Public construction in Kentucky accounts for nearly $1.6 billion annually in state spending. These projects include the construction and renovation of convention centers, state government buildings, new interstate bridges and highways, building and renovation projects on Kentucky’s public university and college campuses and local school buildings. Public construction in Kentucky is a major economic driver and job creator with an estimated 30,000 jobs resulting from such construction each year.
There is a clear need for greater efficiency in which projects may be delivered in Kentucky. Traditional delivery and contracting approaches typically separate silos of responsibility that, in practice, yield inefficiencies that increase project cost and reduce the overall availability of public funds.
Public-private partnerships (P3s) provide a variety of structures through which public infrastructure projects may be designed, built, financed and/or operated through a partnership with a private entity. In a P3, the private sector may assume financial, design, construction and operational risks in the project in partnership with the public agency.
Join us from 8:00-9:00 am on Friday, July 12 in the NKY Chamber Board Room for a Morning Conversation with public-private partnership experts John Farris and Tom Howard of Commonwealth Economics. They are the authors of a recently published article in The Lane Report that highlights the opportunity for the Commonwealth through public-private partnerships:
The Lane Report: Kentucky's $5 billion public-private partnership play.
Although this Morning Conversation is free of charge, register now as space is limited.