FRANKFORT, Ky. (Jan. 26, 2023) – Today, Gov. Andy Beshear announced leaders at Carter Lumber Co., one of the nation’s largest lumberyard businesses, will expand its presence in Bowling Green with an $8.1 million investment creating 86 quality jobs. The new construction is part of the company’s rebuilding efforts following the devasting tornadoes that impacted much of Western Kentucky in December 2021.
“Kentucky is home to some of the strongest and most resilient people anywhere,” said Gov. Beshear. “While we are still healing from the damage of the 2021 tornadoes, we are building back stronger than ever. This commitment from Carter Lumber to not just rebuild, but to expand their business under these circumstances is a testament to the spirit of the commonwealth and what makes Kentucky so special. I am looking forward to Carter Lumber’s continued success in Bowling Green.”
The new facility will feature state-of-the-art technology and equipment that will allow Carter Lumber to better serve customers who rely on the services provided at the lumberyard in northern Warren County.
The location will allow for added manufacturing capabilities of roof and ﬂoor trusses, wall panels and carry engineered wood products. The company’s door and mill building will be upgraded with a larger, 1,200-amp electrical service and an additional 22-foot-wide warehouse door to go along with an added concrete approach driveway. At the truss building, 16,800 square feet of additional concrete will be added along with two new 18-foot warehouse doors as well as new openings for exit and feed rollers for improved truss production. The new facility is expected to be completed by the end of 2023 and will be located in the Kentucky Transpark.
“We are proud to be a part of the Bowling Green community and are committed to helping it recover and thrive,” said Jeff Donley, president of Carter Lumber. “This new facility is just one way we can contribute to the rebuilding efforts and ensure the growth of our Carter Lumber operations and the many builders we service in the area to rebuild stronger and better than before.”
Founded in 1932 in Akron, Ohio, private and family-owned Carter Lumber is the United States’ fourth largest professionally focused lumber and building material supplier. The company primarily services professional builders through its more than 170 locations across 13 states. Carter Lumber operates under four uniquely branded divisions: Carter Lumber, Holmes Lumber Co., Kight Home Center and Kempsville Building Materials.
Carter Lumber’s investment adds to Kentucky’s impressive manufacturing presence, which includes 5,000 facilities that employ around 250,000 residents. According to the National Association of Manufacturers, over 13% of the commonwealth’s workforce is in manufacturing, well above the national average of 8.5%.
Warren County Judge/Executive Doug Gorman is thrilled to see the economic impact the investment has on the community as they continue to rebuild from the 2021 tornadoes.
“It's great to see businesses in our area pick themselves back up and rebuild after the tornadoes,” said Judge Gorman. “This investment is huge for our community as it will help rebuild and establish for future growth.”
Bowling Green Mayor Todd Alcott congratulated the company on the expansion and growth in the area.
“We celebrate with Carter Lumber on this new facility expansion,” said Mayor Alcott. “It’s always a good day when we celebrate the continued growth of companies in our community.”
Bowling Green Area Chamber of Commerce President and CEO Ron Bunch looks forward to the company’s continued success in the Bowling Green area.
“Carter Lumber is an essential part of our region’s diverse economy and future,” said Bunch. “We are grateful for their commitment to our community and look forward to their ongoing success.”
Carter Lumber’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.
Since the beginning of his administration, Gov. Beshear has announced the creation of over 42,000 full-time jobs and more than 800 private-sector new-location and expansion projects totaling $24 billion in announced investments.
With the books closed on 2022, the Governor has now secured the best two-year period in state history for economic growth.
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.
That momentum continued strongly into 2022 with 248 new-location and expansion announcements totaling 16,000 full-time jobs behind nearly $10.5 billion in new investment.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 was $26.78 before benefits, the second-highest mark since 2010 and an 11.5% increase over the previous year.
Gov. Beshear 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 2022, the Governor was joined by leadership at Envision AESC to announce a $2 billion investment that will create 2,000 jobs at a new EV battery gigafactory, which also is being built at Kentucky Transpark 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.
Gov. Beshear’s administration is projected to post the four highest years of budget surpluses in Kentucky history, and the state’s rainy-day fund has a record balance of $2.7 billion.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) on Thursday preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $750,000 in tax incentives based on the company’s investment of $8.1 million and annual targets of:
- Creation and maintenance of 86 Kentucky-resident, full-time jobs across 10 years; and
- Paying an average hourly wage of $33 including benefits across those jobs.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, Carter Lumber can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
For more information on Carter Lumber, visit carterlumber.com.
A detailed community profile for Warren 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.