State Funding Through KPDI to Support Future Investment, Job Creation and Speed-to-Market Readiness
FRANKFORT, Ky. (June 4, 2026) — Governor Andy Beshear announced that $750,000 in state funding has been approved to support future job growth and business investment in Floyd County through the Kentucky Product Development Initiative.
The funding will support site and building development efforts tied to the potential purchase of the Allen Rail Site near the city of Allen. The project is designed to strengthen Floyd County’s economic development readiness and help position the community for future industrial investment and job creation.
“Laying the groundwork for continued economic momentum and future job opportunities is what separates Kentucky from its competition and what will keep our economy moving forward,” said Gov. Beshear. “Team Kentucky is investing in site and building development projects in every corner of the state. We are committed to building a stronger Kentucky, and this is just one example of how we are doing just that. Congratulations to the Floyd County community on their approval.”
Floyd County Project to Support Future Economic Development
The Floyd County Fiscal Court is considering the purchase of the Allen Rail Site, which includes approximately 30 developable acres. The property was identified by an independent site selection consultant as having strong potential for future investment or location of an economic development project.
The $1.5 million project was approved for $750,000 in state support through KPDI. The approved funding will help advance site readiness and improve the county’s ability to compete for future business attraction opportunities.
Project Highlights
- Project Location: Allen Rail Site near Allen, Kentucky
- County: Floyd County
- State Support: $750,000
- Total Project Cost: $1.5 million
- Site Size: Approximately 30 developable acres
- Program: Kentucky Product Development Initiative
- Goal: Support future investment, job creation and economic development readiness
- Review Process: Evaluated by an independent site selection consultant
Kentucky Product Development Initiative Supports Speed-to-Market Readiness
The Kentucky Product Development Initiative provides funding for local communities to improve sites and buildings that can support future well-paying jobs and economic growth across the commonwealth.
The program helps communities prepare properties for companies seeking fast, competitive locations for new facilities or expansions. Projects are evaluated based on factors that prospective companies consider during the site selection process, including workforce availability, infrastructure access, development costs and overall readiness.
This month’s Floyd County project will benefit from recaptured funds tied to the KPDI Program of 2022.
KPDI Continues Expanding Kentucky’s Sites and Buildings Portfolio
Currently, $35 million is available for projects entering the due diligence stage in the latest round of KPDI. These projects have been reviewed by a third-party independent site selection consultant, which evaluated, scored and submitted recommendations to the Cabinet for Economic Development.
The Cabinet will consider each project and complete the final stage of due diligence before recommending funding approval by the Kentucky Economic Development Finance Authority in the coming months.
Including projects approved last month using remaining funds, the two rounds of the previous version of the initiative have supported 151 approved projects statewide, representing more than $147 million in funding.
Combined with local contributions, these projects have generated nearly $638 million in investments in Kentucky’s sites and buildings portfolio.
KPDI-Funded Sites Drive Business Investment and Job Creation
To date, 51 companies have located on pilot Product Development Initiative and KPDI-funded sites. These projects represent more than $5.7 billion in capital investment and have created over 7,400 new jobs across Kentucky.
The initiative is a collaboration between the Cabinet for Economic Development and the Kentucky Association for Economic Development. It provides state support for potential upgrades to sites and buildings across the commonwealth to help ensure Kentucky remains a competitive location for growing companies across all industry sectors.
“KPDI continues to be one of the most important tools Kentucky communities have to prepare for future economic growth and investment,” said Terri Bradshaw, President and CEO of the Kentucky Association for Economic Development. “KAED is proud to support efforts that strengthen Kentucky’s economic competitiveness and create lasting impact in communities such as Floyd County.”
To date, Gov. Beshear and the Kentucky General Assembly have allocated up to $220 million in funding for the initiative.
Kentucky Builds on Record Economic Development Momentum
Investment in site development across Kentucky supports what state officials describe as the best six-year period for economic growth in Kentucky history.
Since the beginning of Gov. Beshear’s administration, Kentucky has announced more than 1,300 private-sector new-location and expansion projects totaling over $50 billion in announced investments and creating more than 70,000 jobs. According to the state, this is the highest investment figure secured during the tenure of any governor in commonwealth history.
Kentucky has also secured several major economic development wins in recent years, including projects that have strengthened the state’s position in the battery, automotive, manufacturing and advanced industry sectors.
Kentucky Economic Development Highlights
Recent statewide economic development momentum includes:
- More than $50 billion in announced private-sector investments since the start of Gov. Beshear’s administration
- More than 70,000 jobs announced through new-location and expansion projects
- More than 1,300 private-sector projects announced
- $50.6 billion in Kentucky exports in 2025, setting an all-time record
- Unemployment rates falling in all 120 counties between December 2024 and December 2025
- More than 2 million jobs filled in Kentucky for the first time in 2023, with employment remaining above that level
- Rating increases from Fitch Ratings, S&P Global Ratings and Moody’s Investors Service
- Top-five national ranking and No. 2 South Central ranking for economic development projects per capita in Site Selection magazine’s 2024 Governor’s Cup rankings
- No. 6 national ranking and No. 2 South Central ranking in Site Selection’s 2025 Prosperity Cup
New Kentucky Home Initiative Supports Investment and Talent Attraction
Gov. Beshear has also launched the New Kentucky Home initiative, which is focused on increasing economic investment, attracting and retaining talent, and growing tourism across the state.
Information on Kentucky’s economic development efforts and programs is available at NewKentuckyHome.ky.gov.
Floyd County Site Funding Strengthens Local Competitiveness
The $750,000 KPDI approval for Floyd County represents another step in Kentucky’s broader strategy to prepare communities for future investment. By supporting site and building development at the local level, the state is helping communities increase speed-to-market readiness, attract job-creating projects and strengthen long-term economic opportunity.
For more information about the Kentucky Product Development Initiative, visit kpdi.ky.gov.
