Detroit Redux?

Today Nucor announced they will be investing $1.35 billion into a steel mill in Brandenburg, KY. The project is estimated to bring in 400 jobs.

This is the latest of the stars in the crown of the Economic Development Cabinet. And, don’t get us wrong, we hope this project comes to fruition and helps the folks in the Meade County area.

However, past announcements make us a little skeptical. The excitement in Pikeville was short-lived when Enerblu announced they were pulling out before getting off the ground. And, despite all the hype, and state investment, we have yet to see any real results of the Braidy Industries announcement in Greenup County. Outside of Toyota and Amazon, two well-establishes companies already on the Fortune 100 list, the much ballyhooed large projects don’t seem to be living up to the dreams yet.

If these projects do develop though, we wonder how long they will continue to flourish. Is large-scale manufacturing a dying industry? We keep hearing the 21st century economy will be information based, as manufacturing is exported to countries with cheaper labor costs. Is Kentucky investing in a dying market while falsely selling pipe dreams to our own people?

As Mark Twain reportedly said, “When the end of the world comes, I want to be in Kentucky, because it’s always twenty years behind the times”