As I reflect on 2024, I am filled with gratitude for our clients who trusted us to guide them through their economic development and commercial real estate decisions. This year, MWM Consulting (“MWM”) collaborated with more clients than ever before, thanks largely to referrals from our existing customers. We take pride in partnering with communities and corporate entities to achieve meaningful economic development outcomes. While we may be biased, we believe our projects will have a lasting, positive impact on the greater community.

MWM operates with a focused team of six members. Though small in size, our efficiency and output speak volumes. In 2024, we completed 19 projects serving 12 communities across Kentucky and Tennessee. These projects covered diverse scopes and scales, with Food & Beverage and Automotive emerging as our standout sectors for the year.

In the Food & Beverage sector, we facilitated $287.5 million in committed capital investment, including projects tied to Kentucky’s flagship bourbon industry. The Automotive sector, a cornerstone of this region’s economy, saw $328.5 million in new capital investment. Together, these sectors accounted for over $600 million in total investment in projects where MWM played a pivotal role.

While all projects receive the same level of dedication, I’m particularly proud of two regional initiatives that established business and industrial parks. Regionalism—collaboration across county and city lines—is essential for economic development. Businesses don’t see borders; they seek the best location for their ventures. Recognizing that workers often travel across counties, these projects underscore the importance of unified efforts among community leaders. More on this later.

In short, 2024 was a landmark year for MWM. We’re deeply thankful for our clients—past, present, and future—who have partnered with us. To highlight our achievements, we’ve included an infographic below showcasing the impact we’ve made this year. As we approach 2025, we remain optimistic about the opportunities ahead. Change creates opportunity, and we look forward to helping communities and corporations make impactful decisions. Cheers to 2025, and please enjoy the rest of this year-end review!



2024 was an interesting year, to say the least. The stock market reached its peak after the election, while the housing market faced its slowest year in decades. So, what does this mean for economic development and announced projects? Let’s discuss the state of Kentucky, as it represented the bulk of our firm’s work.

Kentucky Highlights:

• 2024 marked the fourth-best year in state history for economic investment, with 170 private-sector announcements totaling over $6.9 billion in new investments and 9,425 new full-time jobs (The Lane Report).
• Over the past four years, Kentucky has seen $35 billion in capital investment, much of it driven by electric battery and vehicle manufacturing. However, activity in this sector has slowed due to lagging consumer demand and grid limitations. Infrastructure modernization and renewable energy integration will be critical to reignite growth in this space.

National Insights:

Across the U.S., states like Kentucky experienced spillover from recent “mega-project” announcements (Mega Project Announcements). However, actual growth in the manufacturing industry has been closer to what some would describe as slow to moderate. This slower-than-usual pace could likely be attributed to the presidential election, which often puts many projects on hold, particularly those involving foreign direct investment (FDI). We anticipate these projects will pick back up in 2025, now that the election has concluded.

We expect 2025 to be even busier than 2024. The return of a Donald Trump presidency will undoubtedly keep the economic development industry active. His tariff policies, for better or worse, tend to drive industry movement—and activity is the lifeblood of this field.

When advising community clients, we emphasize focusing on opportunities over outcomes. Winning every project is unrealistic; instead, success lies in maximizing opportunities. Think of it like baseball: a .300 batting average is Hall of Fame-worthy. Similarly, winning even 1 or 2 projects out of 10 is a strong performance in economic development.



Regionalism will continue to be a focal point. Across the country, this approach is gaining traction as a pragmatic solution to longstanding challenges. In Kentucky, with its 120 counties and relatively small population, collaboration is the key to success. Competing for projects individually often disadvantages smaller communities. By pooling resources, communities can optimize land use, share costs, and strengthen their collective economic foundations. Additionally, regional projects address land use concerns often raised by development opponents. When each community builds its own industrial park, land consumption escalates quickly. In contrast, shared regional parks optimize land use while delivering a broader range of benefits. Finally, regional initiatives allow state and federal funds to stretch further. By impacting multiple counties, these projects achieve broader, more sustainable results while ensuring that every dollar works harder for the communities involved.

As we close 2024, I remain as optimistic as ever about MWM’s mission and impact. Our goal is to leave each community in a better position than when we started. Whether assisting a community or advising a corporation, we aim to create meaningful, lasting change.

Cheers to 2025, and thank you for being part of this journey. We look forward to collaborating with you in the year ahead to seize even greater opportunities together.



Lucas Witt

Co-founder

MWM Consulting