Daily Independent (Ashland, KY)

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July 9, 2014

Study shows economic boost in Boyd

ASHLAND — Boyd County was ranked 19th in Kentucky in a study of economic growth conducted by a New York-based data company that was published last week.

Data analysts at ValuePenguin.com took labor statistics from 100 counties from 2012 to 2014 and compared results of economic factors including unemployment and the number of jobs created.

In this formula, Boone County was deemed the “fastest-growing economy,” while Pike County was pushed to the bottom as the “most rapidly shrinking economy,” with an estimated loss of 2,276 jobs.

Here is a ranking order of how area counties fared:

- Boyd - No. 19, jobs created - 396

- Greenup - No. 50, jobs created - 111

- Carter - No. 54, jobs created - 83

- Lewis - No. 65, jobs created - 28

- Rowan - No. 74, jobs created - (-23)

- Lawrence - No. 85, jobs created - (-127)

- Johnson - No. 94, jobs created - (-304)

- Martin - No. 95, jobs created - (-272)

The study examined Kentucky counties with a population greater than 10,000. Elliott County was not included in the study.

According to the study, the calculations for jobs created is an estimate based on the reduction in unemployment multiplied by the population.

Though the study ranks the fastest-growing economies in Kentucky, Brian Quinn, co-founder of ValuePenguin, said a high ranking is not necessarily indicative of a booming economy.

In particular regard to Boyd County, Quinn said, “The unemployment numbers in Kentucky are some of the worst in the whole country. So the interpretation of this data may be more so that they’re not as bad in Boyd County as most other Kentucky counties.”

He said job growth in other areas of the Tri-State, such as Huntington, could be contributing to lower unemployment numbers in the Ashland-Boyd County area without having to create more jobs in Kentucky.

But he added, “The unemployment in Boyd is still higher than it was before 2008. It was around 5.2 percent, now it is at 6.2 percent, but it is significantly lower than its high of around 8.4 percent in 2010.”

Data was used from the Bureau of Labor Statistics. For information visit http://www.valuepenguin.com/kentucky-fastest-growing-local-economies

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