ECONOMIC OVERVIEW
A Thriving Regional Economy Primed for Growth
B erea's economic landscape is marked by consistent growth and stability. Our region boasts a growing population, rising GDP, and competitive median household income. With a low unemployment rate and high labor force participation, we offer a robust job market across diverse sectors. These indicators reflect a dynamic economy primed for business investment and development, making our area an attractive destination for companies seeking growth and success.
MADISON COUNTY ECONOMIC OVERVIEW
POPULATION AND GROWTH
Total Population: 95,187
Annual Average Growth Rate: 1.1% (since 2012)
Population Density: 217.6 people per square mile
Madison County's steady population growth outpaces both state (0.3%) and national (0.6%) averages, indicating a thriving and attractive community.
GROSS DOMESTIC PRODUCT (GDP)
Total GDP: $3,469,544,000
GDP Growth: 12.7% year-over-year increase
Our diverse economy shows strong growth, rebounding significantly from the previous year's contraction.
INCOME AND WAGES
Median Household Income: $51,649
Per Capita Income: $26,528
Average Annual Wage (All Industries): $46,634
While our median household income is slightly below the national average, it's complemented by our lower cost of living, offering an attractive balance for both businesses and workers.
COST OF LIVING
Cost of Living Index: 90.9 (U.S. average = 100)
Effective Buying Power: $51,305 (equivalent U.S. purchasing power)
Our cost of living is 9.1% lower than the U.S. average, stretching both business and personal budgets further.
LABOR MARKET
Madison County boasts a skilled, diverse, and growing workforce, supported by strong educational institutions and innovative workforce development programs.
Labor Force
46,053
Active workers in Madison County
Participation
61.5%
Civilian population aged 16 and over
Unemployment
3.6%
As of May 2023
Average Wage
$46,634
Across all industries
EDUCATIONAL & WORKFORCE DEVELOPMENT
- Higher Education: Home to Berea College and near Eastern Kentucky University, providing a steady stream of skilled graduates.
- Technical Training: Madison County features two technical education centers, offering programs aligned with industry needs.
- K-12 Excellence: Strong public school system with a focus on college and career readiness.
- Customized Training: Partnerships between educational institutions and local businesses for tailored workforce solutions.
- Continuing Education: Lifelong learning opportunities to up-skill the existing workforce.
TOP INDUSTRIES
Educational Services
Employees: 5,515
Location Quotient: 1.86
Average Annual Wage: $47,082
Manufacturing
Employees: 4,755
Location Quotient: 1.58
Average Annual Wage: $63,284
Retail Trade
Employees: 4,703
Location Quotient: 1.26
Average Annual Wage: $34,162
KEY INDUSTRY SECTORS
List of Services
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Advanced ManufacturingList Item 1
Leveraging our strong automotive base (3.10 location quotient) and skilled workforce, we're primed for expansion into Industry 4.0 technologies, including robotics and aerospace, offering cutting-edge opportunities in smart manufacturing.
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Logistics and DistributionList Item 2
Our strategic location and access to major highways position us ideally for e-commerce fulfillment and advanced supply chain management, with ample opportunity for developing state-of-the-art distribution centers.
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Technology and InnovationList Item 3
With close proximity to universities and a growing tech ecosystem, we're fostering a vibrant environment for software development, data centers, and tech startups, with potential for innovative incubators and collaborative spaces.
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Healthcare and Life Sciences
Building on our growing healthcare sector and proximity to research institutions, we offer exciting prospects in medical devices, biotechnology, and specialized healthcare services, with room for expansive research facilities.
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Renewable Energy and Sustainability
Supported by forward-thinking policies and increasing demand for green solutions, we're poised to become a hub for sustainable innovation, particularly in solar manufacturing and eco-friendly materials development.
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Materials and Composites
Combining our manufacturing prowess with cutting-edge research, we're fostering innovation in advanced materials. From automotive to aerospace applications, we're at the forefront of developing next-generation composites and smart materials.
BUSINESS CLIMATE
Berea and Madison County offer a supportive and dynamic environment for businesses to thrive.
Strategic Location
Located at the intersection of I-75 and US 25, with easy access to major markets in the Eastern and Southeastern United States.
Skilled Workforce
Access to a talented labor pool, with 34.4% of adults holding a bachelor's degree or higher.
Cost-Effective Operations
The cost of living 9.1% below the national average, translating to competitive operational costs for businesses.
Infrastructure
Robust utilities, high-speed broadband, and ongoing investments in industrial park developments.
RESOURCES
Berea and Madison County offer a robust network of economic development resources to support your business growth and success. Our local organizations and state partnerships are committed to facilitating your investment and ensuring your business thrives in our community.
ECONOMIC INCENTIVES
Berea and Madison County are committed to fostering business growth and success. We offer a range of state and local incentives designed to support businesses of all sizes and sectors in their establishment, expansion, and ongoing operations in our community.
State-Level
- Kentucky Business Investment (KBI) Program: Tax credits and wage assessments for job creation and investment
- Kentucky Enterprise Initiative Act (KEIA): Sales and use tax refunds on construction costs, equipment, and R&D
- Kentucky Small Business Tax Credit (KSBTC): Tax credits for small businesses creating jobs and investing in Kentucky
Local Incentives
- Property Tax Moratorium: Up to 5-year moratorium on city property taxes for qualifying rehabilitation projects
- Industrial Revenue Bonds: Local support for financing manufacturing facilities
- Workforce Training Grants: Assistance for employee training and skills development
LEADING COMPANIES
Our region is home to a diverse range of innovative and successful companies. These industry leaders have chosen Berea and Madison County as their base of operations, benefiting from our strategic location, skilled workforce, and business-friendly environment.
