Kentucky Governor Andy Beshear announced today that over $5.2 million in state funding has been approved for site and building development projects across eight counties. This investment, made through the Kentucky Product Development Initiative (KPDI), aims to stimulate future investment and job creation, enhancing the commonwealth's economic readiness.
Key projects include nearly $1.7 million for Adair County to construct a 40,000-square-foot speculative building and $1.3 million for Floyd County to potentially acquire the 40-acre Allen Rail Site. Magoffin County secured $513,000 to acquire 98.4 acres, doubling its Gifford Industrial Park, while Montgomery County received $960,000 for road construction in Walters Industrial Park.
Further support was granted to Ballard County ($90,000 for site due diligence), Clinton County ($25,812 for environmental and geotechnical studies), Madison County's Richmond Industrial Development Corp. ($398,430 for an industrial park entryway), and Monroe County ($255,000 to develop agricultural land into industrial sites).
Governor Beshear highlighted the strategic importance, saying, "Team Kentucky is continuing to invest in site and building development to lay the groundwork for continued economic momentum and future job opportunities. I am excited to see how you will use these investments to create a brighter future for our people." Terri Bradshaw, president and CEO of the Kentucky Association for Economic Development (KAED), added that the program "allows local leaders to compete for projects that create jobs, attract private investment, and generate long-term opportunity."
The KPDI, a collaboration between the Cabinet for Economic Development and KAED, has now approved 157 projects statewide. These initiatives have channeled over $153 million in state funding, generating nearly $638 million in total investments. To date, 51 companies have located on KPDI-funded sites, leading to over $5.7 billion in capital investment and more than 7,400 new jobs. The Governor and General Assembly have allocated up to $220 million for the initiative.
Kentucky's economy continues to show strong performance, with record exports of $51.6 billion in 2025, a 7.65% increase over 2024. Unemployment rates fell across all 120 counties between December 2024 and December 2025, and the state has maintained over 2 million jobs filled since 2023. These ongoing efforts underscore Kentucky's commitment to fostering a robust economic environment.