LEXINGTON, Ky. — Gov. Andy Beshear announced approval of $12.4 million in state funding for 16 site development projects across 18 counties, aimed at attracting future business investment and job creation throughout the commonwealth.

The funding, approved through the Kentucky Product Development Initiative, supports infrastructure improvements, land acquisition, utility installations and other enhancements to make industrial sites more attractive to companies considering expansion or relocation to Kentucky. The initiative is part of the state's "speed-to-market" effort to position Kentucky as a competitive location for business investment.

"Kentucky continues to lead on investing in site and building development initiatives, laying the groundwork for continued economic momentum and future job opportunities," Beshear said. "Our speed-to-market efforts are one of many business-friendly elements that separate the commonwealth from its competitors."

Projects receiving funds include work in Butler, Fulton, Magoffin, Madison, Harrison, Todd, Christian, Pulaski, Washington, Breckinridge, Harlan, Pike and Russell counties, among others. Specific projects approved include infrastructure upgrades at industrial parks, airport development improvements and site-readiness assessments.

The initiative, a collaboration between the Cabinet for Economic Development and the Kentucky Association for Economic Development, has delivered substantial results in recent years. Nearly 100 projects statewide have been approved for approximately $93 million in funding under previous rounds, generating over $516 million in total investments when combined with local contributions.

To date, Beshear and the Kentucky General Assembly have approved up to $170 million for the initiative. Currently, $35 million remains available for projects entering the due diligence stage in the latest funding round. Projects are evaluated by independent site selection consultants who assess workforce availability, infrastructure access and development costs before recommendations are submitted to the Cabinet for Economic Development.

The investment in site development reflects Kentucky's recent economic success. Since taking office, Beshear has announced more than 1,300 private-sector new-location and expansion projects totaling over $48.2 billion in investments, creating more than 69,000 jobs. The commonwealth recorded over 2 million jobs filled in 2023 for the first time ever and has maintained that level since.