Kentucky touts record $9.2 billion in announced business investment in 2017
Private companies announced plans in 2017 to invest a total of $9.2 billion in Kentucky, the most since at least 2000, according to the state Cabinet for Economic Development.
LOUISVILLE, Ky. (WDRB) – Private companies announced plans in 2017 to invest a total of $9.2 billion in Kentucky, the most in the state's history, according to the state Cabinet for Economic Development.
From new manufacturing plants and corporate headquarters to expanded warehouses, the investments are projected to bring more than 17,200 jobs to the state, the most since at least 2000, according to the cabinet.
The previous record for announced business investment was $5.1 billion in 2015, the state said.
In a news release, Gov. Matt Bevin credited “pro-business” legislation and policies, like the state’s new “right to work” law prohibiting mandatory union dues at workplaces with organized labor, with spurring the economic expansion.
The state tracks investments that are planned, often when companies apply to the state for economic development incentives. Some are underway or completed, while others may not come to fruition.
Braidy Industries, for example, plans to spend $1.3 billion on an aluminum rolling mill in Greenup County, but construction isn’t slated to begin until the spring.
Amazon’s Prime Air shipping hub in Hebron, Ky. topped the 2017 list with a planned investment of $1.49 billion, followed by $1.33 billion in upgrades underway at Toyota’s Georgetown, Ky. auto plant.
The investments are in industries that create primary jobs -- manufacturing, service and technology.
All 333 projects are listed in the cabinet’s year-end report:
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