Gov. Beshear Provides Team Kentucky Update
FRANKFORT, Ky. (Sept. 4, 2025) – Today, Gov. Andy Beshear provided updates on economic development, revenue estimates, steps taken to restore AmeriCorps grant funding, new EV charging stations, recovery housing for those struggling with addiction and new homes for tornado survivors. Dr. Steven Stack, secretary of the Cabinet for Health and Family Services, joined the Governor to provide an update on the Our Healthy Kentucky Home initiative. The Governor named Good Samaritans in Muhlenberg County this week’s Team Kentucky All-Stars.
Economic Development
Gov. Beshear highlighted new and exciting momentum in the state’s technology sector as Caza Innovations, a high-growth research and technology firm specializing in commercial applications of advanced materials, biotechnology and data systems, announced plans to relocate its corporate headquarters to Bowling Green and launch a strategic research and development partnership with Western Kentucky University. The nearly $270,000 investment will create 15 high-wage Kentucky jobs.
The Governor announced over $700,000 in state funding was approved to support site and building development projects in Breckinridge, Washington, Kenton and Todd counties.
Consensus Forecasting Group To Meet on Revenue Estimates
Gov. Beshear updated Kentuckians on a projected shortfall in state revenue this year. The Governor said there are two reasons for this projected shortfall. First, federal tariffs are directly impacting spending and economic activity. Second, the income tax rate reduction cut $359 million for this fiscal year, representing one-half of the annual value. The rate cut is effective January 2026. With this in mind, the Governor asked State Budget Director John Hicks to convene the Consensus Forecasting Group on Sept. 16 to make an official revision in the current year’s revenue estimates for both the General Fund and the Road Fund.
“Since I took office, I have been committed to making Kentucky fiscally responsible, and that means balancing a budget. Together, we’ve celebrated the three largest budget surpluses in Kentucky’s history,” said Gov. Beshear. “I’ve been receiving regular updates on our revenues and our projections for this year, and there is concern there will be a shortfall in total revenue collected. Some of this may be due to uncertainty surrounding federal tariffs and the choice we made to cut Kentucky’s income tax rate. That was a choice we made in order to keep more money in the pockets of Kentuckians during tough and uncertain times. The Consensus Forecasting Group will let us know if we will have a shortfall, and if so, we can begin taking steps to address it.”
AmeriCorps Grant Funding Restored
The Governor recapped his announcement that he, Pennsylvania Gov. Josh Shapiro, 22 state attorneys general and the District of Columbia successfully secured all of the AmeriCorps funding the Trump administration tried to halt in dismantling the nation’s public service agency. The win will restore the rest of the more than $9 million in funds appropriated by Congress to support Kentucky’s AmeriCorps service commission, Serve Kentucky, which focuses on housing development, the fight against hunger, family support, education, disaster relief and more.
EV Charging Stations
The Governor provided an update on another program for which he is fighting to ensure Kentucky receives the funding it was promised. Kentucky was appropriated more $69 million by Congress through the National Electric Vehicle Infrastructure (NEVI) program to build a network of EV charging stations across the commonwealth. The Trump administration is threatening $32 million of these funds. On Aug. 6, the Governor announced he was joining 19 other states and the District of Columbia to challenge the Trump administration over its unlawful decision to freeze funding for NEVI.
Despite this unlawful freeze, Kentucky is still moving forward with its plan to build reliable charging stations for travelers. Last week, two new stations opened at Love’s Travel Stops in Grayson and Sparta. This brings the total number of stations to five, with previously announced stations in Richmond, Berea and Hazard. Eventually, Kentucky will have 46 stations supporting long-distance travel for EV drivers.
“We’re going to keep fighting for these funds – and we’re going to see through this promise to ensure our EV infrastructure is strong,” said Gov. Beshear.
Our Healthy Kentucky Home
Dr. Stack provided an update on Our Healthy Kentucky Home, a one-year initiative to promote simple, positive and attainable goals to inspire and motivate Kentuckians on a journey to health and wellness. For August, the initiative is focusing on fighting obesity in the commonwealth. Along with diet, regular physical activity is essential for maintaining a healthy weight and can help reduce the risk of obesity-related conditions such as heart disease, stroke and Type 2 diabetes. To learn how to create a healthy meal plan that works for you, visit myplate.gov. Make a goal to exercise at least 30 minutes, three times per week. Dr. Stack also highlighted the importance of surrounding yourself with supportive friends and family to help you stay accountable and maintain a healthy lifestyle.
Recovery Housing Program
The Governor provided an update on Kentucky’s Recovery Housing Program. In 2023, Team Kentucky awarded over $300,000 in funding from this program to The Haven Ministries, operating a recovery home in the Portland neighborhood of West Louisville. Esther Lyon Blankenship, executive director of The Haven Ministries, shared how this funding has supported women who are recovering from addiction. The Governor shared this update ahead of tomorrow’s Recovery Rally, where he will present a proclamation declaring September to be “Recovery Month” in the commonwealth.
Two New Homes for Western Kentucky Tornado Survivors
On Tuesday, Gov. Beshear joined local officials and representatives from The Hope Initiative to present two families keys to new homes in Princeton and Mayfield following the 2021 tornadoes. The homes dedicated in Princeton and Mayfield were constructed by The Hope Initiative, a nonprofit partner that has helped construct 55 new homes for tornado survivors. Funding was made available through the Team Western Kentucky Tornado Relief Fund, which has committed over $23.1 million to help build 250 homes for tornado survivors in the region.
Team Kentucky All-Stars
The Governor named Good Samaritans in Muhlenberg County, who gifted a veteran a new bike, as this week’s Team Kentucky All-Stars. Scott Johnson, a veteran, was traveling across the country by motorized bike when his bike broke down in Muhlenberg County. Crystal Chappell gathered the community and facilitated 29 donors, raising over $1,000 dollars to buy Scott a brand-new bike.
“This is truly what Team Kentucky is all about: our communities, our neighbors, taking care of each other and being kind,” said Gov. Beshear. “And especially taking care of our veterans, who have sacrificed so much to keep us safe. So, thank you to Crystal and everyone in Muhlenberg County who pitched in to make this happen. You are this week’s Team Kentucky All-Stars. And Scott, we wish you all the best as you continue your journey.”
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Gov. Beshear: Over $700,000 Approved To Boost Site and Building Development, Support Job Growth in 4 Counties
Projects are part of latest round of the Kentucky Product Development Initiative of 2024
FRANKFORT, Ky. (Sept. 4, 2025) – Today, Gov. Andy Beshear announced exciting new momentum within Kentucky’s speed-to-market initiative, as over $700,000 in state funding was approved to support site and building development projects in Breckinridge, Washington, Kenton and Todd counties.
“The commonwealth’s commitment to its site and building development initiatives is setting up our communities for future investment and job opportunities,” said Gov. Beshear. “When companies are looking for their next location to grow or relocate, we want them to know Kentucky has the space, resources and workforce available. The KPDI program is critical to the commonwealth’s long-term success, and I am excited to see this next group of projects moving forward.”
The Kentucky Product Development Initiative, or KPDI, provides funding for local communities to boost investment in site and building upgrades to support future, well-paying jobs and economic growth across the commonwealth. This month’s approvals include five projects across four counties.
The Breckinridge County Fiscal Court, on behalf of the Breckinridge County United Inc., is planning to use KPDI funds to extend a waterline 1,150 feet to the Irvington Industrial Park.
Springfield/Washington County Economic Development Authority Inc. is planning to develop a 20-acre site into a shovel-ready site. The authority plans to extend existing infrastructure and roadway further into the site, so the entire property has access to natural gas, water and a paved access road. The site upgrades will also include work to add a sewer pump station.
The Springfield/Washington County Economic Development Authority Inc. (SWEDA) is also pursuing a due diligence study on 25 acres that adjoins 32 acres currently owned by SWEDA. This study will allow SWEDA to take the necessary steps to ensure that this additional land is a worthwhile investment, which could lead to property acquisition creating a nearly 60-acre future industrial site location along U.S. Highway 150 in Washington County.
The city of Erlanger in Kenton County is seeking funding to support critical site preparation for the redevelopment of a key corridor to Eons Adventure Park. This area, situated just outside its Tax Increment Financing (TIF) district, holds potential for economic revitalization and community enhancement. With strategic investment, this site will become a cornerstone for attracting high-value businesses for fostering long-term growth.
The Todd County Fiscal Court, on behalf of the Todd County Industrial Foundation, is performing due diligence studies on the Robertson Property adjacent to the John E. Walton Business Park.
Currently, $35 million is available for projects entering the due diligence stage in the latest round of KPDI. The projects have been reviewed by a third-party, independent site selection consultant, which evaluated, scored and submitted project recommendations to the Cabinet for Economic Development. The cabinet will consider each project and complete the final stage of due diligence for a recommendation of funding approval by the Kentucky Economic Development Finance Authority in the coming months. Projects across 25 counties are moving on to the due diligence stage, and the projects announced today are part of the third round of approvals.
The two rounds of the previous iteration of the initiative – the KPDI Program of 2022 – concluded earlier this year, with 90 projects statewide approved for over $85 million in funding. Including local contributions, these projects are generating over $512 million in investments in Kentucky’s sites and buildings portfolio.
To date, 48 companies have located on pilot PDI and KPDI funded sites, totaling over $5.7 billion in capital investment and creating over 7,300 new jobs.
The initiative is a collaboration between the Cabinet for Economic Development and the Kentucky Association for Economic Development (KAED). It provides state support for potential upgrades to sites and buildings across the commonwealth to ensure Kentucky remains a prime location for growing companies across all industry sectors.
Terri Bradshaw, president and CEO of KAED, highlighted the importance of the program: “KPDI is a critical tool that helps Kentucky stay competitive for transformative economic development projects that create lasting impact in our communities. I'm excited to see these funds warded to Breckinridge, Washington, Kenton and Todd counties, and I look forward to the progress and opportunity they will help unlock in the years ahead.”
To date, Gov. Beshear and the Kentucky General Assembly have approved up to $170 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.
Learn more about KPDI at kpdi.ky.gov.
Investment in site development throughout Kentucky builds on the best five-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,200 private-sector new-location and expansion projects totaling over $43 billion in announced investments, creating more than 63,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history and over $18 billion more than the next highest total.
The robust job creation has been accompanied by rising wages across the commonwealth. Since 2022, the average incentivized hourly wage has topped $26 in three 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; Ford Motor Co.’s $2 billion, 2,200 job commitment in Louisville; and Shelbyville Battery Manufacturing’s $712 million investment, creating 1,572 jobs in Shelby County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund. In 2023, Kentucky recorded over 2 million jobs filled for the first time ever and has stayed above that number ever since.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings, S&P Global Ratings and Moody’s Investors Service.
Earlier this year, Site Selection magazine ranked Kentucky in the top five nationally and second in the South Central region for economic development projects per capita in its 2024 Governor’s Cup rankings. Site Selection also placed Kentucky second in the South Central region and No. 6 nationally in its 2025 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear also announced a new initiative, called New Kentucky Home, to increase economic investment, attain and attract talent, and increase tourism across the state.
Information on Kentucky’s economic development efforts and programs is available at NewKentuckyHome.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: Caza Innovations To Relocate Corporate Headquarters to Bowling Green, Creating 15 High-Wage Jobs
Technology firm to launch strategic research and development partnership with WKU
FRANKFORT, Ky. (Sept. 4, 2025) – Today, Gov. Andy Beshear highlighted new and exciting momentum in the state’s technology sector as Caza Innovations, a high-growth research and technology firm specializing in commercial applications of advanced materials, biotechnology and data systems, announced plans to relocate its corporate headquarters to Bowling Green and launch a strategic research and development partnership with Western Kentucky University. The nearly $270,000 investment will create 15 high-wage Kentucky jobs.
“The continued growth of our technology industry through expansion and relocation projects is creating high-wage job opportunities for Kentuckians across the state,” said Gov. Beshear. “This project is a great example of what collaboration and strategic partnerships can create here in the commonwealth. I want to thank both Caza Innovations’ leaders for choosing us for their New Kentucky Home and Western Kentucky University for its forward-thinking commitment to their students.”
The project will see Caza Innovations relocate its corporate headquarters to Bowling Green and establish a presence in the commonwealth. The move also will allow the company to work with WKU on a multifaceted research and development partnership, which aligns with the university’s pursuit of R2 designation, which indicates high research achievement, and the region’s broader innovation economy strategy. The collaboration will focus on research, product development, commercialization initiatives and interdisciplinary student engagement. The 15 high-wage jobs created from the investment will include principal investigators and research positions.
“Caza is excited to put down roots in Bowling Green and collaborate with WKU’s world-class researchers and students,” said Dr. Kent Murphy, CEO of Caza Innovations. “We see enormous potential to unlock regional talent, accelerate product development and help shape the next generation of research-driven entrepreneurship.”
Caza Innovations is a high-impact research and development company advancing breakthrough technologies across multiple critical sectors. The company is built on a mission-driven model that identifies transformative opportunities, secures diversified funding and converts scientific discovery into scalable commercial ventures. Caza’s innovation portfolio includes artificial intelligence, health care and pharmaceuticals, alternative energy, telecommunications and data processing and emerging technologies, among others.
Dr. Timothy C. Caboni, president of Western Kentucky University, highlighted the company’s commitment to the community and school’s students: “This collaboration reflects the kind of future-focused partnership that defines WKU’s path forward. Caza Innovations’ decision to headquarter in Bowling Green – and to engage directly with our faculty and students – reinforces the value of our applied research mission and our region’s growing status as a destination for technology and talent. Together, we’re building the research enterprise and entrepreneurial ecosystem that will power Kentucky’s next economy.”
Warren County Judge/Executive Doug Gorman noted the benefits of the company’s partnership with WKU: “This partnership reinforces what we already know – WKU is a catalyst for the future of South Central Kentucky. Caza’s investment enhances the university’s research mission and further strengthens the high-tech talent pipeline critical to the commonwealth’s competitiveness.”
Bowling Green Mayor Todd Alcott is excited to see the long-term success of the project: “This is a win for our students, our economy and our commonwealth. It’s proof that strategic partnerships between education and innovation can unlock opportunity and drive long-term growth.”
Ron Bunch, President and CEO of the Bowling Green Area Chamber of Commerce, recognized the importance this investment will have on the region: “Caza Innovations’ relocation and partnership with WKU elevate Bowling Green’s profile as a magnet for innovation-driven enterprises. This is the kind of strategic alignment that transforms regions—not just by creating jobs, but by deepening our research capacity, entrepreneurial infrastructure and competitive edge.”
Caza Innovations’ investment and job creation build on the best five-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,200 private-sector new-location and expansion projects totaling $43 billion in announced investments, creating more than 63,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history and over $18 billion more than the next highest total.
The robust job creation has been accompanied by rising wages across the commonwealth. Since 2022, the average incentivized hourly wage has topped $26 in three 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; Ford Motor Co.’s $2 billion, 2,200 job commitment in Louisville; and Shelbyville Battery Manufacturing’s $712 million investment, creating 1,572 jobs in Shelby County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund. In 2023, Kentucky recorded over 2 million jobs filled for the first time ever and has stayed above that number ever since.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings, S&P Global Ratings and Moody’s Investors Service.
Earlier this year, Site Selection magazine ranked Kentucky in the top five nationally and second in the South Central region for economic development projects per capita in its 2024 Governor’s Cup rankings. Site Selection also placed Kentucky second in the South Central region and No. 6 nationally in its 2025 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear also announced a new initiative, called New Kentucky Home, to increase economic investment, attain and attract talent, and increase tourism across the state.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in June 2025 preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $100,000 in tax incentives based on the company’s investment of $267,900 and annual targets of:
- Creation and maintenance of 15 Kentucky-resident, full-time jobs across 15 years; and
- Paying an average hourly wage of $64.90, 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, Caza Innovations 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 Caza Innovations, visit cazainnovations.com.
A detailed community profile for Warren County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at NewKentuckyHome.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, The Hope Initiative Dedicate 2 Homes for Western Kentucky Tornado Survivors
PRINCETON/MAYFIELD, Ky. (Sep. 2, 2025) – Today, Gov. Andy Beshear joined local officials and representatives from The Hope Initiative to present two families keys to new homes in Princeton and Mayfield following the 2021 tornadoes.
“After such heartbreak and loss, today is a day of healing and hope as we see these two families – who have been through so much – enter their new homes that will provide the safety and security they deserve,” said Gov. Beshear. “These home dedications are a reminder of how Kentuckians take care of each other, and we will be here for our neighbors until every structure, home and life is rebuilt.”
The homes dedicated in Princeton and Mayfield were constructed by The Hope Initiative, a nonprofit partner who has helped construct 55 new homes for tornado survivors. Funding was made available through the Team Western Kentucky Tornado Relief Fund, which has committed over $23.1 million to help build 250 homes for tornado survivors in the region.
“Today, we helped a family heal and move forward in the wake of hardship and tragedy,” said Princeton Mayor Brock Thomas. “We have so many reasons for hope in Princeton, and we’re committed to the long-term success and well-being of our people.”
“Being a single mother, I’ve struggled to stay afloat,” said Susan McIntosh of Princeton. “You all have given me the opportunity to live life in a way I’ve never known. To be able to raise my kids in a safe place that’s theirs is a blessing. You all have given me the opportunity to cook homemade meals for my family and actually sit down together at a table and talk about their day. To be able to put them all in their own beds, say prayers together and live a normal life. Thank you for giving us a chance, for believing in us when no one else ever has before. We so greatly appreciate it.”
“Mayfield has come such a long way since the tornado of 2021,” said Mayfield Mayor Kathy O’Nan. “We’ve had so many of these home dedications, meaning our people are finding their forever homes after losing so much. Our people have been through the worst, and they deserve the best.”
“This house means more to me than anyone could ever know,” said Trina Cruise of Mayfield. “Since the tornado, rent has doubled and it has been so hard to make ends meet. This home means we have something we can afford, something we can call our own. I am thrilled to have it. I just can’t explain the gratitude in my heart to everyone who has made this possible. I am so excited.”
Launched just days after the tornadoes in December 2021, the Team Western Kentucky Tornado Relief Fund raised over $52 million with donations from over 150,000 individuals and businesses. The money raised helped pay funeral expenses for families of the deceased and provided assistance to survivors as well as local farmers. The remaining funds will be used to build houses.
Donations can now be made at TeamKentuckyStormReliefFund.Ky.gov, where all proceeds go directly to Kentucky communities affected by natural disasters.
Housing Efforts in Western Kentucky
Last year, Gov. Beshear announced 953 affordable rental units are coming to Western Kentucky. Next month, crews are expected to break ground on 66 new units in Mayfield.
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Gov. Beshear: Kentucky Small Businesses Creating Jobs, Investing in Communities Can Apply for Tax Credits
Applications received by Nov. 1 will be fully reviewed for consideration in 2025
FRANKFORT, Ky. (Sept. 2, 2025) – Today, Gov. Andy Beshear encouraged Kentucky’s small businesses that are creating jobs and investing in our communities to apply for a tax credit of up to $25,000 through the Kentucky Small Business Tax Credit (KSBTC).
“Kentucky’s economy is thriving, and our small businesses are a big reason why,” Gov. Beshear said. “This program helps support our small businesses, just as they’ve supported our local communities and our people through strong investments and good-paying jobs. I’m happy to see business owners and entrepreneurs using this program to ensure continued success, because their impact across Kentucky will last for many generations to come.”
To receive the KSBTC, qualifying small businesses should apply now to ensure their best chance of approval in time for this year’s tax filings. Although approval is not guaranteed, complete applications received by Nov. 1 will be fully reviewed for 2025 tax-credit eligibility. Applications can be submitted at any time throughout the year, but applications received after Nov. 1 may not be eligible for tax credits until the 2026 tax year. Tax credits are available to eligible companies that added at least one net new full-time employee and invested $5,000 or more in qualifying equipment or technology within the past 24 months.
“This program is a vital way to support businesses that are investing in themselves and their fellow Kentuckians,” said David Brock, executive director of KY Innovation. “The tax credit continues to provide a significant boost to businesses for growing their business and increasing employment across Kentucky. If your business has hired people and purchased equipment in the last two years, you should see if you are eligible and qualify. We strongly encourage businesses to apply as soon as possible but not later than Nov. 1 to ensure they can claim a tax credit for the current year.”
Qualifying small businesses may be eligible to receive a state income tax credit ranging anywhere from $3,500 to $25,000 per year. The tax credit amount depends on the number of jobs created and the amount invested in new equipment or technology. Most for-profit businesses with 50 or fewer full-time employees will qualify, including construction, manufacturing, retail, service and wholesale companies.
“Since receiving the small business tax credit our number of employees has doubled,” said Marshall Butler, president and co-founder of Volta, a Frankfort-based IT services company. “The small business tax credit allows us to be able to really make more investments in our business. It allows us to be able to compete, in a fashion, with the larger companies with the skills, resources and people we can get access to, and gives us a break, from a financial perspective, to be able to invest in those people.”
This year alone, the KSBTC program has spurred small business owners to invest more than $1.2 million in their companies, awarding nearly $570,000 in tax credits and creating 167 new, Kentucky jobs. Since its inception, KSBTC has assisted in creating over 4,843 new jobs, generated more than $50 million in investments into small businesses and allocated over $16.3 million in total tax credits.
The Kentucky Small Business Tax Credit is a signature program offered through KY Innovation, the Cabinet for Economic Development’s office that encourages growth among Kentucky’s small businesses and entrepreneurs. Other KY Innovation resources include programs providing access to credit, mentoring and advocacy. Entrepreneurs and small businesses are also encouraged to connect with the multiple resources available to them at the six regional KY Innovation Hub offices statewide.
To learn more about this program, and others offered by KY Innovation – and to access the current version of the KSBTC application – visit kytaxcredit.org, contact the Kentucky Cabinet for Economic Development at 800-626-2930, or email info@kyinnovation.com.
Kentucky’s investment in small business resources builds on the best five-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,200 private-sector new-location and expansion projects totaling $43 billion in announced investments, creating more than 63,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history and over $18 billion more than the next highest total.
The robust job creation has been accompanied by rising wages across the commonwealth. Since 2022, the average incentivized hourly wage has topped $26 in three 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 Shelbyville Battery Manufacturing’s $712 million investment, creating 1,572 jobs in Shelby County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund. In 2023, Kentucky recorded over 2 million jobs filled for the first time ever and has stayed above that number ever since.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings, S&P Global Ratings and Moody’s Investors Service.
Earlier this year, Site Selection magazine ranked Kentucky in the top five nationally and second in the South Central region for economic development projects per capita in its 2024 Governor’s Cup rankings. Site Selection also placed Kentucky second in the South Central region and No. 6 nationally in its 2025 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear also announced a new initiative, called New Kentucky Home, to increase economic investment, attain and attract talent, and increase tourism across the state.
Information on Kentucky’s economic development efforts and programs is available at NewKentuckyHome.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.
Read about other key updates, actions and information from Gov. Beshear and his administration at governor.ky.gov and the Governor’s official social media accounts Facebook, Twitter and YouTube.
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