Projects are part of Round 2 of the Kentucky Product Development Initiative

FRANKFORT, KY - On July 25, 2024, Gov. Andy Beshear announced more than $1.1 million in state funding to support site and building development projects in Rockcastle and Rowan counties for future job growth.

The projects received approval today for state support through the Kentucky Product Development Initiative (KPDI). The Rockcastle County site is a regional project with additional support from Garrard and Lincoln counties.

“This second round of funding has been a tremendous success and is a clear indicator of Kentucky’s commitment to job growth and site and building development,” said Gov. Beshear. “Our site development and speed-to-market initiatives are crucial to the commonwealth’s long-term success in attracting quality companies to locate in our communities, bringing with them exciting new job opportunities. I am thrilled to see these projects moving forward, and I can’t wait to see the businesses they attract.”

The initiative, overseen by the Cabinet for Economic Development, provides funding for local communities to further invest in site and building upgrades to support future economic growth in the commonwealth and bring well-paying jobs to Kentuckians.

The Rockcastle County Fiscal Court, on behalf of the Rockcastle County Industrial Development Authority, will acquire land adjoining the Sparks property and complete due diligence and site preparation. This regional project has support from Garrard and Lincoln counties.

The Rowan County Fiscal Court, in partnership with the Morehead-Rowan County Industrial Development Authority, will acquire 80-acres identified by an independent site selection consultant as having the potential for future investment and industrial development.

Terri Bradshaw, president of the Kentucky Association for Economic Development (KAED), emphasized the importance of the KPDI program: “The Kentucky Product Development Initiative remains vital to the overall prosperity of Kentucky and continues to serve as yet another tool to support growth and build stronger communities. KAED is proud to be part of an initiative that helps build a more vibrant economy in these rural Kentucky regions and offers the resources and support they need to capitalize on their full potential.”

Round 1 of the program concluded in December 2023 with 53 projects statewide approved for $31.2 million in funding. Including local contributions, these projects are generating over $123 million in investments in Kentucky’s sites and buildings portfolio. And to date, Round 2 of the program has seen more than $31 million in state funding.

In December, Gov. Beshear announced 46 site and building development projects in 45 counties advanced to the due diligence stage of Round 2 for further review, with $68.8 million available to support the projects.

In January, Gov. Beshear announced the first location to receive approval in the second round of the program, with nearly $2 million allocated to support site development in Campbell County.

In February, Gov. Beshear highlighted site and building development projects across 13 counties. Over $15 million in state funding was awarded to support projects in Clark, Clinton, Graves, Green, LaRue, Laurel, Logan, Montgomery, Nelson, Pulaski, Scott, Wayne and Webster counties.

In March, the Governor recognized projects in two counties. Over $2.3 million in state support was approved for projects in Breckinridge and Pike counties.

In April, Gov. Beshear announced three site and building development projects across Fulton, Hickman and Hopkins counties were approved for nearly $2.6 million in state support.

In May, Gov. Beshear highlighted projects across five counties. Over $5.7 million in state funding was approved for projects in Clay, Garrard, Harrison, Jessamine and Woodford counties.

And in June, the Governor announced projects in two counties, with nearly $2.4 million in state funding approved for projects in Adair and Boone counties.

During the 2022 legislative session, Gov. Beshear and the Kentucky General Assembly approved $100 million in funding for the initiative.

Site and building development projects are first evaluated by an independent consultant based upon all facets a prospective company would consider, from workforce availability, access to all infrastructure and detailed information on costs associated with development. In turn, these projects will generate increased economic development opportunities and job creation for Kentucky residents. The initiative furthers the efforts of the pilot PDI program, which provided nearly $7 million in state funding for 20 site development projects statewide. Companies have announced economic development projects at 10 of the locations funded during the pilot PDI program, projecting $4 billion of capital investment and 3,500 new, full-time jobs.

Investment in site development throughout Kentucky builds on the best four-year period for economic growth in state history.

Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling nearly $32 billion in announced investments, creating nearly 55,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history. 

The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.

Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.

The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.

Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.

In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central region for economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.

Gov. Beshear announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.

For more information on KPDI, visit kpdi.ky.gov.

Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.