Governor Andy Beshear announced the approval of nearly $2.8 million in funding for a regional project between Knox and Whitley counties, aimed at fostering investment and job growth. This initiative is part of the state's site development efforts to enhance economic opportunities.
"Laying the groundwork for future investment and quality job opportunities in our communities is how Kentucky’s economy will continue to thrive," said Gov. Beshear. He emphasized that these initiatives have attracted significant investments into Kentucky, enhancing its competitiveness in attracting businesses.
The funding comes from the Kentucky Product Development Initiative (KPDI), managed by the Cabinet for Economic Development. The initiative supports local communities in upgrading sites and buildings to spur economic growth.
The Knox County Fiscal Court, representing the Knox County Industrial Development Authority Inc., plans to acquire 1,556 acres known as "Middle Fork Richland Property" to develop a new industrial park. This $5.6 million project received $2.8 million in state funding.
Terri Bradshaw, president of the Kentucky Association for Economic Development, highlighted KPDI's role: "Building strong communities is essential to advancing economic development across Kentucky."
In previous rounds of KPDI, numerous projects received funding leading to substantial investments across the state. The first round concluded with $31.2 million allocated for 53 projects, while the second round saw over $54 million approved for 37 projects.
Gov. Beshear and the legislature have committed an additional $75 million toward KPDI's next phase as potential projects undergo review.
Since his administration began, Gov. Beshear has announced over 1,100 private-sector projects totaling more than $35 billion in investments and creating over 60,000 jobs—a record high for any governor in Kentucky's history.
Kentucky has also seen rising wages with average incentivized hourly wages exceeding $26 since 2022.
Major economic developments include Ford Motor Co.'s BlueOval SK Battery Park and AESC’s gigafactory project among others, positioning Kentucky as a leader in electric vehicle battery production.
The Governor's administration secured a record General Fund budget surplus and Rainy Day Fund while maintaining over two million jobs filled since 2023.
Kentucky earned rating upgrades from Fitch Ratings, S&P Global Ratings, and Moody’s Investors Service due to these achievements.
Site Selection magazine ranked Kentucky third nationally for economic development projects per capita in its Governor’s Cup rankings last March and second regionally in its Prosperity Cup ranking this April.