Major announcements and industry growth power the second-highest mark for announced private sector investment in state history
The commonwealth’s surging economy eclipsed yet another milestone as the calendar turned to 2026, as the best stretch of economic growth in state history has now reached five years. Under Gov. Andy Beshear’s administration, Kentucky has reached new economic heights and continues to raise the bar, adding quality job opportunities, raising wages and building a better future for communities in every corner of the state.
Last year, Kentucky announced the 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 over the last six years. The strong year of new investment resulted from 185 new-location and expansion announcements that are projected to create nearly 9,600 full-time jobs.
Adding to the commonwealth’s continued economic growth are rising wages across the state as the average incentivized hourly wage was $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 goal will always be to build a better Kentucky for everyone, and 2025 was another step forward in creating that brighter future,” said Gov. Beshear. “These results would not be possible without our hardworking business owners, our talented workforce, and our dedicated local and state officials. While other states saw a slow down or even moved into recession last year, in Kentucky we’ve continued our unprecedented economic momentum, and I look forward to the many successes that 2026 will bring.”
Since the beginning of his administration, Gov. Beshear has announced more than 1,300 private-sector new-location and expansion project 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.
Manufacturing projects were a significant driver of economic success last year, with nearly $9.5 billion in announcements contributing to nearly 7,600 announced jobs. In August, Gov. Beshear joined executives from General Matter to celebrate a major milestone in the company’s project toward establishing a $1.5 billion, 140-job uranium enrichment facility in McCracken County, which will be the largest economic development project in Western Kentucky history. That same month, Apple and Corning Inc. announced plans for a $2.5 billion investment in Corning’s Mercer County facility to produce 100% of the cover glass used in iPhone and Apple Watch units. Leadership at Apple indicated the project will help increase Corning’s manufacturing and engineering workforce by 50% in Kentucky.
Other notable 2025 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. The industry was led by a monumental announcement from Ford for a nearly $2 billion investment in the Louisville Assembly Plant to introduce an innovative manufacturing process that will serve as the platform for an all-new, electric mid-size pickup truck. The project also secures 2,200 jobs at the facility and introduces an “assembly tree” approach to the production process, which will increase efficiency, ergonomics and affordability.
Other notable automotive projects from last year include:
- 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.
- Sumitomo Electric Wiring System’s $17 million expansion in Simpson County creating 76 new jobs.
- The grand opening of Toyota Boshoku’s brand new, state-of-the-art “smart plant” in Hopkinsville, a $225 million investment creating 157 full-time jobs.
State Programs Laying Groundwork for Future Success
Team Kentucky has continued its mission of developing, maintaining and retaining its world-class, versatile workforce, further supporting Kentucky’s thriving economy. In fiscal year 2025, the Bluegrass State Skills Corp. (BSSC) board of directors approved more than $9.5 million in training funds and credits for over 30,600 trainees across 115 Kentucky facilities.
Aiding the state’s recent growth and sustained economic momentum has been the continued investment in site development initiatives. Last year, the commonwealth continued its aggressive approach to the growing speed-to-market demand. Twenty-five counties were approved for site and development upgrades through the state’s Kentucky Product Development Initiative (KPDI) and Build-Ready program, setting these communities up for future economic success and job creation.
These sites are paving the way for companies to locate and begin operations throughout the commonwealth quickly and efficiently, creating quality jobs and spurring further economic development. To date, 51 companies that have located on a PDI or KPDI-funded site, representing $5.7 million in capital investment and over 7,400 new jobs. And of Kentucky’s 28 available Build-Ready locations, 12 sites have been selected by companies for new location and expansion projects.
These programs and partnerships are building on Kentucky’s track record of success and setting the foundation for even more economic growth in the years ahead.
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