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Governor notes historic private-sector investment, job creation

From Crystal Staley/Brandon Mattingly

Frankfort, KY - On December 27, 2022, Gov. Andy Beshear announced this year's books have officially closed on another successful year of economic growth in Kentucky, concluding the best two-year period for announced private-sector investment and job creation in state history.

This year, 248 private-sector new-location and expansion projects committed to invest nearly $10.5 billion and create 16,000 full-time jobs. Those figures position 2022 as Kentucky's second highest year for new investment behind 2021's record year.


Wages continue to rise in the commonwealth as well, as Kentucky's average incentivized hourly wage for projects statewide in 2022 was $26.78 before benefits, an 11.5% increase over the 2021 mark of $24 and the second highest over an eight-year period.

"The past year has held many challenges for the commonwealth, from our continued fight against the pandemic and efforts to recover from the tornadoes that hit Western Kentucky a year ago to the July flooding that impacted so many lives in Eastern Kentucky," said Gov. Beshear. "But it has also been a year of new opportunities, and we have many reasons to believe the future has never been brighter in the commonwealth. Not only does this year mark the best two-year period for economic growth in Kentucky, it also brought significantly increased wages for Kentucky families, a record high for investment in the bourbon and spirits industry, and a diverse economy that now includes the rapidly growing electric-vehicle sector that can support our workforce for generations to come. I want to thank every company that has put down roots in the commonwealth and put their faith in Kentuckians. I look forward to continuing this momentum and taking our economy even further in 2023."


This story was posted on 2022-12-27 13:24:19
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