Gov. Andy Beshear announced further recognition of the Commonwealth’s economic momentum as Kentucky and several of its communities have been highlighted by major economic development publications as national leaders for job growth and business development.
“Kentucky’s surging economy is a result of the efforts by each individual community, city, county and region working together for the immediate and long-term success of the Commonwealth,” said Gov. Beshear. “These rankings and recognitions are well-deserved and further establish our state as a prime location for companies to locate, expand and find success.”
Business Facilities magazine ranked Kentucky in the top 10 of three industry categories, including Food Processing, Automotive, and EV Investment.
Kentucky is home to more than 430 food and beverage production facilities that employ over 58,000 people statewide. Since the start of the administration, the industry has seen over $6.3 billion in announced investments supporting nearly 7,000 new jobs.
The Commonwealth’s automotive sector includes more than 550 operations that employ over 103,000 Kentuckians. Automakers and suppliers have announced over $14.3 billion in new investments since the start of the administration, with more than 15,700 jobs being created. Electric vehicle growth has been a major contributor to that success, with over $11.7 billion in announced investments for EV-related projects supporting more than 10,280 new jobs.
The publication also recognized various Kentucky communities in its recently released 20th annual Metro Rankings Report. Lexington placed in the top 10 for Best Business Climate of large metros while the Cincinnati/Northern Kentucky region ranked in the top 10 for Best Business Climate of mid-size metros. The Cincinnati/Northern Kentucky region was also recognized by Business Facilities as a Tech Talent Leader among communities with a small labor pool (less than 50,000), placing fourth in their top 15 list.
Business Facilities also recognized Louisville and the Cincinnati/Northern Kentucky region in their 2024 Metro Rankings for Manufacturing Hubs and Logistics Leaders. Cincinnati/Northern Kentucky placed in the top 10 of the publication’s small manufacturing hubs list, while Louisville was recognized in the top 3 for the Logistics Leaders category, which evaluates existing infrastructure and strategic location, as well as recent and planned improvements in a region.
Northern Kentucky’s growing manufacturing presence includes Matrix Pack North America, which last year announced a $47.9 million investment creating 144 jobs, and Safran Landing Systems Kentucky, which recently moved forward with a $65 million expansion creating 92 jobs.
Louisville’s ideal geographic location and infrastructure factored into its strong ranking in logistics, as well as the presence of the UPS Worldport and FedEx Ground hub. In late 2022, UPS announced a $155 million investment creating 315 well-paying jobs in Jefferson County to establish a new facility to boost the supply chain within the health care sector.
Site Selection Magazinerecognized the Cincinnati/Northern Kentucky region on its list of top 10 U.S. Metro Areas in the 2024 Sustainability Rankings. This list recognizes the top U.S. metros cultivating the most fertile environment for a sustainable economy, factoring in everything from green building square footage per capita to manufacturing of renewable energy products and a territory’s number of sustainability-oriented incentives and policies.
Kentucky’s continued economic development success builds on the best four-year period for economic growth in state 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.