FRANKFORT, Ky. (Dec. 12, 2024) – Today, Gov. Andy Beshear announced further investment in Kentucky’s build-ready, job-ready site development efforts as projects in Bell and Shelby counties, as well as a regional project in Franklin and Anderson counties, were approved for $8 million in state funding to prompt future investment and job creation.
“In order to continue putting the commonwealth and its communities in the best position to succeed in the future, we must remain proactive in our site development and speed-to-market initiatives,” said Gov. Beshear. “Collaboration with local communities is paving the way for our long-term success, attracting businesses that will generate quality job opportunities for Kentuckians across the state. I am thrilled to see further investment into these sites and communities and look forward to seeing the positive impact these upgrades provide.”
The funding is through the Kentucky Product Development Initiative (KPDI), which is overseen by the Cabinet for Economic Development. The initiative provides funding for local communities statewide to increase investment in site and building upgrades to attract future job creation and economic growth.
The Bell County Fiscal Court, on behalf of the Bell County Economic Development Foundation, is planning site preparation and earthwork for the Flash SteelWorks site in Middlesboro. The $6.1 million project was approved for $2 million in state funding.
The Shelby County Fiscal Court, on behalf of the Shelby County Industrial and Development Foundation, is acquiring 65 acres, extending infrastructure and building access roads at 1198 Joyes Station Rd. The project will include $11.4 million in upgrades, with $2 million granted in state support.
The Franklin County Fiscal Court, on behalf of the Keaton Lane Industrial Development Authority, is seeking to acquire the site and perform due diligence and road and infrastructure improvements for the creation of the Keaton Lane Industrial Park. This is a regional project with support from Franklin and Anderson counties. The $8 million project was approved for $4 million in state funding.
Terri Bradshaw, president and CEO of the Kentucky Association for Economic Development (KAED), noted the impact the program has on the state’s future economy: “KPDI allows us to identify and develop sites as a critical function of our ability to recruit new industry and jobs. We must have product to sell, and this program ensures that. By enabling proactive site improvements that will minimize risk to future investment projects, these KPDI grants will directly improve Kentucky’s ability to compete for economic development projects on a national scale.”
Round 1 of the program concluded in December 2023, with 53 projects statewide approved for $31.2 million in funding. Including local contributions, these projects are generating over $123 million in investments in Kentucky’s sites and buildings portfolio.
To date, Round 2 of the program has seen over $51 million in state support approved for 36 projects throughout the state. Including local contributions, these projects are generating over $380 million in investments in Kentucky’s sites and buildings portfolio.
In December 2023, Gov. Beshear announced 46 site and building development projects in 45 counties advanced to the due diligence stage of Round 2 for further review, with $68.8 million available to support the projects.
In January, Gov. Beshear announced the first location to receive approval in the second round of the program, with nearly $2 million allocated to support site development in Campbell County.
In February, Gov. Beshear highlighted site and building development projects across 13 counties. Over $15 million in state funding was awarded to support projects in Clark, Clinton, Graves, Green, LaRue, Laurel, Logan, Montgomery, Nelson, Pulaski, Scott, Wayne and Webster counties.
In March, the Governor recognized projects in two counties. Over $2.3 million in state support was approved for projects in Breckinridge and Pike counties.
In April, Gov. Beshear announced three site and building development projects across Fulton, Hickman and Hopkins counties were approved for nearly $2.6 million in state support.
In May, Gov. Beshear highlighted projects across five counties. Over $5.7 million in state funding was approved for projects in Clay, Garrard, Harrison, Jessamine and Woodford counties.
In June, the Governor announced projects in two counties. Nearly $2.4 million in state funding was approved for projects in Adair and Boone counties.
In July, Gov. Beshear announced more than $1.1 million in state support, with a project in Rowan County and a regional project in Rockcastle County with support from Garrard and Lincoln counties.
In August, the Governor recognized a $222,500 project in Ohio County.
In September, Gov. Beshear announced $2 million in state support for a project in Lyon County.
In October, Gov. Beshear highlighted three projects in Caldwell, Floyd and Perry counties that were approved for $10.2 million in state support.
During the 2022 legislative session, Gov. Beshear and the Kentucky General Assembly approved $100 million in funding for the initiative.
Site and building development projects are first evaluated by an independent consultant based upon all facets a prospective company would consider, from workforce availability, access to all infrastructure and detailed information on costs associated with development. In turn, these projects will generate increased economic development opportunities and job creation for Kentucky residents. The initiative furthers the efforts of the pilot PDI program, which provided nearly $7 million in state funding for 20 site development projects statewide. Companies have announced economic development projects at 10 of the locations funded during the pilot PDI program, projecting $4 billion of capital investment and 3,500 new, full-time jobs.
This investment in site development builds on the best four-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling nearly $35 billion in announced investments, creating roughly 58,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history and $13.5 billion more than the next highest total.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; Shelbyville Battery Manufacturing’s $712 million investment, creating 1,572 jobs in Shelby County; and INFAC North America’s $53 million investment in Taylor County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings, S&P Global Ratings and Moody’s Investors Service.
In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central region for economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear announced a Supply Kentucky initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies. And last month, the Governor announced a new initiative, called New Kentucky Home, to increase economic investment, attain and attract talent, and increase tourism across the state.
For more information on KPDI, visit kpdi.ky.gov.
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