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 grew this past year as we opened our
new 120-acre multi-use development that is slated to comprise approximately
800,000 square feet of retail space. Richmond Centre includes traditional
and discount department stores. Anchors are Meijer,
JCPenney, Belk, 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.
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