End of ’22 marks best two-year period for private-sector investment, job creation in state history

Governor Andy Beshear announced the official end of a successful year of economic growth in Kentucky, capping off two years of the best private investment and job creation in the state’s history.

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 Kentucky’s second-highest year for new investment, behind a record 2021.

Kentucky’s average incentivized hourly wage for statewide projects in 2022 is $26.78 before benefits, up 11.5% from $24 in 2021 and the second highest in eight years, making it one of the highest in the federal state. Wages continue to rise.

“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 Commonwealth, until the Flood, Bishar.

“But this year is also a year of new opportunities, and there are many reasons to believe that the future of the Commonwealth has never been brighter. This has been two of the best years for economic growth in Kentucky. Not only that, Kentucky’s family wages rose significantly and investment in the bourbon and spirits industry reached record highs, resulting in a diverse economy that now includes a rapidly growing population of people for generations to come. An electric vehicle sector that can support the workforce.I want to thank all the companies that have put their roots in the Commonwealth and put their trust in Kentuckians.We look forward to continuing this momentum and pushing the economy even further in 2023. I have.”

Since December 2019, over 800 new locations and expansion projects have contributed over $24 billion in new investment and over 42,600 full-time jobs have been announced.

This year saw record investment and employment growth in the bourbon and spirits industry, including the largest investment in state history. In November, Governor Beshear and the leadership of his Sazerac Co., a Louisville-based distillery, built a new warehouse and hired Robinson and Steve of Laurel County to expand his Cumberland Cooperage. announced his $600 million investment. This will create 50 new full-time jobs and further strengthen Kentucky’s position as the world’s top bourbon producer. He 95% of the world’s bourbon is produced in Commonwealth.

The record-breaking project is at the center of all-time highs in Kentucky’s bourbon and spirits industry, with more than 30 announcements in 2022, totaling $2.18 billion in new investments and nearly 730 full-time Employment included.

Another major driver of the federal continued economic momentum is the rapidly expanding electric vehicle sector. In his April of this year, Governor Beshear joined his Envision AESC leadership and in Warren County he launched the second-largest economic development project in state history with his $2 billion investment that will create 2,000 jobs. Announced. These announcements cement Kentucky as a national leader in EV battery production as Ford Motor Co. and SK Innovation celebrate the largest economic development project in state history in 2021.

Overall, Kentucky’s auto industry saw 37 announcements totaling $4.21 billion in new investments and creating 4,200 full-time positions as companies prepare for a future that is increasingly dependent on electricity. .

Manufacturers continue to drive Kentucky’s economic growth, contributing to more than 8,900 announced jobs and $8.27 billion in new investment over the past year. Kentucky has approximately 5,000 manufacturing facilities and employs approximately 250,000 residents.

Logistics and distribution played a key role in bringing projects across multiple industries to the Commonwealth. Kentucky relies on its ideal geographic location, within which two-thirds of the U.S. population can drive in a day, and on three major international shipping hubs operated by Amazon, DHL, and UPS. The sector announced 42 new locations and expansion projects this year, totaling $1.66 billion in new investments and creating 4,200 full-time jobs for him.

Healthcare-related projects also contributed to the growth in economic development this year. Companies such as UPS have announced he will invest more than $330 million to bolster his chain of healthcare supplies, while Catalent Pharma is based and expanding in Kentucky. Commonwealth made 19 announcements for the healthcare industry, totaling him $761 million in new investments and he created 1,550 new jobs.

Other significant industry growth across the state includes the food, beverage and agritech sectors, including Kentucky’s signature bourbon industry, with $2.5 billion across 56 projects creating 1,750 full-time jobs. More than $50 million in new investments have been made.

The metals business has announced 20 new locations or expansion projects for 2022. It will announce an investment of $996 million and create more than 900 jobs.

In 2022, the internationally owned facility announced a total investment of $3.91 billion and nearly 3,400 new jobs for Kentuckians.

Kentucky’s economic momentum also extends to small businesses and employee initiatives. In 2022, 138 businesses in Kentucky will take advantage of the Kentucky Small Business Tax Credit (KSBTC), reinvesting more than $3.5 million and he created 402 jobs. In fiscal 2022, facilities statewide will receive approximately $6.2 million in grants and $2.2 million in grants through Bluegrass State Skills Corp. (BSSC) to support the training of approximately 35,000 workers in Kentucky. Credit approved. By the first half of fiscal 2023, an additional $3.9 million in BSSC training funds and credits has been approved, and at nearly 59 facilities, he is supporting workforce development efforts for more than 12,700 trainees.

In July, the Governor reported the highest annual growth rate in 31 years. Kentucky’s General Fund budget surplus is the second year in a row that he has exceeded $1 billion. He also reported in July that Gov. Beshear’s state’s rainy day fund had reached his $2.7 billion balance, well above the $129 million balance in the fund when he took office. Did.

Kentucky reported that August 2022 General Fund revenues hit an unprecedented August on record, marking the 21st straight month of state revenue growth.

Kentucky led the nation in August job growth, and shared the highest September job growth with New Hampshire, according to data from the U.S. Bureau of Labor Statistics.

September was also the third-highest-grossing month on record, with over $1.4 billion reported, and the seventh month of the year, with collections surpassing $1 billion.

And from September 2021 to September 2022, Kentucky added 81,700 new jobs. Aside from a four-month recovery period after his initial COVID-19 shock, this is his largest number of new jobs in 20 years.

Information about Kentucky’s economic development initiatives and programs is available at CED.ky.gov.

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