FRANKFORT, Ky. (Feb. 8, 2022) – The commonwealth continues its support of workforce training initiatives across the state as today Gov. Andy Beshear announced over $2.2 million in funds and credits to support training of nearly 9,500 Kentucky workers.
“We are keeping our incredible economic momentum going in 2022, and that includes efforts to ensure workers across Kentucky have the training they need to be successful,” Gov. Beshear said. “Continued development of our skilled workforce helps attract quality employers to our state and guarantees our residents have access to great jobs. Workforce initiatives will remain a major focal point as we build on the growth of the past year.”
Training funds and credits allocated this month bring the total for fiscal year 2022 to more than $6 million to support nearly 90 applicants statewide to train more than 21,000 workers, already exceeding the number of trainees supported through state funding during the previous fiscal year.
Gov. Beshear previously announced the Bluegrass State Skills Corporation (BSSC) provided approximately $6.1 million in funds and credits during fiscal year 2021, which helped provide training to nearly 18,300 Kentucky workers.
BSSC’s Grant-in-Aid (GIA) and Skills Training Investment Credit (STIC) programs assist employers statewide. GIA provides cash reimbursements for occupational and skills upgrade training at Kentucky businesses, while STIC offers state income tax credits for companies to offset the costs for approved training programs. Applications for both programs are accepted and considered for approval by the BSSC Board of Directors.
BSSC incentives are available to a range of operations, including manufacturing, agribusiness, nonretail service or technology, headquarters operations, state-licensed hospital operations, coal severing and processing, alternative fuel, gasification, renewable energy production and carbon dioxide transmission pipelines.
For more information on BSSC or to apply for workforce training assistance, visit ced.ky.gov/workforce/BSSC.
The commonwealth’s investment in workforce development furthers recent economic momentum in the commonwealth, as the state builds back stronger from the effects of the pandemic.
Gov. Beshear recently announced that on Jan. 28, S&P Global Ratings revised Kentucky’s financial outlook to positive from stable and affirmed its “A-” credit ranking. S&P cited a reduced reliance on one-time items to balance the budget and a higher balance in the state’s rainy day fund as primary factors influencing the change.
That follows a 2021 during which the commonwealth shattered every economic development record in the books. Private-sector new-location and expansion announcements included a record $11.2 billion in total planned investment and commitments to create a record 18,000-plus full-time jobs across the coming years. Kentucky’s average incentivized hourly wage for projects statewide in 2021 was $24 before benefits, a 9.4% increase over the previous year.
In September, Gov. Beshear, Ford Motor Co. Executive Chair Bill Ford, CEO Jim Farley and Dong-Seob Jee, president of SK Innovation’s battery business, announcedthe single largest economic development project in the history of the commonwealth, celebrating a transformative $5.8 billion investment that will create 5,000 jobs and places Kentucky at the forefront of the automotive industry’s future.
Kentucky also saw an all-time, record-setting budget surplus in fiscal year 2021 and enters 2022 with an estimated $1.9 billion more than budgeted.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.