Governor Matt Bevin announced Friday that companies pledged nearly $5.3 billion in expansions and new facility locations throughout the state this year, making 2018 the second-highest in Kentucky’s history for corporate investment.
From those investments spanning 374 individual projects, a release says businesses plan to create more than 14,500 full-time jobs in the coming years. The state’s 2018 performance brings the Bevin administration total to $18.1 billion in announced investments and 50,745 jobs announced, more than any previous four-year administration in Kentucky.
The state’s highest-ever investment performance came in 2017 with more than $9.2 billion in corporate projects announced. This year’s announced investment surpassed the prior second-best of $5.1 billion from 2015.
Rural counties attracted 250 of the 374 private-sector projects announced this year while 169 went to the 10 most populated counties. Urban counties will claim nearly 7,800 of the new jobs announced and rural account for more than 6,700.
This year, existing businesses announced 311 expansion projects, accounting for more than $3.68 billion and 8,200 planned jobs. That compares with 63 new-location projects, expected to create more than $1.61 billion in investment and 6,300 jobs.
In 2018, internationally owned companies announced 62 projects, totaling $2.37 billion in planned investment and 2,773 planned full-time job creation. Kentucky currently has more than 500 internationally owned facilities employing more than 111,000 people full-time. Of the 34 nations represented, Japanese, German and Canadian companies maintain the largest presence in the state.
This year’s top-five sectors by investment are food and beverage, primary metals (specifically aluminum-related and steel & iron production), advanced manufacturing, motor vehicle-related and distribution & logistics.
The top five sectors for 2018 are advanced manufacturing, distribution & logistics, motor vehicle-related, food & beverage and business/financial services.
State officials say the unemployment rate hit a record low in 2018 in the Commonwealth and remained low throughout the year, standing at 4.5 percent in November. The state’s labor force participation rate reached a record high this year and stands at 59.3 percent in November.
The state’s exports could set a record in 2018 for a third consecutive year. Through October, the most recent data available, companies exported $26.5 billion in goods and services, which is 4.2 percent ahead of the same months last year
