Sherry McDavid & Sandy Runyon, Weathering Economic Downturns: The Importance of Diversifying the Regional Economy

WEATHERING ECONOMIC DOWNTURNS: THE IMPORTANCE OF DIVERSIFYING THE

REGIONAL ECONOMY

PRESENTED BY :

SHERRY H. MCDAVID, FIVCO AREA DEVELOPMENT DISTRICT

&

SANDY RUNYON, BIG SANDY AREA DEVELOPMENT DISTRICT

October 27, 2015

Kentucky’s Area Development Districts

APPALACHIAN REGIONAL COMMISSION

BOUNDARY

• DON’T PUT ALL YOUR EGGS IN ONE BASKET

• NERVOUS AS A CAT IN A ROOM FULL OF ROCKING CHAIRS

• THERE’S MORE THAN ONE WAY TO SKIN A CAT

• A NEW BROOM SWEEPS CLEAN

• YOU CAN’T MAKE A SILK PURSE OUT OF A SOW’S EAR

• DON’T PEE ON MY BOOTS AND TELL ME IT’S RAINING

TODAY’S TOPICS

“DON’T PUT ALL YOUR EGGS IN

ONE BASKET”

KENTUCKY coal has beencommercially mined for wellover two centuries.

In 2013, KENTUCKY was the thirdlargest producer of coal in theUnited States.

“NERVOUS AS A CAT IN A ROOM FULL OF

ROCKING CHAIRS”

“THERE’S MORE THAN ONE WAY TO SKIN

A CAT”

“A NEW BROOM SWEEPS CLEAN”

“YOU CAN’T MAKE A SILK PURSE OUT

OF A SOW’S EAR”

“DON’T PEE ON MY BOOTS AND TELL ME

IT’S RAINING”

• MAKE HAY WHILE THE SUN SHINES

• BUSIER THAN A ONE-ARMED PAPER HANGER

• BEST THING SINCE SLICED BREAD

• IT’S SIX IN ONE HAND AND HALF DOZEN IN THE OTHER

• YOU CAN LEAD A HORSE TO WATER, BUT YOU CAN’T MAKE

HIM DRINK

MORE TOPICS

SHAPING OUR APPALACHIAN REGION(54 COUNTIES)

“MAKE HAY WHILE THE SUN SHINES”

COAL HAD BEEN THE LIFEBLOOD

DECEMBER 9, 2013

UNITED STATES CONGRESSMAN HAL ROGERS AND GOVERNOR STEVE

BESHEAR COLLABORATED ACROSS POLITICAL PARTY LINES TO CREATE AN

INITIATIVE TO ADDRESS THE CHALLENGES FACING EASTERN KENTUCKY

“BUSIER THAN A ONE-ARMED PAPER HANGER”

10 WORKING GROUPS WERE FORMED

“Overcome instant success expectation and

establish economic diversification not totally dependent on mineral extraction, while addressing

the immediate need of out of work families”.”.

GREATEST CHALLENGE

HIGH SPEED BROADBAND SERVICEis currently being

installed as a direct result of the SOAR

initiative

“BEST THING SINCE SLICED BREAD”

INITIATIVE FROM PRIVATE SECTOR

“IT’S SIX IN ONE HAND AND HALF

DOZEN IN THE OTHER”

CONSOLIDATION OF RLF/SMALL

BUSINESS MARKETING

Effort by ARC ADDs in KY to provide more marketing for the EDA Revolving Loan Fund to small businesses in Appalachia

in an attempt to maintain and/or expand

TOURISM

TOURISM / TRAIL GROWTH

RIVERS, MOUNTAINS AND GOLFING

“YOU CAN LEAD A HORSE TO WATER

BUT YOU CAN’T MAKE HIM DRINK”

SHERRY H. MCDAVIDEXECUTIVE DIRECTOR

FIVCO AREA DEVELOPMENT DISTRICT

[email protected]

SANDY RUNYONEXECUTIVE DIRECTOR

BIG SANDY AREA DEVELOPMENT DISTRICT

[email protected]