Business and Professional Services
Lexington is Central and Eastern Kentucky's regional hub for business and industry. The business and professional services industry provides services and support for other businesses in various industries, such as legal, architectural, engineering, and consulting services, as well as basic services that support daily activities such as back-office support operations, accounting, shared services, and processing facilities. These services help companies operate, and the business and professional service industry is a targeted industry for Lexington's economic development.
In 2015, approximately 28,200 people were employed in Lexington's business and professional services industry, earning an average salary of $49,268 per year. Average salaries ranged from $75,100 for primary services such as management of companies and enterprises and professional and technical services, to $26,800 for secondary services such as administrative and support services.
Lexington is currently home to 100 headquarters operations, including Lexmark, Galls Inc., Tempur-Sealy, Valvoline, Innovative Mattress Solutions, and A&W Restaurants. Although not headquartered in Lexington, other industry leaders with a presence in the city and region include IBM, Ashland Inc., Creative Lodging Solutions, and many others.
Companies engaged in providing business and professional services tend to concentrate in metropolitan areas near their clients, such as cities like Lexington. Back-office and support services companies tend to prefer lower-cost locations in proximity to major metropolitan areas. Lexington is one of the lowest cost-of-business locations in the country and has a business-friendly environment. In fact, Lexington was named #8 City with the Lowest Startup Costs by SmartAssets
in 2016 and #16 Best Place for Business and Careers by Forbes
to read more about Business and Professional Services in Lexington.
Select Business and Professional Services Companies in Lexington
Source: Commerce Lexington, February 2016