A lack of available, suitable land for jobs means Lexington is losing out on new job opportunities, many existing jobs are threatened and tax revenues that fund important city and school programs aren’t keeping pace with needs. Here’s what you need to know:
Lexington has already lost 1,500 jobs to surrounding counties with another 1,000+ in jeopardy of relocating elsewhere, which means our city loses payroll taxes and talent. A 2019 study showed the city could be facing a budget deficit of as much as $17 million by 2024.
More than 60 percent of Lexington’s revenues come from payroll taxes. Creating more jobs in Lexington means:
Businesses can locate and stay in Lexington, contributing net profits and payroll taxes as well as providing funds and volunteers to nonprofits.
- Everyone can have access to good-paying jobs in our community.
- We can make more quality investments in schools, parks and other programs without raising taxes.
Lexington’s land and regulatory burdens make land costs at least three times higher than surrounding counties, making it even more difficult to attract and retain jobs.