By Lilli Dubler, Building Kentucky
Kentucky REALTORS® recently joined forces with Commerce Lexington to guide leaders from across the state through an economic development simulation, which emphasized the need for affordable and attainable housing, and reinvigorated the association’s commitment to the growth and development of the Commonwealth.
Hosted by Commerce Lexington Inc. and in partnership with Bluegrass REALTORS®, the association that represents members in central and south Kentucky, the Economic Development Simulation guided members of the Kentucky REALTORS® Economic Development Committee through the economic development process and demonstrated how new businesses and well-paying jobs are recruited to the region.
During the simulation, teams actively engaged in hands-on exercises, working together through real-world scenarios to identify the best communities and companies for economic growth. Each of the six Kentucky REALTORS® teams completed exercises that focused on job recruitment, business retention and how to engage community members and stakeholders in these decisions.
“Participating in this simulation was an invaluable opportunity for our leadership team – it gave them the opportunity to look under the hood of the economic development process,” Kentucky REALTORS® President Barb Curtis said. “We gleaned an important takeaway from this experience: affordable and attainable housing is essential for attracting and retaining businesses, and for building vibrant, sustainable communities. REALTORS® have a unique perspective on the real estate market across the state, and our voices are vital to shaping the future of our region.”
Real estate in Kentucky is crucial for regional economic development. According to the Kentucky Housing Corporation, Kentucky has an overall current (2024) housing gap of 206,207 units, with the gap split relatively evenly between rental and for-sale units. Population growth, job creation in key sectors and strategic infrastructure investments all contribute to growth that supports regional economic development, but affordable and attainable housing must be available as businesses continue to expand and relocate across the state.
Together, local Chambers of Commerce and REALTORS® in every corner of the state can work collaboratively to ensure housing and economic development go hand in hand – supporting all current and future residents of the Commonwealth.
