by Aaron W. Hughey

The Kentucky New Economy was created by the Kentucky General Assembly in the 2000 session to give an added dimension to the economic development program in Kentucky.

State Representative Buddy Buckingham serves as the chair of the Western Kentucky New Economy Task Force, which is made up of representatives of the states’s 20 western-most counties.

“Kentucky has long been a state that depended on agriculture and manufacturing,” according to State Representative Buddy Buckingham. “There has been considerable research into how many of Kentucky’s industries are being affected by the North American Free Trade Agreement (NAFTA).”

“By creating the New Economy initiative, the legislature wants to move the state in the direction of more high tech jobs in the information technology field, the bio-tech area, or related disciplines, thus creating more higher-paying jobs,” Buckingham continues.

“In order to do that, we have to create a better educated workforce.”

“We simply have to develop more research capabilities in the state and create more intellectual capital,” Buckingham observes.

“The other important piece is to develop a strong entrepreneurial movement throughout the state,” Buckingham says. “The state was divided into four regions; each region formed a planning committee to develop a plan that would accomplish these goals in their region.”

“Those regional plans are being melded into one statewide plan at this time,” Buckingham says. “Once that plan is complete, the New Economy will make $53 million available to the four regions of the state submitting plans.”

An important aspect of this plan is the creation of an Innovation and Commercialization Center (ICC) in each region, along with one at the University of Kentucky and the University of Louisville. Murray State University will have an Innovation and Commercialization Center affiliated with it.

“Universities must provide the leadership necessary to make the New Economy succeed,” Buckingham notes. “In this respect, we are very fortunate to have a major institution - Murray State University - in this area.”

“These Centers will be critical to the success of the New Economy,” Buckingham asserts. “They will help to change the direction of economic development in Kentucky. In the long-term, they will help to bring more higher-paying, technical jobs to the region.”

“I am optimistic that we are moving in the right direction,” Buckingham concludes. “We’ll get there.”