Projects are part of Round 2 of the Kentucky Product Development Initiative.
FRANKFORT, Ky. (June 27, 2024) – Today, Gov. Andy Beshear highlighted nearly $2.4 million in state funding to support site and building development projects in Adair and Boone counties for future job growth through the Kentucky Product Development Initiative (KPDI).
“The Kentucky Product Development Initiative is paving the way for the commonwealth’s long-term economic success,” said Gov. Beshear. “I am thrilled to see Round 2 of the program provide support for Adair and Boone counties, which will fund critical site and building upgrades and improvements. These sites will attract quality businesses, which in turn will help these communities grow and thrive.”
The initiative, overseen by the Cabinet for Economic Development, provides funding for local communities to further invest in site and building upgrades to support future, well-paying jobs and economic growth across Kentucky.
The Adair County Fiscal Court, in partnership with the Columbia-Adair County Economic Development Authority, will make general infrastructure improvements, including paving and entrance construction at the Green River Commerce Park.
The Boone County Fiscal Court, along with the Kenton County Airport Board, will develop CVG Site 7 at the Cincinnati/Northern Kentucky International Airport, an ideal site for attracting and accommodating future industrial and manufacturing companies.
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. And to-date, Round 2 of the program has seen almost $29.9 million in state funding.
In December, 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.
And 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.
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.
Investment in site development throughout Kentucky 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 $32 billion in announced investments, creating approximately 54,700 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.
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; 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 and S&P Global Ratings, and Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.
In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central 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 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.
For more information on KPDI, visit kpdi.ky.gov.
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.
(Crystal Staley – Office Of Gov. Andy Beshear)