Economic Downturn Hits Kentucky in Different Ways
Kentucky’s Chamber of Commerce says the national economic downturn is affecting the entire state, but in different ways, depending on the area. The chamber hosted a conference call today with business people from across the Commonwealth.Former Greater Louisville Inc President and CEO Steve Higdon says Louisville is home to many small to mid-size companies, and therefore the full-trickle down won’t be realized for months."It’s going to be something we haven’t seen before," says Higdon. "I think you’re going to see a lot of small and mid-size companies not make it. I think you’re going to see a lot of them laying off, and really downsizing just to get through the troubling times. I think we all need to hold on pretty tight for at least – AT LEAST – the next 18 months."People in other parts of the state report manufacturing losses are hitting their areas hard, in other places it’s lagging retail sales that are bringing down the economy. As for the state itself, the government projects a $456-million budget shortfall.