FRANKFORT, Ky. — National publication Site Selection magazine has recognized Kentucky for its economic success. 

The commonwealth placed No. 2 in the South Central region of its 2024 Prosperity Cup rankings. Nationally, Kentucky placed No. 8, maintaining a top 10 ranking each year under Gov. Andy Beshear, D-Ky.

“Kentucky has placed strongly in this and other recent rankings for economic growth, and that showcases what we already know: The commonwealth is the best place to do business,” Beshear said. "These rankings highlight the success we have had statewide and the major investment and job creation projects the state continues to attract."

"We still have work to do to meet our goals, but our efforts are gaining recognition at the national and international level."

The Prosperity Cup recognizes state-level economic agencies and their success in landing capital investment projects, according to the previous year's data. It includes new and expanded facilities, total capital investments, new jobs created, corporate real estate rankings, state tax climate and the number of National Career Readiness Certificates per capita, the governor's office said.

This comes after the announcement of 180 private-sector new-location and expansion projects in 2023, Beshear's office added. The projects totaled more than 8,500 jobs. Among them were the following: 

• National American Stainless, which in January announced a $244 million expansion to its Ghent facility, creating 70 new full-time jobs in the Carroll County area
• Toyota Motor Manufacturing, Kentucky, which in May committed to retaining 700 full-time Kentucky jobs while investing $591 million to establish the company's first U.S.-assembled battery electric vehicle in Georgetown
• Toyota Boshoku America, which in October celebrated the announcement of its $225 million "smart plant" in Hopkinsville, creating more than 150 jobs
• Stellar Snacks, which in October announced West Louisville's largest economic development in 20 years, a $137 million investment creating 350 full-time jobs 
• INFAC North America, which in June broke ground on a $53 million expansion of its Campbellsville automotive-related manufacturing facility, creating more than 200 Kentucky jobs 

In its 2023 Governor's Cup rankings released earlier this year, Site Selection magazine also ranked Kentucky No. 3 nationally in economic projects per capita and No. 1 in the South Central region. Kentucky also placed No. 2 in the South Central region for overall projects. Beshear's office touted Kentucky's top 10 placement in the 2024 Prosperity Cup rankings builds on its best four-year period for economic growth in state history.

More information on the Prosperity Cup, including methodology for rankings, can be found on Site Selection magazine's website.