Governor Andy Beshear announced a new round of funding for site and building development projects in six Kentucky counties, aiming to boost economic growth and job creation. The counties of Boyle, Hopkins, Laurel, Montgomery, Pulaski, and Taylor will receive over $7 million through the Kentucky Product Development Initiative (KPDI).
"We’re making sure our local communities have the tools and support needed to secure major economic development projects that can create new jobs and opportunities for our people," said Gov. Beshear. He emphasized the initiative's role in helping businesses start operations quickly.
The KPDI program provides financial assistance for site upgrades to attract future investments and job opportunities. Projects in each county include road extensions, site preparations, infrastructure improvements, and new build-ready pads.
For instance, Danville plans to extend John H. Stigall Road as part of its industrial park expansion. Meanwhile, Hopkins County will conduct a due diligence study on an industrial site with local funds matching 15% of KPDI contributions.
Laurel County is developing a 1,400-foot entrance road at McDaniel Industrial Park with a 20% match from local authorities. Montgomery County is preparing sites at Walters Industrial Park for drainage and sewer improvements.
In Somerset-Pulaski County, SPEDA Commerce Park will see road and infrastructure enhancements supported by a 17.5% local fund match. Taylor County plans to construct a build-ready pad in Heartland Commerce and Technology Park.
Currently, $35 million is allocated for projects entering the due diligence phase under KPDI's latest round. These initiatives have been evaluated by an independent consultant before recommendations are made to the Cabinet for Economic Development.
Since its inception in 2019, KPDI has aimed to strengthen Kentucky's position as an attractive location for businesses across various sectors. Terri Bradshaw of KAED praised the initiative as "a transformational tool" enhancing competitiveness and job creation statewide.
To date, Governor Beshear has announced over $36 billion in private-sector investments since taking office. His administration highlights significant projects like Ford Motor Co.'s BlueOval SK Battery Park in Hardin County among others.
Economic indicators such as rising wages accompany this robust job creation effort across Kentucky. The state also achieved high rankings from Site Selection magazine for economic development success per capita.