Kentucky Hits Second-Highest Mark for Announced Private-Sector Investment, Top Incentivized Wage in 2025

Top three years for new-location and expansion investment have come during Beshear administration

Kentucky Gov. Andy Beshear highlighted Kentucky’s continued economic strength as he announced that 2025 was the commonwealth’s second-best year on record for new investments within the private sector, with $10.5 billion in projects announced, which means the top three years for growth – and four of the top five – have occurred during his administration.

The strong year of new investments resulted from 185 new-location and expansion announcements that are projected to create nearly 9,600 full-time jobs. Wages are rising across the state as well, with the average incentivized hourly wage hitting $29.58 in 2025, the highest on record. Since 2022, the average incentivized hourly wage has now topped $26 in four consecutive years for the first time.

“Our state’s continued success is a testament to Team Kentucky and our partners across the state who have worked incredibly hard to keep bringing great companies and job opportunities to our communities,” Gov. Beshear said. “Kentucky continues to be a national leader in economic growth, and that will continue to be the case in the years ahead as we continue to create new opportunities for our people.”

Major announcements spurred another year of economic success, including Apple’s plan to invest more than $2 billion in the Corning Inc. facility in Harrodsburg, a nearly $2 billion investment by Ford Motor Co. for production of an all-new electric mid-size pickup truck at the Louisville Assembly Plant (LAP), and General Matter’s major milestone toward a $1.5 billion uranium enrichment facility in Paducah.

These and other manufacturing projects were a significant driver of a successful year, with nearly $9.5 billion in announcements contributing to nearly 7,600 announced jobs. Other notable manufacturing projects include Tate Inc., which will invest $61.2 million and create 400 jobs in Glasgow, representing the largest job-creation announcement in Barren County in 18 years, and GE Appliances investing $490 million and creating 800 jobs at its global corporate headquarters in Louisville to reshore laundry production from China.

Kentucky’s nation-leading automotive industry was an integral part of this year’s growth as well, with 35 announcements leading to $2.7 billion in new investments and more than 1,400 announced jobs. That includes Ford’s LAP project, as well as Toyota’s announcement of a $204.4 million investment creating 82 jobs to boost hybrid production at the company’s largest manufacturing operation in the world in Georgetown.

This year’s investment and job creation 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 $45 billion in announced investments, creating more than 68,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history and $24 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’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.

Kentucky also 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 2024 Governor’s Cup rankings. Site Selection also placed Kentucky second in the South Central region and No. 6 nationally in its 2025 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.

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.