ASHLAND, Ky. — Braidy Industries’ economic impact won’t be contained to Kentucky, according to a report assembled by Dr. James Koch of Old Dominion University.
Ohio and West Virginia will be substantially and favorably affected as well, which is detailed in Koch’s study.
Koch, who serves as the Board of Visitors Professor Emeritus of Economics and President Emeritus of Old Dominion University, has put together nearly 50 economic impact studies.
“It’s scientifically done,” said Braidy CEO Craig Bouchard of the study. “There’s an accepted methodology to it. We’re not inventing anything there.”
Koch and Bouchard co-authored a book entitled “America For Sale” in September 2009. The book explored the dangers of foreign ownership of corporate America. IT focused primarily on the steel industry.
The two partnered up to pen “The Caterpillar Way: Lessons in Leadership, Growth and Shareholder Value” as well. The book’s subject is Caterpillar Inc.
The numbers in Koch’s latest report concentrate on a pair of counties in each state — Wayne and Cabell counties in West Virginia as well as Lawrence and Scioto counties on Ohio.
An average Braidy weekly wage in May 2021, the report states, will be $52,574 — 17.5-35.5% greater than regional West Virginia and Ohio county averages. Koch’s study projects Braidy to supply a significant bump in average annual salary in seven Tri-State counties, in particular.
By state, the following numbers reflect the average yearly salary in May 2018 compared to a May 2021 projection:
- Kentucky (Boyd, Carter, Greenup): $42,172 to $44,753
- West Virginia (Wayne, Cabell): $42,178 to $44,759
- Ohio (Lawrence, Scioto): $36,572 to $38,811
The U.S. Census estimates that more than 5,000 individuals travel from the four aforementioned West Virginia and Ohio counties daily to Boyd County for work, according to Tuesday’s press release from Braidy Industries.
“The Tri-State region is home to a talented workforce eager to help companies like Braidy create prosperity,” Bouchard said in the release. “We chose Ashland, Kentucky, because of these dedicated and hard-working people. Dr. Koch’s study shows the power of private companies and communities working together. We have assembled a multi-disciplinary team consisting of the best of the best to make these impact estimates a reality.”