As the 2024 calendar year comes to an end, Kentucky’s legislators are celebrating what many believe to be another strong economic chapter for the Commonwealth.
During last Thursday’s “Team Kentucky” update, Governor Andy Beshear noted the last 12 months can officially be recorded as the fourth-best economy in the state’s history — joining the first- and second-best also observed during his, and this Kentucky General Assembly’s, tenure.
Since January 1, Beshear and other officials have made at least 170 private sector new-location and expansion announcements — valued at more than $6.9 billion, while promising 9,425 new jobs.
Beshear called Kentucky a “premier destination for business,” and that this is a “special time to be a Kentuckian.”
Milestones and moments of note in the last year:
+ Kentucky broke its all-time record for exports, with more than $40 billion in products shipped.
+ There was a revealed historic expansion of law enforcement basic training in Western Kentucky with a new training facility opening in Madisonville.
+ There was the largest jobs announcement in more than two decades in Christian County with Kitchen Food Co. creating 925 full-time jobs with a $69 million investment.
+ Overdose deaths decreased for the second year in a row, with 2023 marking a nearly 10% decrease compared with the previous year.
+ For the last three years, homicide rates have declined.
+ The General Assembly secured more than $400 million to support water and sewer upgrades, workforce initiatives, housing and public safety and road improvements across at least 74 counties.
+ More than $1 billion was awarded in transportation construction contracts for the fourth year in a row bringing the total of such investments to over $5 billion during the administration.
+ Nearly $70 million in federal funding was revealed to add up to 50 new fast-charging stations for electric vehicles along parkways and interstates.
+ And, this year, Beshear also continued supporting the recovery and rebuilding efforts in Western Kentucky following the devastating tornadoes in 2021 and in Eastern Kentucky after the severe flooding in 2022. Eastern Kentucky was a focus, too, following historic flooding.
This past June, Beshear, alongside the Kentucky Housing Corporation, announced more than $223 million would be used to build 953 affordable rental units in communities impacted by the 2021 tornadoes.
This is the largest housing announcement in the history of Kentucky’s Department for Local Government (DLG) as well as in the history of KHC, and the funding will support 11 projects across Christian, Graves, Hopkins and Warren counties.
