KENTUCKY — The sun is shining bright on economic development in Kentucky. New and expansion projects in the private sector have exceeded $10 billion for the first time in the state's history, Gov. Andy Beshear said Monday.

Bouncing back from the COVID-19 pandemic in a big way, the $10 billion in developments are set to bring more than 15,200 full-time jobs with them.

“This is a monumental achievement for our state that represents months of dedication from local and state economic development leaders and businesses across Kentucky who continue to further their commitment to the commonwealth and our residents,” Gov. Beshear said. “This has been an incredible year for economic growth in Kentucky, but we are just getting started."

Through the first 10 months of 2021, economic momentum in Kentucky has exceeded any other full-year totals for investment growth.

State numbers show that year-to-date, more than 110 private-sector announcements include nearly $10.3 billion in total planned investment while creating more than 15,235 full-time jobs across the coming years.

Most come with good pay, too. Jobs announced through September include an average incentivized hourly wage of $24.15 before benefits, a 10% increase over the 2020 figure, Beshear said.

The automotive industry has been the top sector for investment and job-creation so far this year, thanks in large part to Ford and Toyota. They announced a combined $6.6 billion in commitments to create more than 7,100 full-time jobs, solidifying an industry that already employs over 100,000 Kentucky residents across more than 525 suppliers and four assembly plants.

In September, Beshear, along with leaders from Ford and SK Innovation, announced the single largest economic development project in the history of the Commonwealth: a monumental $5.8 billion investment that will create 5,000 jobs at BlueOvalSK in Elizabethtown.

Last week, Toyota announced a $461 million investment at the Toyota Motor Manufacturing Kentucky (TMMK) plant in Georgetown for upgrades, including preparation for future vehicle electrification. The project will transition 1,400 indirect employees to direct Toyota roles.

Other top investment sectors include:

• Food, beverage and agritech ($1 billion); 
• Metals ($965 million); 
• Business/financial services ($558 million); 
• Plastics and rubber ($240 million); and
• Logistics and distribution ($157 million).

AppHarvest announced a $42.5 million investment in Berea, which will create 60 full-time jobs, and Community Wellness Technology plans a $3 million investment that will create 445 jobs in Danville.

The Cumberlands region saw Firestone Industrial Products announce and break ground on a 250-job, $50 million-plus expansion in Whitley County. Chapin International, which also announced a new facility in Boyle County, added $8 million to its planned investment in Mount Vernon, pushing the total commitment to $13.9 million and doubling job creation to 200 positions at the facility.

In Eastern Kentucky’s EKCEP region, LION First Responder PPE announced plans to reopen its Beattyville manufacturing facility after more than a decade with an $850,000 investment that will create 75 jobs. Meanwhile, WellCare of Kentucky is nearly doubling its staff in Hazard with 18 new jobs in an expansion project that saw the community selected over locations in Nashville, Tennessee, San Antonio and Tempe, Arizona.

Northern Kentucky announcements include Nucor’s $164 million, 72-job tube mill in Gallatin County and Fidelity Investments’ plans to add 600 employees in Covington, adding to hundreds of hires at the company since the start of 2020.

South Central Kentucky projects include Tyson Foods’ 451-job Bowling Green facility, also announced last week, which comes with a $355 million investment – the largest in a new facility in Warren County.

In the TENCO region, four companies are expected to create more than 300 full-time jobs with over $20 million in new investments.

West Kentucky announcements include $70 million from Ahlstrom-Munksjö to build a second facility in Madisonville, creating 51 jobs, and Metalsa Structural Products creating 97 jobs with a Hopkinsville expansion.

More news on economic development in Kentucky can be found here.