Gov. Beshear: Nearly $5.3 Million in State Funding Approved for Site and Building Development in 3 Counties

Projects are newest approvals of the Kentucky Product Development Initiative program

FRANKFORT, Ky. (Sept. 3, 2026) - Today, Gov. Andy Beshear highlighted the continued growth of the state's site development efforts as projects in Trigg and Daviess counties and a regional project for Bourbon and Nicholas counties moved through the Kentucky Product Development Initiative (KPDI) approval process. The Kentucky Economic Development Finance Authority (KEDFA) approved three projects for nearly $5.3 million in state funding in addition to local support.

"When it comes to setting up the commonwealth for long-term economic success, Team Kentucky is paving the way by investing in site development for communities across the state," said Gov. Beshear. "I am thrilled to see $5.3 million going to three projects, which will support crucial site and building upgrades and improvements. These sites will attract quality businesses. Even more important: They will generate good-paying jobs for families throughout Kentucky."

The Cadiz-Trigg County Industrial Development Authority is planning to continue developing the I-24 Business Park as the official Gateway to Land Between the Lakes and abundant opportunity. The project will provide direct access to 57 acres for continued industrial development through a new access road that will connect to the Interstate 24 Business Park acreage, which will allow direct access into the middle of the park. The project was approved for $905,336 through KPDI.

The Daviess County Fiscal Court, on behalf of the city of Owensboro, is planning to complete the next phase of development for the 121-acre Massie Site. This will include wetland delineation, a threatened and endangered species study, a phase one archaeological study, a cultural history study, a geotechnical report for entrance and pad, and the construction of the entrance and pad. The project was approved for $1 million in state funding.

The Bourbon County-Nicholas County Joint Economic Development Authority purchased the site formerly known as the Finfrock property using KPDI funds in 2022. The project will focus on site improvements to the recently established Bourbon-Nicholas County Regional Industrial Park. This portion of the project will focus on the construction of 3,500 square feet of gravity sanitary sewer and a pump station to provide additional capacity to serve the site and site grading and earthwork for 40 acres in preparation for a future rail storage yard. This is a regional project with support from Bourbon and Nicholas counties. The project was approved for nearly $3.4 million in state support.

Including projects approved last month that use remaining funds, the two rounds of the previous iteration of the initiative have seen 168 approved projects statewide for over $163 million in funding. Including local contributions, these projects have generated nearly $638 million in investments in Kentucky's sites and buildings portfolio.

To date, 51 companies have located on pilot PDI and KPDI-funded sites, totaling over $5.7 billion in capital investment and creating over 7,400 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, spoke on the effort communities are putting into site and building development: "Trigg, Daviess, Nicholas and Bourbon counties understand that being ready for economic development opportunities means investing in the sites and infrastructure needed to compete. Through KPDI, these communities are taking a proactive approach to preparing for future investment, strengthening their competitiveness and creating new opportunities for businesses and families and we are excited to be a part of that. These investments are not only about attracting the next project, but about building a stronger foundation for long-term economic growth and opportunity in Trigg, Daviess, Nicholas and Bourbon counties."

To date, Gov. Beshear and the Kentucky General Assembly have allocated up to $220 million in funding for the initiative.

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

Learn more about KPDI at kpdi.ky.gov.

Investment in site development throughout Kentucky furthers what has been the best six-year period for economic growth in state history.

Since the beginning of his administration, Gov. Beshear has announced more than 1,300 private-sector new-location and expansion projects totaling over $50.7 billion in announced investments, creating more than 70,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth's history and $29 billion more than the next highest total.

Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the battery capital of the United States: AESC's $2 billion, 2,000-job gigafactory project in Warren County; Ford Motor Co.'s $2 billion, 2,200-job commitment in Louisville, as well as its $2 billion, 2,100-job project at the Kentucky 1 plant in Hardin County; Shelbyville Battery Manufacturing's $712 million investment, creating 1,572 jobs in Shelby County; and Toyota's $1.3 billion investment in Scott County, among others.

The Governor announced Kentucky once again set an all-time record for products shipped globally, with $51.6 billion in exports in 2025, representing a 7.65% increase over 2024.

Unemployment rates fell in all 120 counties between December 2024 and December 2025.

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.

In addition, Kentucky has 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 2025 Governor's Cup rankings. In June, Area Development magazine awarded the commonwealth a Silver Shovel designation in its 2025 Shovel Awards, which highlight states for attracting high-value investment projects that will create a significant number of new jobs in their communities.

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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