Bourbon is big business in Kentucky — that’s according to recent info from the governor’s office that shows the industry grew by more than $2.1 billion and produced around 700 jobs in 2022.
Gov. Andy Beshear celebrated the industry’s continued success Thursday as he joined state officials and leaders at Buffalo Trace Distillery to fill the company’s 8 millionth barrel of Kentucky bourbon since Prohibition.
The event caps what has been a monumental year for the Kentucky bourbon and spirits industry, including the sector’s largest investment in state history, announced in October, and new location and expansion projects throughout the state.
“Kentucky’s bourbon and spirits industry continues to set itself apart as we conclude another tremendous year of growth statewide,” Beshear said. “The momentum has been incredible, and the demand for Kentucky bourbon just keeps growing around the world. With monumental investments from companies like Sazerac Co., Beam Suntory and Pernod Ricard, our bourbon industry is reaching new heights.”
Currently, the Commonwealth has distilleries in one-third of Kentucky counties, with that footprint expected to increase in the years ahead. A large portion of distilleries reside in rural Kentucky, where projects total $1.98 billion in announced investments and 550 new jobs. The Commonwealth also saw five new foreign-owned projects contributing to over $730 million in investments and 125 new jobs.
These commitments add to the Commonwealth’s booming bourbon sector, which is a nearly $9 billion signature industry in Kentucky generating more than 22,500 jobs with an annual payroll exceeding $1.23 billion.
Eric Gregory, president of the Kentucky Distillers’ Association, applauded the signature industry’s growth.
“These investments, new jobs and the tourism they will bring are pivotal in Kentucky retaining its crown as the one, true and authentic home of bourbon,” Gregory said.
“As market demand in the United States continues to propel bourbon’s growth – along with the rebuilding of international markets following the end of retaliatory tariffs – we will work hand-in-hand to recruit new distilleries and suppliers to the 80 Kentucky counties that don’t already have bourbon-related jobs, tourism and spin-off revenue generation.”