Richmond has a relatively low cost of living that makes it an affordable place for people in central Kentucky to live. The cost of living, however, is slightly higher than the state's average. The housing index in Richmond is 73 compared to Kentucky's 68. Transportation and utilities, however, are slightly cheaper in Richmond than Kentucky's average.
Even though Richmond has a slightly higher cost of living than Kentucky's average, it is still much more affordable than most of the country. Richmond's overall cost of living index is 89 while Kentucky's is 86. The national cost of living index is always rated as 100. Richmond's cost of living, therefore, is about 11 percent cheaper than the national average.
Richmond, KY Job Opportunities
Richmond has several large companies that bring job opportunities to the area. Major employers include Eastern Kentucky University, Sherwin-Williams, and Asahi Glass Company.
The manufacturing sector plays an important role in Richmond's economy. Local manufacturing provides employment for machinists, business professionals, and factory managers.
The city's growing population has attracted several retail businesses in recent years. This provides employment opportunities for skilled and unskilled workers. Retail growth has created jobs for construction workers, retail managers, architects, and sales clerks.
Richmond, KY Employment Trends
Richmond's solid manufacturing sector helped residents find jobs during the Great Recession. Still, the recession had a noticeable effect on the area's unemployment rate.
Richmond's unemployment rate reached 10.98 percent shortly after the recession. Since then, the area's employment rate has improved significantly. In March 2015, Richmond had a 4.4 percent unemployment rate. Kentucky's rate during March 2014 was 5 percent.
Richmond's unemployment rate has been between one and two percent lower than Kentucky's since at least 2008. This helps explain why the city's population grew by over 15 percent between 2000 and 2010.