FRANKFORT, Ky. — Gov. Andy Beshear announced more than $5.2 million in state funding approved for site and building development projects across eight Kentucky counties through the Kentucky Product Development Initiative, according to a statement from the Governor's office. The funding will support economic development and job creation in Adair, Ballard, Clinton, Floyd, Madison, Magoffin, Monroe and Montgomery counties.

"Team Kentucky is continuing to invest in site and building development to lay the groundwork for continued economic momentum and future job opportunities," Beshear said. "Congratulations to these eight communities. I am excited to see how you will use these investments to create a brighter future for our people."

The Kentucky Product Development Initiative is a collaboration between the Cabinet for Economic Development and the Kentucky Association for Economic Development that provides funding for local communities to boost investment in site and building upgrades to support future employment and economic growth. Site and building development projects are first evaluated by an independent consultant based on factors including workforce availability, infrastructure access and development costs.

The latest round of approvals comes as Kentucky continues to position itself for increased business investment. The current KPDI program includes $25 million per fiscal year in state funding toward upgrades of sites and buildings across the state. To date, the governor and Kentucky General Assembly have approved up to $170 million in funding for the initiative overall.