Gov. Beshear Makes Landmark Announcement, Continues to Lead Historic Economic Boom

FRANKFORT, Ky. (May 19, 2022) – Gov. Andy Beshear, who has continued to make repeated historic economic development announcements and who shattered every annual economic development record in the books in 2021, announced another landmark achievement on Thursday. The Governor said Kentucky reported the lowest ever unemployment rate recorded in the commonwealth at 3.9 percent.

“Gov. Beshear is the best jobs governor in Kentucky history. Period,” said KDP Chair Colmon Elridge. “Even while guiding Kentucky through two incredibly difficult years with deadly storms and the pandemic, Gov. Beshear has led the commonwealth into the greatest economic boom in our history, creating good-paying jobs in every corner of the commonwealth. A majority of Kentuckians support Gov. Beshear because they know he is building a better Kentucky with better jobs, better opportunities, better schools and better infrastructure creating a better future for our families. There is no doubt that Kentucky is moving in the right direction and the policies, vision, and leadership of Gov. Beshear is leading the way.”

Along with announcing the record lowest unemployment rate, Gov. Beshear announced even more jobs on Thursday. The Governor announced Catalent Inc. in Winchester is expanding creating 277 good-paying jobs and investing $175 million.

In 2021, Gov. Beshear shattered every annual economic development record on the books announcing more than 18,000 jobs and more than $11 billion in private-sector investment that year alone. In seven months, he announced the two largest economic development projects in Kentucky history with Ford and SK Innovation building massive electric vehicle battery plants in Hardin County, with the auto giant investing $5.6 billion and creating 5,000 good-paying jobs. In April, Gov. Beshear announced the second largest economic development project in history with Envision AESC creating 2,000 jobs and investing $2 billion in Bowling Green to build another electric vehicle battery plant, making Kentucky the electric vehicle battery capital of the country.

S&P Global Ratings and Fitch Ratings recently upgraded Kentucky’s financial outlook to positive.

The state budget director reported the highest-ever monthly General Fund receipts with $1.84 billion for April 2022 with that level almost 35 percent higher than collections the previous April and a year-to-date growth of 16.4 percent.