Gov. Beshear: Nearly $6 Million Approved for Site and Building Development, Supporting Investment and Job Growth in 3 Counties

FRANKFORT, Ky. (Sept. 25, 2025) - Today, Gov. Andy Beshear highlighted further investment in Kentucky's speed-to-market efforts as nearly $6 million in state funding was approved to support site and building development projects in Carroll, Henderson and McCracken counties.

"Kentucky is committed to our site and building development initiatives and setting up communities across the state for future investment and job opportunities," said Gov. Beshear. "Our New Kentucky Home is the perfect location for companies are looking to grow and expand, with the sites, resources and skilled workforce needed to succeed. Our site and building development program is crucial to the state's long-term success, and I'm excited to see these projects in Carroll, Henderson and McCracken counties moving forward in the approvals process."

The Kentucky Product Development Initiative, or KPDI, provides funding for local communities to boost investment in site and building upgrades to support future, well-paying jobs and economic growth across the commonwealth. This month's approvals include three projects across three counties.

The city of Carrollton and Carrollton Utilities are planning a natural gas extension to the Riverbend project site from the existing gas line on Lock Road. In addition, the project will include a waterline extension to help increase the capacity at the project site. This will provide Carroll County and Carrollton Utilities with the ability to market the property more competitively to industry leaders. The project is regional, with support from Carroll and Trimble counties.

The Henderson County Economic Development Corporation is conducting a due diligence study on 60 acres located off the 425 Bypass in Henderson. Completion of the study will help position the property as competitive and ready for future site selection opportunities.

The Paducah McCracken Industrial Development Authority (IDA) is constructing a new spec building in Industrial Park West, located in the heart of McCracken County. The park is zoned for light industrial applications, complete with all utilities, due diligence and is in very close proximity to Interstate Highway 24. The new spec building will help attract new industry or expansion of existing industry.

Currently, $35 million is available for projects entering the due diligence stage in the latest round of KPDI. The projects have been reviewed by a third-party, independent site selection consultant, which evaluated, scored and submitted project recommendations to the Cabinet for Economic Development. The cabinet will consider each project and complete the final stage of due diligence for a recommendation of funding approval by the Kentucky Economic Development Finance Authority in the coming months. Projects across 25 counties are moving on to the due diligence stage, and the projects announced today are part of the third round of approvals.

The two rounds of the previous iteration of the initiative - the KPDI Program of 2022 - concluded earlier this year, with 90 projects statewide approved for over $85 million in funding. Including local contributions, these projects are generating over $512 million in investments in Kentucky's sites and buildings portfolio.

To date, 48 companies have located on pilot PDI and KPDI funded sites, totaling over $5.7 billion in capital investment and creating over 7,300 new jobs.

The initiative is a collaboration between the Cabinet for Economic Development and the Kentucky Association for Economic Development (KAED). It provides state support for potential upgrades to sites and buildings across the commonwealth to ensure Kentucky remains a prime location for growing companies across all industry sectors.

Terri Bradshaw, president and CEO of KAED, congratulated the counties moving forward: "Kentucky has been very successful in economic development in the last decade. To maintain this level of success, it is crucial that Kentucky communities continuously work to identify, assess and develop their inventory of sites toward investment-readiness. KPDI funding makes that possible, and I am excited for Henderson, McCracken, Carroll and Trimble counties as they continue this process."

To date, Gov. Beshear and the Kentucky General Assembly have approved up to $170 million in funding for the initiative.

Site and building development projects are first evaluated by an independent consultant based upon all facets a prospective company would consider, from workforce availability, access to all infrastructure and detailed information on costs associated with development.

Learn more about KPDI at kpdi.ky.gov.

Investment in site development throughout Kentucky builds on the best five-year period for economic growth in state history.

Since the beginning of his administration, Gov. Beshear has announced more than 1,200 private-sector new-location and expansion projects totaling over $43 billion in announced investments, creating more than 63,200 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth's history and $18 billion more than the next highest total.

The robust job creation has been accompanied by rising wages across the commonwealth. Since 2022, the average incentivized hourly wage has topped $26 in three consecutive years for the first time.

Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On's transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC's $2 billion, 2,000-job gigafactory project in Warren County; Toyota's $1.3 billion investment in Scott County; Ford Motor Co.'s $2 billion, 2,200-job commitment in Louisville; and Shelbyville Battery Manufacturing's $712 million investment, creating 1,572 jobs in Shelby County, among others.

The Governor's administration also secured the largest General Fund budget surplus and Rainy Day Fund. In 2023, Kentucky recorded over 2 million jobs filled for the first time ever and has stayed above that number ever since.

Kentucky also secured rating increases from major credit rating agencies Fitch Ratings, S&P Global Ratings and Moody's Investors Service.

Earlier this year, Site Selection magazine ranked Kentucky in the top five nationally and second in the South Central region for economic development projects per capita in its 2024 Governor's Cup rankings. Site Selection also placed Kentucky second in the South Central region and No. 6 nationally in its 2025 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.

Gov. Beshear also announced a new initiative, called New Kentucky Home, to increase economic investment, attain and attract talent, and increase tourism across the state.

Information on Kentucky's economic development efforts and programs is available at NewKentuckyHome.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.

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