Gov. Andy Beshear announced Thursday that $12.98 million in state funding has been approved for 10 site development projects across 11 Kentucky counties, with significant investments directed toward economic growth efforts in Graves and Caldwell counties.

The funding comes through the Kentucky Product Development Initiative (KPDI), a program designed to prepare industrial sites for future business expansion and job creation. "The commonwealth has long been in the lead on investing in site and building development initiatives," Beshear said. "Our speed-to-market efforts are one of many reasons businesses continue to choose this great state."

The Graves County Fiscal Court, working with local economic development officials, will use $2 million in state funding to construct two 60,000-square-foot speculative industrial buildings. These ready-to-use facilities are expected to attract manufacturers and logistics companies seeking immediate operational space, a factor often critical in site selection decisions.

In neighboring Caldwell County, the Princeton-Caldwell County Industrial Development Authority secured $90,000 to conduct due diligence on a 19-acre Build-Ready site within the industrial park in Princeton. Once completed, the site will be capable of supporting construction of a facility up to 100,000 square feet, positioning the county for future industrial recruitment.

The latest round of funding also supports projects in Fleming, Floyd, Hardin, Johnson, Lyon, Marion, McCreary, Mercer and Pendleton counties. Several of those projects involve infrastructure upgrades, land preparation and speculative building construction—core elements of Kentucky's "speed-to-market" strategy.

To date, the initiative has had a measurable impact. Nearly 100 projects have been approved under earlier funding rounds, generating more than $516 million in combined public and private investment. State officials report that 51 companies have already located on KPDI-supported sites, bringing over $5.7 billion in capital investment and creating more than 7,400 jobs.

State officials say an additional $35 million remains available for projects currently in the due diligence phase. Gov. Beshear and the Kentucky General Assembly have approved up to $170 million in funding for the initiative. Learn more at kpdi.ky.gov.