Known as ‘Vette City’ for its status as the only place in the world Corvette’s are built, Bowling Green is a thriving and growing metropolitan area located just 1 hour north of Nashville, TN. Located right off I-65, Bowling Green is within 1 days’ drive of 60% of major U.S. markets and has earned the #2 ranking in the country for manufacturers, due in part to popular brands like Fruit of the Loom and General Motors. Warren County also has grown more than any other county in the state, and Site Selection recently named Bowling Green as the #1 U.S. Metro (population under 200,000). Many of the area’s most reputable manufacturers are located in either South Central Industrial Park or Kentucky Transpark, the city’s two major industrial parks. Western Kentucky University, one of the largest universities in the state, and Med Center Health, anchored by The Medical Center at Bowling Green, are other household employers. In all, the area is home to more than 1,400 businesses, including manufacturing, service providers, hospitality, retail, and healthcare.

 

Bowling Green Economy

Houchens Industries is the largest employer in the Bowling Green area, which operates 14 companies that generate annual revenue of more than $4 billion and spans multiple industries. 10 of these companies operate in Bowling Green, while the remainder operate in Michigan, Illinois, New York, and Tennessee:

  • Construction: Stewart Richey, Scotty’s Contracting & TS Trucking
  • Manufacturing & Distribution: H.H. Barnum, Air Hydro Power, Tampico, LEE Building Products, Pan-Oston, Stephens Pipe & Steel
  • Retail & Healthcare: Cohen’s Fashion Optical, Houchens Food Group, Sheldon’s Express Pharmacy, Four Seasons, Feeders Pet Supply
  • Insurance: Houchens Insurance Group

Other significant employers in the manufacturing space include Dart Container, Logal Aluminum, Bowling Green Assembly (GM Corvette), Fruit of the Loom, Bowling Green Metalforming, Henkel Corporation, Akebono Brake, and Kobe Aluminum Automotive Products.

Western Kentucky University is the region’s flagship university, with a job count of 1,854 and an enrollment of 16,759 students. WKU has an economic impact of $528.4 million, and the university supports 1 out of every 17 jobs in the region.

Med Center Health anchors the area’s healthcare system, employing 3,566 individuals. The Medical Center at Bowling Green (373 beds) and The Medical Center at Scottsville (157) are its major hospitals in the area.

Population Analysis

 

Bowling Green MSA Population

The Bowling Green MSA has a current population of 188,840. The majority of the population comes from Warren County (142,229) while Allen, Butler, and Edmondson Counties combine for the final 46,611. Overall, the MSA has grown by 4.87% from 2020-23, and Warren County specifically has grown 5.33% during that same time period.

Demographics

Total Population (MSA)
188,840
Population Growth (2020-23)
4.87%
Unemployment Rate (October 2024)
4.8%

Multifamily Highlights

Bowling Green Multifamily Analysis

 

The Bowling Green MSA has 66 apartments of over 50+ units, for a total of 8,241 units. 382 units were delivered in the last 12 months (CoStar), but very minimal inventory growth is expected over the next 12 months. The Average Rent in Bowling Green is $1,061, and the Vacancy Rate is 7.40% with a 12-Month rent decline of 1.0% (CoStar). Based on an analysis of over 30 multifamily properties in Bowling Green, Average Expenses are $4,623 per unit (TKC’s Expense Averager Tool).

 

 

Major Employers

  1. Houchens Industries

    5,467 total jobs  | Learn More
  2. Med Center Health

    3,566 jobs / 530 beds / 2 hospitals  | Learn More
  3. Warren County Public Schools

    2,565 jobs  | Learn More
  4. Western Kentucky University

    1,854 jobs / 16,759 enrollment  | Learn More
  5. Dart Container

    1,600 jobs  | Learn More
  6. Logan Aluminum HQ (Russellville)

    1,345 jobs  | Learn More
  7. Bowling Green Assembly (GM Corvette)

    1,345 jobs  | Learn More
  8. Fruit of the Loom HQ

    1,310 jobs  | Learn More
  9. Bowling Green Metalforming HQ

    1,251 jobs  | Learn More
  10. Henkel Corporation Laundry Manufacturing

    930 jobs  | Learn More
  11. Akebono Brake (Glasgow)

    905 jobs  | Learn More
  12. Kobe Aluminum Automotive Products HQ

    749 jobs  | Learn More

Other Demand Drivers

  1. South Central Industrial Park

    4,500 jobs; $10 billion of economic impact over this decade  | Learn More
  2. Kentucky Transpark

    1,200 acres; 3,000 jobs  | Learn More
  3. Greenwood Mall

    970,000 SF; Belk, Dillard's, Old Navy  | Learn More
  4. Shoppes of Gary Farms

    99,700 SF; Dick's Sporting Goods, Petsmart, Kirkland's  | Learn More
  5. National Corvette Museum

    115,000 SF museum  | Learn More
  6. SKyPAC

    1,737-seat, multi-use facility  | Learn More
  7. Bowling Green Ballpark

    Home of Bowling Green Hot Rods (MiLB); 4,259 capacity  | Learn More
  8. Beech Bend Park

    379 acres; Amusement Park, Dragstrip, Campground  | Learn More

Sources & Comments

1. The Bowling Green, KY Metropolitan Statistical Area consists of 4 counties, according to Office of Management and Budget: (1) Allen (2) Butler (3) Edmondson (4) Warren

2. Primary Sources: (1) https://fred.stlouisfed.org/ (2) CoStar (3) rcanalytics.com (4) www.bls.gov

3. Sales Comps are from 11/18/2023 – 11/18/2024

4. Development Pipeline as of 11/18/2024

5. This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy