COVINGTON, Ky. – Covington’s Economic Development Department released its 2024 Impact Report this week, citing solid successes and a trajectory that’s on track for continued development.
“The 2024 Impact Report demonstrates that momentum builds on momentum,” said Covington Business Attraction Manager Susan Smith, who shepherds the creation of the Impact Report each year. “It’s an exciting time for The Cov.”
The report video, which can be seen at 2024 Impact Report and was composed by Covington-based design studio AGNT, illustrates a year defined by categorical progress.
“In pulling together the information, it was staggering to see all the recognition Covington received in 2024,” Smith said. “Covington has earned accolades like being named a ‘Best Place to Live’ by Money magazine, winning the Gold Award for Innovation in Economic Development, and receiving five awards for the Covington Academy of Heritage Trades.”
But, said Smith, the narrative “for me is less about recognition and more about sharing Covington’s story as an interesting place to live, work, and play beyond our region.”
To Smith’s point, a 2024 viral Street Craft video showcasing the Covington Central Riverfront prompted an email from an Atlanta resident who said Covington is exactly the kind of place they want to live.
“Ultimately, that’s the goal – creating a community where people genuinely want to call home,” said Smith.
A sampling of what’s in the report:
- 514 new and retained jobs.
- $42.8 million leveraged in private investments.
- $136,000 in incentives awarded to small businesses.
- 30 City-organized ribbon cutting events for small retailers and restaurants.
- 142 staff visits to 105 companies.
The Covington Central Riverfront (CCR) is well on its way in the evolution from the “field of dreams” to “field of realized dreams,” with substantial completion of the reconnected street grid, several development agreements, and funding allocations. For example:
- $7 million development for 16 for-sale townhomes by Drees Homes.
- $67.2 million development for 257 apartments, 7,700 square feet of retail, and 194 parking spaces by Silverman and Company, Inc.
- $8.45 million development for 10 single-family homes, 2 corner mixed-use buildings by Funke Real Estate group.
- $10 million in state funding toward Phase 1 public infrastructure.
- $16.3 million federal RAISE grant for Phase 2 pubic infrastructure.
- $125 million in state funding toward relocating Northern Kentucky University’s Salmon P. Chase Law School and the University of Kentucky’s School of Medicine Northern Kentucky campus.
The City marked a major milestone at the CCR site with a topping-out ceremony in October that marked the final scoop of “fill” dirt on the new Third Street, an event that lit up the sky with drone displays and fireworks.
In 2024, the City continued to partner and invest in increased opportunities for residents and help businesses overcome barriers to attracting and retaining workers. Among those initiatives:
- The Covington Academy of Heritage Trades (CAHT) at the Enzweiler Institute saw 24 enrollments, of which 18 were Covington residents who received $41,000 in tuition scholarships.
- The City received $24,000 in grants for the roof restoration at CAHT’s living lab at 1515 Madison Ave., enhancing the site for hands-on training.
- The Covington Works Program, in its third year of partnership with the Northern Kentucky Area Development District, matched 10 entrepreneurs with Covington startups for a 16-week paid internship through the NKU Center for Innovation and Entrepreneurship. Through the partnership 49 Build ED Scholarships were awarded and 12 individuals received transportation assistance to and from work.
- The Esperanza Latino Center received a City grant to support five bilingual workforce development and entrepreneurship initiatives, including a partnership with the Enzweiler Building Institute to introduce trade programs to the Latino community and Holmes High School students.
“A big ‘thank you’ to elected officials, leadership and staff, businesses, developers, partners, and residents who all work toward making Covington what it is and what it’s becoming,” said Smith.
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