Gov. Beshear Taking International Economic Development Trip To Bring New Jobs to Kentucky
Kentucky group to meet with existing, prospective companies in Japan, Korea
FRANKFORT, Ky. (July 5, 2024) – Today, Gov. Andy Beshear announced that he is taking an economic development trip to bring new jobs to the state by traveling late next week to Japan and the Republic of Korea, where he will meet with leaders at existing Kentucky companies as well as businesses considering future investment in the United States.
The visit comes after the Governor’s record-breaking first term, which included the highest private-sector investment figure of any administration in state history. Since the start of Gov. Beshear’s administration, 88 projects have been announced by companies based in Asia, representing nearly $13 billion investment and 13,000 new jobs.
Kentucky has nearly 540 internationally owned operations that employ more than 117,000 people statewide. The commonwealth is home to 200 Japanese-owned facilities that employ 47,000 people and seven Korean-owned facilities that employ 1,200 people.
“There is no better place to do business in the United States than right here in Kentucky, and this visit will allow us to share that message directly with business leaders in Japan and Korea,” Gov. Beshear said. “We look forward to meeting with existing employers and developing new relationships that will bring good jobs to the commonwealth.”
The Governor will be joined by First Lady Britainy Beshear, Cabinet for Economic Development Secretary Jeff Noel, Transportation Cabinet Secretary Jim Gray and other members of the executive branch as Team Kentucky meets with companies and trade organizations to determine future investment and job-creation opportunities in the state.
The Kentucky delegation will meet with the Keidanren Committee on U.S. Affairs along with several existing Kentucky employers and potential prospects.
Gov. Beshear and Secretary Gray will also be meeting with the National Police Agency of the Republic of Korea to sign a Driver’s License Reciprocity Agreement. This agreement allows employees relocating to the United States for an extended period to have effective transportation to jobs and to ease their transition to the United States.
Team Kentucky’s economic development mission to Asia 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 more than 54,700 jobs.
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.
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.
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Gov. Beshear: Kentucky, Local Communities Again Place High for Job and Economic Growth by Industry Publications
Latest recognition reflects continued momentum as the commonwealth emerges as a national economic leader
FRANKFORT, Ky. (July 9, 2024) – Today, Gov. Andy Beshear announced further recognition of the commonwealth’s economic momentum as Kentucky and several of its communities have been highlighted by major economic development publications as national leaders for job growth and business development.
“Kentucky’s surging economy is a result of the efforts by each individual community, city, county and region working together for the immediate and long-term success of the commonwealth. That’s what Team Kentucky is all about,” said Gov. Beshear. “These rankings and recognitions are well-deserved and further establish our state as a prime location for companies to locate, expand and find success.”
Business Facilities magazine ranked Kentucky in the top 10 of three industry categories, including Food Processing, Automotive and EV Investment.
Kentucky is home to more than 430 food and beverage production facilities that employ over 58,000 people statewide. Since the start of the administration, the industry has seen over $6.3 billion in announced investments supporting nearly 7,000 new jobs.
The commonwealth’s automotive sector includes more than 550 operations that employ over 103,000 Kentuckians. Automakers and suppliers have announced over $14.3 billion in new investments since the start of the administration, with more than 15,700 jobs being created. Electric vehicle growth has been a major contributor to that success, with over $11.7 billion in announced investments for EV-related projects supporting more than 10,280 new jobs.
The publication also recognized various Kentucky communities in its recently released 20th annual Metro Rankings Report. Lexington placed in the top 10 for Best Business Climate of large metros while the Cincinnati/Northern Kentucky region ranked in the top 10 for Best Business Climate of mid-size metros. The Cincinnati/Northern Kentucky region was also recognized by Business Facilities as a Tech Talent Leader among communities with a small labor pool (less than 50,000), placing fourth in their top 15 list.
Business Facilities also recognized Louisville and the Cincinnati/Northern Kentucky region in their 2024 Metro Rankings for Manufacturing Hubs and Logistics Leaders. Cincinnati/Northern Kentucky placed in the top 10 of the publication’s small manufacturing hubs list, while Louisville was recognized in the top 3 for the Logistics Leaders category, which evaluates existing infrastructure and strategic location, as well as recent and planned improvements in a region.
Northern Kentucky’s growing manufacturing presence includes Matrix Pack North America, which last year announced a $47.9 million investment creating 144 jobs, and Safran Landing Systems Kentucky, which recently moved forward with a $65 million expansion creating 92 jobs.
Louisville’s ideal geographic location and infrastructure factored into its strong ranking in logistics, as well as the presence of the UPS Worldport and FedEx Ground hub. In late 2022, UPS announced a $155 million investment creating 315 well-paying jobs in Jefferson County to establish a new facility to boost the supply chain within the health care sector.
Site Selection magazine released its 2024 rankings of America’s Best Counties, with four of the commonwealth’s communities placing on the list. Allen, Carroll, Ohio and Simpson counties each placed in the top 20 based on points per capita. Ohio County landed in the top 10, along with Carroll County which was near the top of the list in fourth. Each ranking was based on the number of projects between January 2023 and March 2024, capital investment and jobs created according to project data resident in Site Selection’s Conway Projects Database.
In 2023, North American Stainless announced a $244 million expansion creating 70 jobs at the company’s existing operation in Carroll County. The expansion of NEO Industries Inc. in Ohio County contributed to the community’s ranking, as the project will create 20 jobs behind a $12.4 million investment.
Belmark Inc. will invest nearly $99 million and create 159 jobs at a new flexible packaging plant in Allen County, while LioChem eMaterials LLC announced plans to invest $104.4 million and create 141 jobs in Simpson County to produce a liquid dispersion of carbon nanotubes for use in EV batteries.
Additionally, Site Selection recognized the Cincinnati/Northern Kentucky region on its list of top 10 U.S. Metro Areas in the 2024 Sustainability Rankings. This list recognizes the top U.S. metros cultivating the most fertile environment for a sustainable economy, factoring in everything from green building square footage per capita to manufacturing of renewable energy products and a territory’s number of sustainability-oriented incentives and policies.
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.
In 2023, Site Selection ranked four Kentucky counties on its America’s Best Counties list, with Todd, Union, Shelby and Simpson counties each placing in the top 20 based on projects announced per capita.
Kentucky’s continued economic development success 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 more than 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.
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 the full 2024 rankings of from Site Selection and more information on methodology, visit SiteSelection.com.
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.
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Gov. Beshear Provides Team Kentucky Update
FRANKFORT, Ky. (July 11, 2024) – Today, Gov. Andy Beshear provided an update on economic development; a successful statewide drug seizure operation; Recovery Ready Communities; sports betting; additional social workers; the new executive director of the Governor’s Scholars Program; new housing for tornado and flood survivors; the completion of a major waterline replacement project; and severe weather. He also named First Lady Britainy Beshear, whose birthday is today, as this week’s Team Kentucky All-Star.
“We have a lot of good news today. Our economy continues to be on fire,” Gov. Beshear said. “New, exciting projects keep coming to Kentucky, and we’re just getting started.”
Kentucky Communities Recognized for Job Growth and Business Development
The Governor said that, this week, two industry publications – Business Facilities magazine and Site Selection magazine – highlighted several Kentucky communities for job growth and business development.
“Thanks to Site Selection magazine for seeing our hard work and the hard work the Governor has put in,” said Jason Chinn, executive director of the Ohio County Economic Development Alliance. “Without your leadership, Andy, we wouldn’t be in this position. I’m glad that your focus hasn’t been solely on the Golden Triangle. You see the value in stepping outside of that area both east and west. We look forward to seeing you in Ohio County.”
“For Site Selection magazine to recognize Carroll County as No. 4 on the list of America’s Best Counties per capita is a testament of our hard work and dedication to provide our residents with quality, high-paying jobs,” Carroll County Judge/Executive David Wilhoite said. “We would like to express our gratitude to Gov. Beshear for his continued support.”
“Allen County is truly honored to be recognized as one of the top 20 counties in the nation by Site Selection magazine,” said Allen County Judge/Executive Dennis Harper. “We are the birthplace of the Dollar General Corp. We have numerous quality-of-life projects ongoing including a new skate park, community center and more. Once again, we are truly honored.”
“This is a big accomplishment in a small community to be ranked in the top 20 in the nation for economic development performance,” said Simpson County Judge/Executive Mason Barnes. “It’s made possible by good teamwork here locally, and Gov. Beshear and his team, with Rocky Adkins and the Cabinet for Economic Development – they do a tremendous job working with local communities to make sure we have the tools and resources we need to be successful.”
Since the beginning of Gov. Beshear’s administration, he has announced more than 1,000 private-sector new-location and expansion projects totaling nearly $32 billion in investments and creating more than 54,700 jobs.
On June 18, the Governor announced continued economic growth in Jefferson County as JQOL Global, a certified Minority Business Enterprise and full-service civil engineering firm, plans to locate a new facility in Louisville, creating 113 full-time Kentucky jobs with a $6.4 million investment.
On June 27, Gov. Beshear highlighted further momentum within the state’s health care industry as Thermo Fisher Scientific announced plans to locate a new lab operation in Covington, investing nearly $48 million and creating 69 additional Kentucky jobs.
The same day, Gov. Beshear announced new investment in Muhlenberg County as Brewco Marketing Group plans to invest over $1.26 million and create 18 full-time jobs with an expansion at the company’s existing operation in Central City.
Last week, Gov. Beshear joined local officials and company leadership at Eastern Light Distilling for the groundbreaking of its new $143.7 million Morehead distillery, a project that is creating 50 new full-time positions.
Yesterday, the Governor joined local officials and company leaders at Belmark, a manufacturer of printed pressure-sensitive labels, flexible packaging and folding cartons, as the company broke ground on its new $99 million manufacturing facility in Allen County creating 159 well-paying, Kentucky jobs.
On June 27, Gov. 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.
Fiscal Year 2024 is Fourth Consecutive Year With $1 Billion Surplus
Today, John Hicks, the state budget director and secretary of the executive cabinet, released the state’s fiscal year 2024 revenue report. The report shows General Fund receipts increased 2.8%; and Road Fund receipts increased 6.9%. The Governor said once the fiscal year’s accounting records are closed later this month, the 2024 fiscal year will be the fourth consecutive year with a surplus over $1 billion.
“We saw these gains at the same time when the individual income tax was lowered. We’re also seeing increasing wages and salaries across the state,” the Governor said. “All of this great economic news is bringing real results here in Kentucky.”
Governor To Visit Japan, Republic of Korea Promoting Economic Development
This weekend, Gov. Beshear will begin an economic development trip to bring new jobs to the state, traveling to Japan and the Republic of Korea, where he will meet with leaders at existing Kentucky companies as well as businesses considering future investment in the United States.
The visit comes after the Governor’s record-breaking first term, which included the highest private-sector investment figure of any administration in state history. Kentucky has nearly 540 internationally owned operations that employ more than 117,000 people statewide. The commonwealth is home to 200 Japanese-owned facilities that employ 47,000 people and seven Korean-owned facilities that employ 1,200 people.
Kentucky State Police Arrests 206 in Statewide Drug Operation
Today, Gov. Beshear announced the successful launch of a statewide drug operation by the Kentucky State Police (KSP) following a three-month investigation into suspected drug trafficking rings.
All 16 KSP posts participated in Operation Summer Heat, and preliminary results indicate 206 arrests and 490 charges issued and combined seizure of 554 grams of fentanyl, 2,931 fentanyl pills and many other dangerous drugs. The street value of the illicit drugs seized is approximately $684,953.50. Click here to read more.
“This operation is a testament to the hard work of our detectives and post-level personnel, who are dedicated to keeping Kentuckians safe from the dangers of illegal drugs,” said KSP Commissioner Phillip Burnett Jr. “This was an opportunity to remove deadly narcotics from our local communities and the money that drives this criminal activity.”
Recovery Ready Communities
Today, Gov. Beshear announced that Breathitt, Jessamine, Lee and Nelson counties have been certified as Recovery Ready Communities as they have established addiction services for 122,258 Kentuckians who call these counties home with peer support services, mental health treatment, addiction treatment, employment services and a stigma-free environment to reach recovery.
“Substance-use disorder is the largest public health issue that we are facing today in Eastern Kentucky and in many parts of our commonwealth,” said Scott Lockard, public health director for the Kentucky River District Health Department. “These great economic development announcements are fabulous, but each one of those facilities need people to work in them. That’s why second chance employment is huge. Our motto is that we meet people where they are, but we do not leave them there.”
Sports Betting Update
The Governor said just 10 months since he placed the state’s first sports bet, sports wagering revenue is beating all predictions and sports wagering continues to be an entertainment source Kentuckians enjoy. Preliminary numbers indicate that over $37.2 million has been collected by treasury from sports wagering taxes and licensing fees. Over $34.8 million goes directly to the Kentucky permanent pension fund. Additionally, over $930,000 goes to the problem gambling fund to educate Kentuckians on safe gambling practices, risk factors and services to reduce the consequences of problem gambling.
“By supporting pensions, money is freed up in the General Fund,” the Governor said. “That is money that can be used to help build a better Kentucky and that’s a win-win for the whole state.”
These numbers are self-reported by the licensees. Final numbers are reported by the new Kentucky Horse Racing and Gaming Corporation.
230 Additional Social Workers Now Serving Kentucky Families
The Governor said over the past 18 months, a net gain of 230 social workers have been onboarded to serve Kentucky families.
In December 2021, the Governor announced an immediate 10% raise for all social workers and family support staff. And over the last two years, his administration secured both an 8% and 6% pay increase for our state employees, after years of no increases, and two more pay raises for state employees in this current budget.
The Beshear administration has also expedited the hiring process for social workers, established partnerships with state universities to hire paid interns; supported a hybrid work schedule and boosted pay by $5 an hour for those who work outside their normal schedule and more.
Governor’s Scholars Program Names New Executive Director
Kentucky’s esteemed Governor’s Scholars Program (GSP) will welcome a new leader following the close of this summer’s ongoing sessions at Centre College, Morehead State University and Murray State University, Gov. Beshear announced today. Dr. Jennifer Price of Georgetown, a 20-year veteran of the program and GSP Class of 1992 alumna, has been selected by the GSP board of directors to succeed long-serving Executive Director Dr. Aris Cedeño.
Gov. Beshear Announces $9.5 Million To Build 128 Homes in Warren County
Today, Gov. Beshear announced $9.5 million to build 126 affordable single-family homes and two duplexes in Warren County and Bowling Green. The funding comes from Kentucky’s 2021 Disaster Recovery Program.
Bowling Green, partnering with Habitat for Humanity Bowling Green/Warren County, will use $5 million to build 116 single-family homes to be sold to income-eligible tornado survivors. The Warren County Fiscal Court, partnering with Live the Dream Development Inc., will use $4,562,376 to build 10 single-family homes and two duplexes for income-eligible tornado survivors.
New Hope Estates Update
Today, Gov. Beshear announced that starting next week, Fahe will begin taking applications for eligible homeowners for New Hope Estates in Prestonsburg. The kickoff event will be Thursday, July 18. Kentuckians impacted by the floods of 2021 or 2022, are encouraged to visit housingcantwait.org and fill out an interest questionnaire.
“On behalf of all of Eastern Kentucky and the impacted families, we want to thank you, Governor, for your support. You and your staff have really stepped up,” said Floyd County Judge/Executive Robbie Williams. “This new partnership with Fahe takes a burden off of us and helps us get folks back into quality, affordable housing as quickly as possible.”
“Fahe is very excited to be partnering on the New Hope Estates development,” said Jacob Wolfe, Fahe’s director of disaster resilience. “We know there is an incredible opportunity for the residents of Floyd County and Eastern Kentucky to get connected to much needed disaster recovery housing.”
Waterline Replacement Benefits 1,500 Kentuckians in Floyd and Knott Counties
Today, the Governor announced that a $1.5 million federal Abandoned Mine Land Economic Revitalization (AMLER) project to replace nearly 20,000 feet of existing waterlines with new PVC-and-iron lines from Lackey to the city of Wayland has been completed. The new line not only provides clean water to our Kentucky families hit hard by the devastating floods, but its location is also out of the flood-prone areas. This means that about 1,500 customers will now get reliable, high-pressure water when they turn on the tap. With the completion of this project, Southern Water and Sewer District will also be able to make a connection with Knott County Water and Sewer District to use in case of emergencies.
Update on Severe Weather
Over the 4th of July holiday, an EF-1 tornado hit Jefferson County, with peak winds of 95 mph.
On Friday, July 5, the Governor joined leadership from Kentucky Emergency Management to visit the impacted area and speak with survivors and responders working in the area.
Tuesday night, at least one tornado touched down in Union County in Western Kentucky, and the Governor said he anticipates other tornadoes will be confirmed in the area. The damage mostly impacted agricultural areas, and one home has reported damage.
The Small Business Administration is now offering disaster assistance for businesses, homeowners, renters and nonprofit organizations affected by the severe storms and tornadoes that occurred on March 14 and 15, 2024. The declaration covers Trimble, Carroll, Henry and Oldham counties. The deadline for the physical property damage applications is Aug. 26. Survivors can find more information at sba.gov/disaster.
As of yesterday afternoon, FEMA had dispersed over $1.3 million in Individual Assistance funds to 902 Kentucky survivors in the 11 counties impacted by severe storms beginning of April. Residents of Boyd, Carter, Fayette, Greenup, Henry, Jefferson, Jessamine, Mason, Oldham, Union and Whitley counties have until July 22 to apply for federal disaster assistance. Survivors can get more information at DisasterAssistance.gov.
While the State of Emergency for severe weather during late May has not received a Federal Disaster Declaration, Kentucky Emergency Management is working closely with FEMA to assess the damage and direct survivors toward resources that can assist at this time. If you experienced damage or hardship due to the storms surrounding the Memorial Day incident, please contact your local emergency manager. Continue to document the damage by taking photos and keeping all receipts for purchases related to the cleanup and repairs. Your report will assist in the preliminary disaster assessment.
Team Kentucky All Star
Today, Gov. Beshear wished First Lady Britainy Beshear a happy birthday and recognized her as this week’s Team Kentucky All Star.
“This is my life partner – my partner in everything I do, including this job,” the Governor said. “She provided me the two greatest gifts in life I could ever ask for, our kids, Will and Lila. She is Winnie’s favorite parent by far! We’ve been together for just over 20 years. Her kindness is something amazing to see every day. I’m so proud of her and everything that she does for Team Kentucky.”
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