Gov. Andy Beshear announces millions going to grow new jobs in Kentucky

FRANKFORT, Ky. (WYMT) - Governor Andy Beshear announced up to $34 million in state funds are getting closer to being distributed in local communities.

On Wednesday, Beshear said the funds are to support new, good paying jobs and economic growth across Kentucky.

The funds are part of the Kentucky Product Development Initiative (KPDI), and there are 54 site and building projects moving forward in the initial round.

The Kentucky Cabinet for Economic Development (CED) is now reviewing each project for a recommendation of approval by the Kentucky Economic Development Finance Authority (KEDFI) in the coming months. The projects will be announced once they are approved by KEDFI.

“This is a critical effort to ensure we have room for existing and new companies to grow their businesses and add new jobs to our already red-hot economy,” said Beshear. “Identifying and developing new sites that are shovel-ready makes sure our local communities are ready to land their next major economic development project.”

Rep. Adam Bowling, of Middlesboro, who sponsored the legislation that established KPDI, said, “This is great news for our commonwealth and an incredible opportunity for the communities receiving this first round of funding. The Kentucky Product Development Initiative is based on the simple premise that we have to be willing to invest in ourselves if we want to create jobs and corporate investment. This investment will go a long way toward increasing the quality and quantity of available sites and marks the next chapter in our progress to making this the best place to live and work. I applaud our partners in the Kentucky Cabinet for Economic Development and Kentucky Association for Economic Development for their work over the past 11 months in working toward this announcement.”

Information on Kentucky’s economic development efforts and programs is available here.