FRANKFORT, Ky. (WTVQ) – While all major indicators suggest the Commonwealth economy is recovering, they also show Kentucky’s economy is still operating below pre-pandemic levels while employers have had to struggling to fill vacancies in the state, according to the Kentucky Chamber of Commerce. report, “Kentucky’s Economic Recovery: A Quarterly Update of the State’s Workforce, Employment, GDP, and Exports.“
The report is produced in partnership with the University of Kentucky Center for Business and Economic Research.
- Use in Kentucky increased in the first quarter of 2021 but still remains below pre-pandemic levels.
- Kentucky Gross Domestic Product continued to grow in the last quarter of 2020.
- The Kentucky Gap activity rate and the national rate is almost a point wider than it was before the pandemic.
- Kentucky housing market continues to follow national and regional trends with fewer listings, faster sales and higher prices.
“Things are very different today. Nearly 2 million Kentuckians have received at least one dose of a COVID vaccine, restrictions are being phased out and our positivity rate has fallen to just over 3%. This is good news for all Kentuckians as we continue the hard work to bring life back to “normal” and rebuild our economy, ”said Ashli Watts, President and CEO of the Kentucky Chamber.
“The workforce will be critical not only to our economic recovery, but also to the Commonwealth’s competitiveness in the post-pandemic economy. I want to encourage policymakers to use these reports to implement policies that support economic growth and workforce development.
The Kentucky House and the University of Kentucky’s Center for Business and Economic Research release a quarterly report that takes an in-depth look at the Commonwealth’s economy as the state strives to rebuild, recover and restore citizens at work.
The purpose of these regular quarterly reports will be to educate the public, provide economic trends to business leaders as they make decisions, and prepare lawmakers to shape policies essential to the state’s economic recovery.
The Chamber will issue a third update in the summer of 2021.