Gov. Matt Bevin announced Friday that the state has eclipsed $20 billion in announced corporate investment since December 2015 – a record for any four-year administration – and has created nearly 54,000 full-time jobs for Kentuckians.
According to the governor’s office, the $20 billion comes from 1,180 individual projects, where companies plan to either expand their existing operations or establish new facilities in Kentucky, which also create construction, service and supplier jobs.
“This record-breaking investment of private capital is driving our local economies and will revitalize communities across the commonwealth for decades to come,” Bevin said. “Kentucky’s tremendous geographic, logistical, cost of living and workforce advantages, amplified by strong support from local leaders, utilities and higher education institutions, have enabled us to unleash unprecedented economic success and create long-term opportunities for Kentucky families.”
He credits legislation and initiatives such as right-to-work, Red Tape Reduction and transformative workforce development training for making this accomplishment a reality.
Looking at the numbers, 2016 saw $3.1 billion in growth, a record $8.7 billion in 2017, nearly $5.3 billion in 2018 and over $2.4 billion through the first six months of this year.
“We’re putting new emphasis on courting investment from China in addition to our longstanding sources in Japan and Europe,” said Vivek Sarin, interim Economic Development Secretary. “We’re reenergizing our commitment to serving existing industries, working with partners to further develop Kentucky’s inventory of grade-A industrial sites and buildings and leveraging federal initiatives, including Opportunity Zones and tech-transfer grant programs to create follow-on success.”
Automotive-sector growth led Kentucky’s announced projects by industry, in figures from the Governor’s office, with 222 automotive project announcements, totaling more than $6.3 billion in current and planned investment and 11,000-plus jobs announced.
Other top growth industries include: Primary metals: 64 announcements totaling more than $4.8 billion and 3,600 jobs announced — Food and beverage: 202 announcements totaling more than $3.6 billion and 5,142 jobs announced — Distribution and logistics: 159 announcements totaling nearly $3 billion and 10,435 jobs announced.
Foreign direct investment has led to 214 new-location or expansion projects, with more than $6.5 billion in investment and 12,356 potential jobs. Japanese companies top the list, followed by those from India, China, Canada and Germany.
Demand for Kentucky-made products has followed, as exports have grown each of the past three years, culminating in a state record of more than $31.76 billion last year, a 14.9 percent increase from 2015. Aerospace products and parts led the way, followed by motor vehicles and pharmaceuticals and medicines. Canada, France and the United Kingdom consistently ranked among the top export destinations for Kentucky products.
By Tom Latek, Kentucky Today
