Frankfort, Kentucky — 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 figures place 2022 as Kentucky’s second-highest year for new investment, behind only 2021’s record year.
Wages continue to rise in the Commonwealth as well. His 2022 statewide project incentivized hourly average in Kentucky was $26.78, an increase of 11.5% from his $24 in 2021, his second highest in eight years. .
“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 look forward to improving our economy in 2023.”
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.
This year saw record investment and employment growth in the bourbon and spirits industry, including the largest investment in state history. In November, Gov. Beshear and the leaders of Louisville-based distillery Sazerac Co. built a new warehouse and announced that Robinson and Steve of Laurel County would use his $600 million to expand his Cooperage in Cumberland. announced a dollar 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 to announce the second-largest state economic development project in history. His $2 billion investment will create his 2,000 jobs in Warren County. These announcements cement Kentucky as a national leader in EV battery production as Ford Motor Co. and SK Innovation celebrate his 2021 largest economic development project in the state’s history.
Overall, Kentucky’s auto industry generated a total of $4.21 billion in new investment and 4,200 full-time positions as companies prepared for an increasingly electric future37 There were announcements.
Manufacturers continue to drive Kentucky’s economic growth, contributing over 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 rely on Kentucky’s ideal geographic location, within a day’s driving distance of two-thirds of the U.S. population, and three major international shipping hubs operated by Amazon, DHL, and UPS and played a key role in bringing projects across multiple industries to the Commonwealth. The sector announced 42 new locations and expansion projects this year, with a total of $1.66 billion in new investments, creating 4,200 full-time positions.
Healthcare-related projects also contributed to the growth in economic development this year. Companies such as UPS have announced investments of more than $330 million for him 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, approximately $6.2 million in grants and $2.2 million in grants to facilities statewide through Bluegrass State Skills Corp. (BSSC) to support the training of approximately 35,000 Kentucky workers. A dollar credit was 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.
Kentucky’s investments and planned job creation this year add to recent economic momentum in the Commonwealth as the state bounces back stronger from the effects of the pandemic.
Kentucky’s success has been noted by both S&P Global Ratings and Fitch Ratings, which have lifted the state’s fiscal outlook to positive, in recognition of the Commonwealth’s booming economy. Additionally, Site Selection magazine ranked Kentucky No. 6 in his 2022 Prosperity Cup rankings, acknowledging state-level economic success based on capital investment.
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 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 revenue month on record, with more than $1.4 billion reported.
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