Connect with us

Kentucky

Bourbon industry brings significant economic impact to Kentucky

Published

on

Bourbon industry brings significant economic impact to Kentucky


Kentucky’s bourbon industry is rich in tradition but also means a bright future in the commonwealth.

As a signature industry in the state, Kentucky’s bourbon and spirits sector is responsible for over 23,000 jobs, with an annual payroll topping $2.16 billion. The key sector also generates $9 billion in economic impact, providing a significant boost to the state’s soaring economy.

Since the beginning of Gov. Andy Beshear’s administration, Kentucky’s bourbon and spirits industry has announced 102 new location and expansion projects, totaling $4.2 billion in investment and creating over 1,800 jobs.

Advertisement

At no point was this impact felt more than in 2022, when Kentucky recorded its single best year for growth of its signature industry, with private-sector new-location and expansion projects totaling over $2.1 billion in investments and approximately 700 new jobs for Kentucky residents.

This record-setting year was highlighted by Louisville-based Sazerac Co., which in November 2022 announced the largest distilled spirits-related investment on record in Kentucky history with a $600 million investment in London. The project is creating up to 50 full-time jobs and supporting the company’s continued growth.

In July of that year, Beam Suntory announced the expansion of its Jim Beam Brands Co. with a $400 million investment that will create more than 50 full-time jobs at the Booker Noe Distillery in Boston.

“The growth of Kentucky’s bourbon industry is one of the most important factors in our state’s recent economic success,” said Gov. Beshear. “We’ve made tremendous strides in not only growing the number of distilleries in the commonwealth but increasing the supporting infrastructure of the industry, adding rickhouses, storage warehouses, bottling centers and manufacturing facilities all over the state. Combined with the emphasis on tourism, our bourbon and spirits sector is creating job opportunities and driving economic momentum in every corner of Kentucky.”

Advertisement

That success has continued, highlighted by major announcements from both Legacy Spirits of Kentucky, LLC and Staghorn. Legacy Spirits announced a more than $250 million investment in a new bourbon distillery and restaurant in Madison County, creating 80 new Kentucky jobs. Meanwhile, Staghorn announced a new distillery in Garrard County, another $250 million project creating 60 quality jobs.

Those are just a few of the recent significant announcements helping move the industry forward in Kentucky.

Kentucky’s continued bourbon boom has played a critical role in the state’s record-surging economy and shows no signs of slowing down. As of the end of 2023, there are 100 licensed distilleries operated by 84 companies in 42 Kentucky counties, five times the number of distilleries since 2009, with a 135% growth in employment and a 160% growth in wages.

This growth has played a significant role in job creation as well. Since 2001, distillery employment has risen 130%, while the rest of Kentucky’s manufacturers have shed 20.5% of their employees. The average annual salary and wages per Kentucky distillery team member is $94,000 compared to the national average of $69,000 – thanks in large part to the number of headquarters and executive positions in Kentucky.

Advertisement

Distillers across the state are setting new marks for production. Distillers produced a record 2.7 million barrels of Bourbon in 2022, the fifth year in a row topping the 2-million-barrel production mark. Production has skyrocketed nearly 500% since the turn of the century – with around 455,000 barrels produced in 1999 – and 240% since 2009. Kentucky boasted more than 12.6 million barrels of Bourbon aging in warehouses across the state as of January 2023, the first time inventory reached the 12 million milestone.

If the industry continues at its current growth rate, by 2025, distilling is anticipated to support 28,000 jobs with a payroll of $3 billion, reaching the $10 billion economic impact mark, and provide more than $436 million in local and state tax revenue from production and consumption.

The continued growth and expansion of distilleries, barrel storage warehouses and bottling and distribution centers continues to play a major role in the commonwealth’s continued economic success. 

The momentum of one of the commonwealth’s signature industries is fueling growth in communities across the state, from startups to distilleries rich in history. There’s no question that bourbon is booming in Kentucky.

Members of the editorial and news staff of USA TODAY Network were not involved in the creation of this content.

Advertisement



Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Kentucky

7 players on Kentucky’s College World Series team selected in MLB Draft

Published

on

7 players on Kentucky’s College World Series team selected in MLB Draft


LEXINGTON, Ky. (FOX 56) — If a college baseball team makes it to Omaha for the College World Series, it certainly has to have talent worthy of hearing some names called in the MLB Draft.

The 2024 Kentucky baseball team had the best season in program history, and has now had a memorable showing at the MLB Draft with seven players selected.

Ryan Waldschmidt got it started as a 1st round pick (No. 31 overall) to the Arizona Diamondbacks, with Emilien Pitre also getting picked on Day One in the 2nd round (No. 58 overall) to the Tampa Bay Rays.

This was the first time in the Nick Mingione era that two Kentucky players got picked in the first two rounds, making for a successful start before the team’s depth was showed off later.

Advertisement

Ryan Nicholson (No. 292 overall) led the team in home runs and tied a program single-season record, which got him to become a Day Two selection in the 10th round to the Los Angeles Angels.

Trey Pooser (No. 306 overall) was also selected in the 10th round to the Rays, raising his draft stock after an impressive postseason that saw him have stellar starts in the Super Regional and the College World Series. He was the Wildcats’ Friday starter this season.

Mason Moore and Travis Smith in the 15th round, combined with Dominic Niman in the 18th round, brought Kentucky to see all four of its top starting pitchers hear their names called.

Potential-incoming players also heard their names called in the Draft, both in the form of committed freshmen and transfers. UK signee Tyler Bell got picked 66th overall to the Tampa Bay Ray, and will likely skip college ball and sign with the organization.

Transfer portal commits Jackson Strong (7th round), Trent Youngblood (10th round) and Ryan Verdugo (12th round) each got selected and are not expected to arrive in Lexington. Youngblood was a transfer from up the road at Transylvania.

Advertisement

Decision time now awaits the players who have collegiate eligibility remaining, like Moore, who could potentially return as the Sunday starter, and like Bell, who could still pass on the money and play NCAA baseball for a program that just made the College World Series.



Source link

Continue Reading

Kentucky

11 Personnel E264: Good Vibes for Kentucky's Offense

Published

on

11 Personnel E264: Good Vibes for Kentucky's Offense


Four more schools stepped onto the big stage in Dallas at SEC Media Days. 11 Personnel is here to dish on the latest from Missouri, Oklahoma, Tennessee, and Georgia.

Even though Kentucky doesn’t take the stage until Thursday, the Cats got a nice bump today from Brady Cook and the Georgia Bulldogs. Bush Hamdan and Brock Vandagriff received glowing reviews from their former SEC colleagues. We’ll touch on that and speak with On3’s JD PicKell in a new LIVE edition of 11 Personnel. Highlights:

— Georgia’s NIL collective is fining bad drivers.
— A Tennessee reunion for Tennessee’s Josh Heupel at Oklahoma.
— Eli Drinkwitz (shockingly) did a good thing.
— Who’s the best quarterback in the SEC?
— Too many folks are sleeping on LSU.

Advertisement

11 Personnel is brought to you by Monticello Bank. They’ve been in business for 128 years because Monticello Bank is “Where People Matter.” With 21 branches in 14 counties across the Commonwealth, visit one of their convenient locations or see how Monticello Bank can finance your future at https://www.mbcbank.com/.

KSR’s coverage at media days is presented by the team at Friends of Coal. Friends of Coal is dedicated to informing and educating Kentucky citizens about the coal industry and its vital role in the state’s future. They provide a united voice for an industry that has been and remains a critical economic contributor to Kentucky. By working together, they can provide good jobs and benefits for future generations. Coal is RESILIENT, RELIABLE, and AFFORDABLE.

Friends of Coal is a volunteer organization. All are invited to be a part of the organization, which consists of proud Kentuckians as well as residents from beyond our borders. Head to friendsofcoalkentucky.org to learn more. 

ksr SECMD Friends of Coal

More UK News and Views on the KSR YouTube Channel

Kentucky Sports Radio has expanded its coverage of the Wildcats in the most ridiculous manner possible on our YouTube Channel. Here you will be able to find interviews with coaches and players, as well as commentary from the KSR crew. From Rapid Reactions following big events to our lengthy lineup of live shows, subscribe to the KSR YouTube Channel to stay up to date on everything happening around the Big Blue Nation.



Source link

Advertisement
Continue Reading

Kentucky

Kentucky addiction care specialists continue to make treatment a priority in summer

Published

on

Kentucky addiction care specialists continue to make treatment a priority in summer


Summer months offer relaxation and more free time for Kentucky’s youth. However, recovery care officials warn the summertime also presents more opportunities for substance use by children and adults. Officials with Addiction Recovery Care said first-time use and relapse rates have the potential to spike in the summer and offering quality care is a priority.

Data from the CDC shows between 2011 and 2021 more than 321,000 children lost their parents to a drug overdose. ARC West Region Chief Operating Officer Kevin Schmidt said the trauma from substance-related loss can cause future issues for young people.

“If you lose a parent to a drug overdose or to going to the penitentiary, being incarcerated, that’s traumatic for kids. If you take that and mix it with peer pressure, maybe kids in the neighborhood using, and then they find out that ‘hey if I drink a little bit or do something else it helps me not think about the bad things going on,’” said Schmidt.

Studies from the Substance Abuse and Mental Health Services Administration show more than 11,000 youth drink for the first time on a typical June or July day. Schmidt said more free time creates more opportunities for exposure to substances.

Advertisement

“There’s more social gatherings and things happening. So, not only could that be a pitfall for young kids who may be experimenting with alcohol or drugs for the first time, but also it could be a pitfall for people who are in recovery as they have to learn to navigate social functions,” said Schmidt.

Officials said ARC’s recovery services, including inpatient and outpatient care, are available to anyone in need. People can call (606)-638-0938 for a free screening and referral to services suited to their needs.





Source link

Advertisement
Continue Reading

Trending