The City of Covington’s Economic Development Department on Monday released its 2025 Impact Report, highlighting a year defined by strong investment, job creation, and national recognition.
Titled “Timeless Grit, Modern Growth,” the report underscores how Covington continues to show that a historic foundation is the best place to build a future.
Covington’s blend of history, culture, and innovation earned national attention in 2025, including:
• Named one of the “40 Most Charming Small-Town Downtowns in America” by HGTV
• Recognized as one of the “Top Small U.S. Cities for Food and Drink” by Food & Wine Magazine
The report also highlights significant economic growth and strategic investment across the city, including:
• Total Capital Investment: $92,222,547
• Total Jobs: +1,021 (671 new; 350 retained)
• Leveraged Private Investment: $45,142,547
• Total City Incentives: $4,310,185
• City ROI: $10 returned for every $1 invested
In addition, the City supported small business growth through:
• 24 Small Business Incentives totaling $141,600, including:
• 14 rent subsidies
• 7 façade improvements
• 3 historic electric sign improvements
According to the U.S. Economic Census, Covington businesses surpassed $1 billion in annual payroll in 2025 — an important milestone that reflects the strength and diversity of the city’s economy.
Covington’s small businesses also continued to outperform national benchmarks. Based on 2024 U.S. Bureau of Labor Statistics data, businesses that receive city incentives are significantly more likely to survive — particularly during the critical early years.
The report also highlights transformative projects that are shaping Covington’s future:
• The Fischer Group announced plans to relocate its headquarters to Covington’s Central Business District, further strengthening the city’s corporate presence and job base, with up to 350 jobs.
• MarfoFMA announced it will open its first U.S. production facility in Covington, representing an investment of more than $37 million and the creation of 98 new jobs.
City of Covington