Kentucky landed $10.5 billion in economic development projects in 2022

(The Heart Sq.) – Kentucky celebrated one other banner 12 months for financial improvement in 2022, as almost 250 companies selected to take a position upwards of $10.5 billion in new initiatives or expansions.

In accordance with Gov. Andy Beshear’s workplace, that information comes one 12 months after the Bluegrass State posted its strongest 12 months for enterprise progress. In 2021, the state reported greater than $11 billion in investments for enlargement or attraction initiatives slated to create greater than 18,000 jobs.

This 12 months, 248 corporations plan to create 16,000 full-time jobs within the close to future. Based mostly on information from the Kentucky Financial Improvement Authority, the typical wage of these jobs shall be $26.78 earlier than advantages are included.

Over a full 12 months, the typical wage for these jobs can be greater than $55,700. By comparability, U.S. Census Bureau information reveals the state’s median family earnings is $55,454.

“Not solely does this 12 months mark the most effective two-year interval for financial progress in Kentucky, it additionally introduced considerably elevated wages for Kentucky households, a report excessive for funding within the bourbon and spirits business, and a various financial system that now contains the quickly rising electric-vehicle sector that may help our workforce for generations to return,” the governor stated in a press release.

Fueled partly by elevated curiosity in bourbon-related tourism, greater than 30 spirits makers introduced initiatives within the state this 12 months, bringing almost $2.2 billion in investments and creating as much as 730 jobs. Final month, Sazerac introduced a $600 million funding in Laurel County that can develop its barrel-making capabilities and considerably enhance its storage capability.

The one largest undertaking this 12 months was Envision AESC, which introduced plans in April to construct an EV battery manufacturing facility in Bowling Inexperienced.

The corporate held a groundbreaking on the $2 billion plant in August. It’s anticipated to make use of 2,000 staff and start trial manufacturing of batteries in 2024.

Envision was one in all 37 auto-related initiatives that Kentucky landed this 12 months. These private-sector investments are anticipated to create as many as 4,200 new jobs.

Kentucky additionally continued to be a hotspot for logistics corporations, with 42 new companies or expansions coming to the state. Amongst them was UPS, which introduced a $330 million enlargement of its healthcare logistics services within the Louisville space. That’s anticipated to create 435 new jobs.

A good portion of the funding within the state is coming from foreign-owned corporations. In accordance with Beshear’s workplace, these companies plan to take a position almost $4 billion and create about 3,400 jobs.