Gov. Beshear: More Than $5.2 Million in State Funding Approved for Site and Building Development in 8 Counties

Round 2 projects to encourage future investment and job creation in 8 communities

FRANKFORT, Ky. (July 30, 2026) - Today, Gov. Andy Beshear announced further investment in the state's site and building development efforts as more than $5.2 million was approved to support future investment and job creation in Adair, Ballard, Clinton, Floyd, Madison, Magoffin, Monroe and Montgomery counties through the Kentucky Product Development Initiative (KPDI).

"Team Kentucky is continuing to invest in site and building development to lay the groundwork for continued economic momentum and future job opportunities," said Gov. Beshear. "Congratulations to these eight communities. I am excited to see how you will use these investments to create a brighter future for our people."

The Adair County Fiscal Court, on behalf of the Columbia-Adair County Economic Development Authority, is planning to construct a 40,000-square-foot speculative building within its Green River Commerce Park. The project was approved for nearly $1.7 million in state support.

The Ballard County Fiscal Court, in partnership with the city of Wickliffe, will be performing due diligence on a 30-acre site along the Mississippi River. The project was approved this morning for $90,000 in state funding to support the efforts.

Clinton County Industrial Development Authority plans to conduct due diligence for a Phase I Environmental Site Assessment and geotechnical study. The studies are the preliminary steps to evaluate environmental conditions, subsurface stability and overall site suitability, ensuring informed decision-making prior to any acquisition and subsequent development efforts that align with its mission to promote investment, job creation and sustainable growth in the region. The project was approved for $25,812 in state support.

The Floyd County Fiscal Court is considering purchasing the Allen Rail Site, near Allen, Kentucky. The property is a total of 40 acres, and approximately 30 acres are developable. The project was approved for $1.3 million in state funding to support the acquisition efforts.

The Richmond Industrial Development Corp. is planning to construct an entryway to the property from Duncannon Lane that is sufficient for truck traffic. Duncannon Lane is a two-way divided roadway, and the bulk of this project will focus on turning lanes in both directions but with the hope of using an existing crossover. The project was approved this morning for $398,430 in state support.

The Magoffin County Fiscal Court is planning to acquire land to expand the present Gifford Industrial Park. In 2023, Magoffin County Fiscal Court opened the park adjacent to the Mountain Parkway outside of Salyersville. Within two years, all three lots in the park were under purchase agreement. The county is proposing to purchase and develop a 98.4-acre parcel across the Mountain Parkway from the current park, to double the size of the Gifford Industrial Park and attract additional industry employment. The project was approved for $513,000 in state funding to support the development.

The Monroe County Industrial Development Authority (MC-IDA) recently purchased property north of Tompkinsville along Kentucky Highway 163, Edmonton Road. Its transition from long-term agricultural use to industrial readiness represents a significant opportunity for Monroe County to have a developable site available and attract new private-sector investment. The property, when completed, will offer a large-scale manufacturing site of 20 acres with a single building footprint, along with other small-scale sites for start-ups or local industry needing to expand. The project was approved this morning for $255,000 in state funding.

The Montgomery County Fiscal Court, on behalf of the Mt. Sterling-Montgomery County Industrial Authority, is planning to construct roads for the Walters Industrial Park. The project was approved for $960,00 in state support.

Including projects approved last month that use remaining funds, the two rounds of the previous iteration of the initiative have seen 157 approved projects statewide for over $153 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, showed support for the program: "By helping these communities improve and strengthen their industrial sites and buildings, this program allows local leaders to compete for projects that create jobs, attract private investment, and generate long-term opportunity. We are excited to see so many communities receive support through KPDI and look forward to the impact these projects will have for years to come."

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.

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.