Governor Andy Beshear announced the approval of $750,000 in state funding for site and building development in Floyd County, aimed at fostering future job growth and investment through the Kentucky Product Development Initiative (KPDI). This funding supports the county's consideration of purchasing the 30-acre Allen Rail Site near the city of Allen, a property identified by an independent consultant for its economic development potential.
The $1.5 million project received half of its funding from state support, utilizing recaptured funds from the 2022 KPDI Program. The KPDI is designed to provide local communities with resources for site and building upgrades, promoting well-paying jobs and economic expansion across the commonwealth. Currently, $35 million is available for new projects entering the due diligence stage.
Gov. Beshear emphasized the importance of these investments, saying, "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." He added that Team Kentucky is committed to building a stronger state through such development projects. Terri Bradshaw, president and CEO of the Kentucky Association for Economic Development (KAED), highlighted KPDI as "one of the most important tools Kentucky communities have to prepare for future economic growth and investment."
To date, the initiative has seen 151 approved projects statewide, totaling over $147 million in state funding and generating nearly $638 million in investments when local contributions are included. These efforts have led to 51 companies locating on PDI and KPDI funded sites, resulting in over $5.7 billion in capital investment and the creation of more than 7,400 new jobs. The collaboration between the Cabinet for Economic Development and KAED continues to strengthen Kentucky's economic competitiveness.
The Governor's administration and the Kentucky General Assembly have allocated up to $220 million for the initiative, contributing to what has been the state's best six-year period for economic growth. Since the start of his administration, Gov. Beshear has announced over $50 billion in investments and more than 70,000 jobs, solidifying Kentucky's position as a leader in economic development, including its role as the battery capital of the United States.