ECONOMIC DEVELOPMENT

Situated south of Lexington on the I-75 corridor, Richmond and Madison County are growing at an impressive rate. Due to its easy interstate access, proximity to Lexington, lower cost of housing, good employment base, large university, and cultural and educational opportunities, population has increased from 29,080 (Richmond city limits) or 74,814 (entire county) in 2003 to 2007. Since 1996, 87 new subdivisions have been developed.

The local economy has a bright future ahead as we look forward to the opening of a 120-acre multi-use development that is slated to comprise approximately 800,000 square feet of retail space. Richmond Centre will include traditional and discount department stores, category-specific retailers not represented in the market, a bookstore, hotels, and casual dining restaurants.  Anchors are Meijer, JCPenney, Belk, Home Depot, and a Cinemark Theatre with stadium seating. It will be the largest retail development between Lexington, KY and Knoxville, TN.

Richmond also has exciting news on the manufacturing front. Sub-Zero Wolf, Inc. has committed to acquire 45 acres here for its 200,000 square foot plant. The company produces high-end refrigerators, freezers, and wine storage units and will provide approximately 100 full-time jobs initially.

Some of the major employers in Richmond and Madison County, aside from the university and county schools, include the Blue Grass Army Depot, NACCO Materials Handling Group, Tokico, Guildhouse American Greeting, Enersys, Sherwin Williams, and Okonite. This diversity contributes to a well-balanced population made up of government, health and educational workers, young professionals, skilled labor, students, military and retirees.