Gov. Beshear to make major economic announcement Wednesday
LEXINGTON, Ky. (WKYT) - Governor Andy Beshear is teasing a major economic announcement on Wednesday morning, calling it a “historic investment.”
The governor said it will produce thousands of jobs, and solidify Kentucky’s leading role in an emerging industry. Whatever the announcement is, it comes just over six months after the Ford battery plant announcement.
That development was a $6 billion investment. It’s the single largest in Kentucky’s economy, and is set to bring 5,000 jobs. Governor Beshear said then it was making Kentucky the global leader in the electric vehicle market.
“We are having the greatest economic resurgence, maybe the greatest economic surge, that this state has ever seen,” Gov. Beshear said.
Its momentum Kentucky is looking to build onto with thousands of jobs set to be announced Wednesday.
“Kentucky saw $11.2 billion in private sector investment last year. A state of 4.4 million people saw 118,000 new jobs at the second highest wage we’ve ever seen,” Gov. Beshear said.
During his address last week at the Concordia Lexington Summit, Governor Beshear touted Kentucky’s economic growth in the last year. This tweet from him Tuesday hinted at more. However, it’s not clear what that will be.
“We have 11 broad sectors that make up the economy,” said Dr. Michael Clark, the director of UK’s Center for Business and Economic Research.
Dr. Clark said Kentucky has been rebounding post-pandemic in areas like manufacturing, trade, and transportation.
“It’s encouraging to see these types of investments. Because it suggests they’re seeing a workforce here,” Dr. Clark said.
“We look forward to those opportunities. We look forward to transformation for our people. Kentucky is ready to lead,” Gov. Beshear said.
The Kentucky Association of Manufactures said the transformation of Kentucky’s economy as a result of the auto industry alone is remarkable.
We’ll have details on the announcement as they are released Wednesday morning, and we’ll carry it live on air, as well.
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