 | 16.3% |
| 2018 | 16.9% |
| 2017 | 17.2% |
| 2016 | 18.5% |