FRANKFORT, Ky. (Dec. 6, 2022) – Today, Gov. Andy Beshear congratulated leaders of electric cable producer Prysmian Group on the ribbon cutting of the company’s newly renovated North American headquarters in Highland Heights, a $4.7 million project that will help retain 400 employees at the location.
“Kentucky companies are continuously reinvesting in our communities and our workforce,” said Gov. Beshear. “Our historic economic momentum wouldn’t be possible without these companies buying into Kentucky and what we have to offer. I am happy to welcome this exciting next step for Prysmian. I want to thank the company’s leadership and am looking forward to its continued success here in Campbell County.”
The investment includes upgrades to 80,000 square feet of the existing office building, including new roofing and energy-efficient LED lighting throughout. An open office layout with 367 adjustable standing desks that accommodate social distancing considerations will be created. Additional upgrades include a renovated fitness center and employee break room, more efficient printing and office supplies areas and additional meeting spaces. Prysmian Group also installed new electric vehicle charging stations, offering double plugs, 80 Amp AC charging capability and allowing up to 10 electric cars to charge simultaneously.
“Over the past two years, we’ve had discussions about how our workplace should evolve to reflect the changing needs of our employees,” said Andrea Pirondini, CEO of Prysmian Group North America. “Prysmian is committed to investing in our facilities throughout the North American region. With the completion of this renovation, our headquarters offers an environment that facilitates a healthy work-life balance, offering our associates a home base that is pleasant, streamlined and completely state of the art.”
Prysmian, based in Milan, Italy, is a world leader in the design, manufacturing and sale of wire and cable products, including aluminum, copper and fiber optic wire, and cable products for the energy, communications and automotive industries, among others. Its North American operations are based in Highland Heights. Prysmian’s regional footprint includes 28 manufacturing facilities, eight distribution centers, six R&D centers, more than 5,800 employees and net sales of more than $4 billion. Globally, the company operates in over 50 countries and employs more than 29,000 individuals.
Campbell County Judge/Executive Steve Pendery expressed his gratitude to Prysmian’s leaders for investing in the facility and adding new jobs in Northern Kentucky.
“Prysmian is an incredibly important and valued corporate citizen in Campbell County,” said Judge Pendery. “We are thrilled to retain the company and appreciate their investment in modernizing and adapting their North American headquarters in Highland Heights.”
Highland Heights Mayor Greg Meyers shared his enthusiasm that Prysmian Group will continue to grow its presence in Northern Kentucky.
“As one of the largest employers here in Highland Heights, we are excited that Prysmian Group chose Highland Heights to be the center of their North American operations,” said Mayor Meyers. “They are keeping nearly 400 great jobs in our community and enriching the lives of our residents. We look forward to the company continuing their good work here in our city.”
Northern Kentucky Tri-ED CEO Lee Crume noted that Prysmian is one of a dozen European North American headquarters in the region.
“Tri-ED’s VP of Economic Development Kimberly Rossetti visited Prysmian’s leaders in Italy this summer to thank the company for its growth in Northern Kentucky,” said Crume. “We’re thrilled to celebrate the new state-of-the-art North America headquarters and the continued success of the company.”
Prysmian Group’s investment and planned job creation furthers recent economic momentum in the commonwealth, as the state builds back stronger from the effects of the pandemic.
In 2021, 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.
That momentum has continued into 2022 with 160 new-location and expansion announcements totaling nearly 14,500 full-time jobs behind nearly $9.3 billion in new investment through November.
New job creation is accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2021 was $24 before benefits, the second-highest mark over the past seven years. Wages have continued to rise in 2022, with an average incentivized wage of $26.71 through November.
Gov. Beshear has now secured the best two-year period in state history for economic growth. Gov. Beshear has announced 41,237 full-time jobs and 728 private-sector new-location and expansion projects totaling, $22.89 billion in announced investments during his administration.
Gov. Beshear has also announced the two largest economic development projects in state history. In September 2021, Gov. Beshear and leaders from Ford Motor Co. and SK Innovation celebrated a transformative $5.8 billion investment that will create 5,000 jobs in Hardin County. And in April of this year, the Governor was joined by leadership at Envision AESC to announce a $2 billion investment that will create 2,000 jobs in Warren County. These announcements solidify Kentucky as the EV battery production capital of the United States.
Kentucky’s success has been noted by both S&P Global Ratings and Fitch Ratings, which have upgraded the state’s financial outlook to positive in recognition of the commonwealth’s surging economy. In addition, Site Selection magazine placed Kentucky at 6th in its annual Prosperity Cup rankings for 2022, which recognizes state-level economic success based on capital investments.
Kentucky has posted record low unemployment rates, holding at or below 3.9% since April 2022.
In July, the Governor reported the highest annual growth rate in 31 years. And for the second year in a row, Kentucky’s General Fund budget surplus has exceeded $1 billion. Also in July, Gov. Beshear reported that the state’s Rainy Day fund is up to a record balance of $2.7 billion, significantly higher than the $129 million balance the fund had when the Governor took office.
Kentucky reported August 2022 General Fund receipts hit an unprecedented high for any August on record, marking 21 straight months of growing revenues for the state.
Data from the U.S. Bureau of Labor Statistics showed Kentucky lead the entire nation in job growth for the month of August and tied with New Hampshire for the largest jump in employment growth for September.
In September, Kentucky reported August 2022 General Fund receipts hit an unprecedented high for any August on record, marking 21 straight months of growing revenues for the state. September was also the third highest revenue month on record with more than $1.4 billion reported, marking the seventh month this year with collections topping $1 billion.
And from September 2021 to September 2022, Kentucky added 81,700 new jobs. Except for a four-month recovery period after the initial COVID-19 shock, this is the largest number of new jobs added in 20 years.
For more information on Prysmian Group, visit na.prysmiangroup.com.
A detailed community profile for Campbell County can be viewed here.
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.