Ashland Alliance

Kentucky’s corporate investment hits record $9.2 billion in 2017

FRANKFORT, Ky. – Shattering its previous investment record, Kentucky announced $9.2 billion in corporate expansion and new-location projects in 2017, bringing commitments to create more than 17,200 jobs, the most since 2000, Gov. Matt Bevin said today.

“Kentucky’s record-setting performance this year in job creation and corporate investment is a direct result of the pro-business legislation, policies and programs we’ve enacted over the past two years,” Gov. Bevin said.

“Due to our ideal geographic location, high quality of life, low costs for business operation and exceptional work force, we are confident that the economic future of Kentucky is very bright indeed. We are well on our way to becoming the globally recognized center of excellence for engineering and manufacturing in the United States," Bevin added.

Kentucky’s previous investment record stood at $5.1 billion, set in 2015. Three billion-dollar-plus projects fueled this year’s record-smashing investment performance, as did 330 other projects by private-sector manufacturing, service and technology companies locating and expanding across the state. Amazon set the pace in January with its nearly $1.5 billion Prime Air shipping hub, followed in April by both Toyota’s $1.33 billion Reborn project to upgrade its Georgetown plant and Braidy Industries’ plans for a $1.3 billion aluminum rolling mill near Ashland.

Terry Gill, Cabinet for Economic Development secretary, said a comprehensive and business-minded approach is shifting Kentucky’s fortunes.

“This year’s impressive surge in economic development indicates Kentucky is gaining recognition as a top location for new investment and job creation. With key measures enacted, including passing right-to-work legislation, red-tape reduction and starting a workforce training revolution, Kentucky is sending the message internationally that it’s serious about recruiting business,” Sec. Gill said. “In the coming year, we will continue working to promote private-sector investment in all 120 counties. By building relationships at home and internationally, creating buy-in, trust and partnerships with communities, utility providers, educational institutions, private-sector employers, associations and other entities, we will roll this momentum forward.”

READ MORE ON THIS STORY AT LANEREPORT.COM

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