Gov. Beshear: More Than $6.1 Million in State Funding Approved for Site and Building Development in 5 Counties

Round 2 projects to encourage future investment and job creation in five communities

FRANKFORT, Ky. (June 25, 2026) - Today, Gov. Andy Beshear announced further momentum within the state's site and building development efforts as more than $6.1 million was approved to support future investment and job creation in Cumberland, Fayette, Madison, Russell and Scott counties through the Kentucky Product Development Initiative (KPDI).

"Our continued investment in site and building development initiatives is helping continue the economic momentum we are seeing across our commonwealth," said Gov. Beshear. "Congratulations to these communities on their approvals. I look forward to seeing the future investment, economic growth and jobs they will help secure."

The Burkesville-Cumberland County Industrial Development Authority is planning a multiphase development project in the Cumberland River Industrial Park. Phase 1 includes installation of waterlines and hydrants, sanitary sewer systems and manholes, gas line infrastructure, roadway construction, stormwater systems and associated site development activities. Phase 2 includes additional utility extensions (water, sewer and gas), roadway construction, stormwater infrastructure and site preparation necessary to expand the available industrial sites. The $1.4 million project was approved for nearly $1.3 million in state support.

The Central Kentucky Business Park Authority was approved for state funding to help with site preparation, infrastructure extension and improvement efforts at the Triple Crown Business Park located off Farristown Industrial Road. The Triple Crown Business Park, a regional business park located in Berea, has support from the city of Berea, Lexington-Fayette Urban County Government, Madison County Fiscal Court and Scott County Fiscal Court. The $5 million project was approved for over $4 million in state funding.

The Russell County Fiscal Court is considering purchasing 67 acres of industrial land that will enable the Russell County Industrial Development Authority (RCIDA) to market and attract new industries. Phase 1 was previously approved by the Kentucky Economic Development Finance Authority (KEDFA) in March. The RCIDA is now moving ahead with Phase 2 of the project, which involves the construction of an access road into the property that would provide immediate connectivity to U.S. Highway 127 and connect the property to the existing Industrial Complex. The over $1.4 million project was approved for nearly $789,000 in state support.

Currently, $35 million is available for projects entering the due diligence stage in the latest round of KPDI. The projects have been reviewed by a third-party, independent site selection consultant, which evaluated, scored and submitted project recommendations to the Cabinet for Economic Development. The cabinet will consider each project and complete the final stage of due diligence for a recommendation of funding approval by KEDFA in the coming months.

Including projects approved last month that use remaining funds, the two rounds of the previous iteration of the initiative have seen 152 approved projects statewide for over $147 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, noted the importance of the state's speed-to-market initiatives: "Kentucky's continued economic development success depends on our ability to have investment-ready sites and infrastructure available when opportunities arise. KPDI helps communities take proactive steps to strengthen their competitiveness and better position themselves for future projects. These investments are critical not only for attracting new industry, but also for supporting long-term growth and opportunity across the commonwealth."

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 upon all facets a prospective company would consider, from workforce availability, access to all infrastructure and detailed information on costs associated with development.

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 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.

In February, the Governor announced Kentucky once again set an all-time record for products shipped globally, with $50.6 billion in exports in 2025, representing a 5.65% 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.