Beshear: 2022 Marks Best Two-Year Period for Private-Sector Investment, Job Creation

2022 was Kentucky’s second-highest year for new investment, after 2021’s record year.

(Frankfort, Kentucky) – Kentucky is celebrating a successful year of economic growth.

Governor Beshear announced this week that the best two years of announced private sector investment and job creation in the state’s history have come to an end.

This year, 248 new private sector location and expansion projects pledged nearly $10.5 billion in investment and created 16,000 full-time jobs.

These numbers position 2022 as the second-highest year for new investment in Kentucky, behind the record year of 2021.

As well as investment, wages are rising, according to Governor Beshear. Kentucky’s incentivized hourly wage for his 2022 statewide project was $26.78 before benefits. This is his 11.5% increase from 2021.

“This past year has been marked by the July 2019 event, which impacted so many lives in eastern Kentucky from the ongoing battle with the pandemic and efforts to recover from the tornadoes that hit western Kentucky a year ago. There were many challenges for the state until the floods, Bisher said.“But it is also a year of new opportunities and there are many reasons to believe that the future of the Commonwealth is as bright as it has ever been. Not only were Kentucky’s best two years of economic growth, but Kentucky’s family wages rose significantly, investment in the bourbon and spirits industry hit a record high, and the economy grew rapidly. It has given us a diverse economy, including an electric vehicle sector that can support the workforce for generations to come.We want to thank all the businesses that have put their roots in the Commonwealth and put their trust in Kentuckians.Continuing this momentum. And we look forward to pushing the economy even further in 2023.”

Key industry growth occurred in the bourbon and spirits industry, manufacturing, automotive, electric vehicle sectors, logistics and distribution, healthcare, food and beverages, and metals.

Since Beshear’s administration took office in December 2019, more than 800 new locations and expansion projects have contributed more than $24 billion in new investment, and more than 42,600 full-time jobs have been announced.

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