University of Kentucky

Poster Title

Measuring the Economic Impact of the Agriculture Industry in Fayette County

Presenter Information

Kellie Owen, University of Kentucky

Institution

University of Kentucky

Abstract

An important debate for many emerging urban communities is how to attract and support new businesses while also preserving the agriculture industry in the area. Fayette County is a great example of a community trying to solve this problem. Agriculture has been an important part of the economy in Fayette County for many years, but is the agriculture industry still essential in the economy today? Our goal is to determine the strength of the economic linkages between today’s agriculture industry cluster and other industries around Fayette County. Our study has four main components: 1) the location quotient for Fayette County, 2) the median wage of the agriculture industry, 3) economic multipliers for different industries in Fayette County, and 4) the projected growth of the agriculture industry. To discover the location quotient, we will use data from the Bureau of Labor Statistics. This number, when compared to the state and national location quotients, reveals whether or not Fayette County is an importer or exporter of goods. We can also use the Bureau of Labor Statistics to calculate the median wage. By comparing the median wage in the agriculture industry to other industries in Fayette County, we can estimate the quality of jobs the agriculture industry creates. Once the agriculture cluster is defined by using the North American Industry Classification System (NAICS) codes, we will use the data program IMPLAN to estimate the economic multipliers within Fayette County. Lastly, we will use the Bureau of Labor Statistics to estimate the growth of the agriculture industry.

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Measuring the Economic Impact of the Agriculture Industry in Fayette County

An important debate for many emerging urban communities is how to attract and support new businesses while also preserving the agriculture industry in the area. Fayette County is a great example of a community trying to solve this problem. Agriculture has been an important part of the economy in Fayette County for many years, but is the agriculture industry still essential in the economy today? Our goal is to determine the strength of the economic linkages between today’s agriculture industry cluster and other industries around Fayette County. Our study has four main components: 1) the location quotient for Fayette County, 2) the median wage of the agriculture industry, 3) economic multipliers for different industries in Fayette County, and 4) the projected growth of the agriculture industry. To discover the location quotient, we will use data from the Bureau of Labor Statistics. This number, when compared to the state and national location quotients, reveals whether or not Fayette County is an importer or exporter of goods. We can also use the Bureau of Labor Statistics to calculate the median wage. By comparing the median wage in the agriculture industry to other industries in Fayette County, we can estimate the quality of jobs the agriculture industry creates. Once the agriculture cluster is defined by using the North American Industry Classification System (NAICS) codes, we will use the data program IMPLAN to estimate the economic multipliers within Fayette County. Lastly, we will use the Bureau of Labor Statistics to estimate the growth of the agriculture industry.