Gov. Beshear unveils budget investments to create, attract jobs

Governor Andy Beshear

FRANKFURT, Ky. – Governor Andy Beshear described his budget plan to make groundbreaking investments that will help the Commonwealth become a national leader by turning two years of incredible progress into 20 years of prosperity for Kentucky families.

Once again, the governor noted that the state’s recent record economic growth, with more than $ 11.2 billion in new investment and 18,000 new full-time jobs created in 2021 alone, proves that the Kentucky is a destination for large global companies like Ford Motor Co., Toyota Motor Corp., Pratt Industries, GE Appliances, and Amazon. Its budget prepares Kentucky to secure the next world-class business while aiming to provide every region of Kentucky with this incredible opportunity.

The governor’s budget also includes major investments in emerging agro-tech and life science industries, as well as critical infrastructure needed to build a better Kentucky, including roads, bridges, internet connection. broadband and potable water. The state’s tourism sector will receive a much needed boost with investments to repair national parks and attract more visitors.

Site identification and development programThe governor said that to ensure that we do not let the pace of economic development drop, we must focus on modernizing our infrastructure so that we are able to attract the next Ford or Toyota size project. To meet this crucial need, the Governor’s budget provides for $ 250 million in one-off funds to develop a site identification and development program.

Kentucky Association for Economic Development President and CEO Matt Tackett said in a video message, “We prove time and time again that Kentucky is a world class place to locate and grow a business. Our success is incredible, and it motivates us even more to act. If we are to keep moving the needle forward, we must prepare sites and buildings now to welcome new businesses and new jobs to our communities.

Agrotechnical R&DThe governor said Kentucky also continues to be the leader in agritech, with AppHarvest announcing expansions in Morehead, Somerset, Berea and Richmond. Startup AppleAtcha launched this year in Inez; Fresh Harvest continues to grow at Stanford; and Enviroflight is thriving in Maysville.

The governor’s budget guarantees Kentucky will be the agrotechnology capital of the United States by including $ 75 million to support a cutting-edge agrotechnology research and development center in the heart of eastern Kentucky.

Life Sciences LaboratoryThe governor said his administration is working to attract the jobs of tomorrow through smart investments in high-potential industries.

The installation is a collaborative effort between the city, several private companies, a regional economic development agency and higher education institutions.

Transport projectsThe governor has said that with all of these businesses and employees coming to Kentucky, we must continue to improve critical infrastructure across the Commonwealth.

The governor noted that these were one-time funds intended to give Kentucky the flexibility to meet state matching requirements for expected federal grants.

Governor Beshear said he is also allocating $ 184.9 million over three years to respond to a state match that will release nearly $ 774.7 million in federal money for the Highway Trust Fund.

Electric vehicle chargingThe governor said as Kentucky takes the lead in electric vehicles, we must meet the needs of this new industry.

Water and sewer improvementsThe governor said his new budget will expand efforts to improve water and sewage systems across the Commonwealth.

high-speed InternetThe governor said the pandemic has shown us that access to reliable high-speed internet is a necessity in our world.

General aviation airportsThe governor said his budget is aimed at improving regional Commonwealth airports.

Everyone Counts and Labor SubsidiesThe governor said bridging the gap between learning and participating in the workforce is critical to Kentucky’s future.

Talent attraction media campaignThe governor said that to ensure Kentucky remains competitive in the future, significant progress must be made in attracting talent to the Kentucky workforce.

The campaign will include national awareness to recruit top talent in Kentucky and local coverage to retain talent in Kentucky.

Automotive trainingFord and SK Innovation are pledged to create thousands of jobs by building the country’s largest vehicle battery factories, the governor said, the state must help fill skills gaps.

CDL programThe governor’s budget also provides $ 700,000 each year to the Louisville Urban League for a program that trains underprivileged Kentuckians to obtain a commercial driver’s license, which can open up great opportunities.

TourismThe Governor said that while Kentucky is now the destination for big business, it has long been true for our exceptional tourism industry.

The Governor’s Budget also allocates $ 10 million in ARPA funds to boost Kentucky’s tourism industry through a targeted marketing campaign, an additional $ 10 million in ARPA funds to strengthen the Kentucky travel industry, and $ 10 million in additional dollars to help nonprofit arts organizations.

Responsible and real budgetThe state is rapidly recovering from the economic impacts of the COVID-19 pandemic and has recorded new record private sector investment in 2021. The state’s successes under Governor Beshear’s leadership have pushed Kentucky’s finances to a steep historical level, which set the table for the game. the evolution of investments. The state’s fiscal strengths include:

  • All-time record revenue surplus with $ 1.9 billion more than expected in general fund revenue;
  • Best consecutive growth rate since 2005-2006;
  • The income of the General Fund has increased by more than 15% during the first half of the current fiscal year;
  • Governor Beshear continues to pay Commonwealth pension obligations;
  • The government has the lowest debt ratio since the policy was adopted; and
  • The largest rainy day fund in state history.

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