By the Kentucky Cabinet for Economic Development
Gov. Beshear’s ‘New Kentucky Home’ initiative highlights yet another record-setting year for the commonwealth
After securing the best four-year period for economic growth in state history during his first term, Gov. Andy Beshear and the commonwealth continued this momentum in 2024, taking another step forward to build a stronger future for our New Kentucky Home.
Last year, the commonwealth announced roughly $6.9 billion in investments across private-sector new-location and expansion projects, creating 9,400 quality, full-time job opportunities for Kentuckians. Since the beginning of his administration, Gov. Beshear has now announced more than 1,100 private-sector new-location and expansion projects totaling over $35 billion in announced investments, creating more than 59,800 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history and $14 billion more than the next highest total.
“I am proud to look back at 2024 as yet another successful year of building toward Kentucky’s future,” said Gov. Beshear. “The economic momentum and prosperity we are seeing would not be possible without the hard-working individuals at the local and state levels who are committed to building a brighter future for this great state. The past year was another incredible year for the commonwealth, and I look forward to building on that success as we move into 2025 and the additional investments and job opportunities that it will bring.”
In November, in an effort to build on this continued historic economic momentum, Gov. Beshear unveiled New Kentucky Home, a strategic initiative to further drive economic investment, attract and retain talent and increase tourism across the commonwealth.
New Kentucky Home is a comprehensive marketing initiative that serves as a reintroduction of Kentucky to the world, showcasing the state’s vibrant economy, natural beauty, cultural richness and welcoming communities. The initiative combines economic development and tourism efforts, recognizing the crucial role quality of life plays in driving growth across the state.
The success of 2024 was highlighted by key economic development projects across some of the commonwealth’s largest industries. In December, Gov. Beshear announced continued transformation at Toyota Motor Manufacturing Kentucky (TMMK) as the company announced a $922 million investment to build a new advanced paint facility at the Georgetown plant. The project marked the largest dollar investment for the commonwealth in 2024 and builds on a previous $1.3 billion investment by Toyota to establish production of the company’s first U.S.-assembled battery electric vehicle in Kentucky.
In November, the Governor joined local leaders and executives from Shelbyville Battery Manufacturing, a subsidiary of e-Storage, to announce the largest economic development project in Shelby County’s history and the largest jobs announcement in the commonwealth in more than two years. The nearly $712 million project creating 1,572 skilled, high-tech jobs represents the third-largest project for job creation during the administration and the fourth-largest investment.
The project contributed to a huge year for Kentucky’s flagship manufacturing sector as well, which employs roughly 260,000 Kentuckians across 6,000 facilities statewide.
Kitchen Food Co., an Australia-founded premium ready-meals business, announced one of the state’s largest job-creation projects of 2024 after announcing a new world-class prepared foods facility in Hopkinsville with a $69 million investment. The project’s 925 quality ongoing Kentucky jobs created represents the single largest job-creation announcement in Christian County in over 20 years, and the fifth largest job-creation project statewide under the Beshear-Coleman administration.
Pretzel manufacturer Stellar Snacks, which announced a $137 million investment in October 2023, cut the ribbon on the company’s newest operation in November, set to create 350 full-time Kentucky jobs over the next 10 years in West Louisville. It’s the single largest economic development project the state has on record for the community over the past 20 years.
2024 Adds to Kentucky’s Historic Run of Growth and Prosperity
Rounding out the best five-year stretch of economic development growth in state history, 2024 added to the success of the Beshear administration.
The robust job creation has been accompanied by rising wages across the commonwealth. Since 2022, the average incentivized hourly wage has topped $26 in three consecutive years for the first time.
Gov. Beshear has also announced some of the largest economic development projects in state history under his administration, which have solidified Kentucky as the electric vehicle battery production capital of the United States:
- Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County;
- AESC’s $2 billion, 2,000-job gigafactory project in Warren County;
- Toyota’s $1.3 billion investment in Scott County; and
- Shelbyville Battery Manufacturing’s $712 million investment, creating 1,572 jobs in Shelby County, among others.
This success has led to national recognition of Kentucky’s progress.
In 2024, Site Selection magazine ranked Kentucky third nationally and first in the South Central region for economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
State Support and Programs Prepare Commonwealth for Future Success
Team Kentucky has continued its mission of developing, maintaining and retaining its world-class workforce, further supporting Kentucky’s thriving economy. In fiscal year 2024, the BSSC board of directors approved roughly $19 million in funds and credits for 104 Kentucky facilities to train 42,600-plus workers, the most since 2016.
Aiding the state’s recent growth and sustained economic momentum has been the continued investment in site development initiatives. Last year, the commonwealth continued its aggressive approach to the growing speed-to-market demand. Nearly 30 counties were approved for site and development upgrades through the state’s Kentucky Product Development Initiative (KPDI) and Build-Ready program, setting these communities up for future economic success and job creation.
In a continued effort to support Kentucky’s small businesses and entrepreneurs, in July of last year the commonwealth renewed its contract with six Innovation Hubs located throughout the state to help continue fostering a statewide business-friendly environment. The Innovation Hubs are a partnership between the Kentucky Cabinet for Economic Development Office of Entrepreneurship & Innovation (KY Innovation) and the Kentucky Science & Technology Corporation (KSTC). The six Hubs are located in Paducah, Louisville, Bowling Green, Pikeville, Covington and Lexington.
These programs and partnerships are building on Kentucky’s track record of success and setting the foundation for even more economic growth in the years ahead.
Stay up to date on the latest news in your New Kentucky Home at NewKentuckyHome.ky.gov.
