Project to encourage future investment and job creation in the community
FRANKFORT, Ky. (June 4, 2026) – Today, Gov. Andy Beshear announced continued momentum within the state’s speed-to-market and site development initiatives, as $750,000 was approved to support future job growth and investment in Floyd County through the state’s Kentucky Product Development Initiative (KPDI).
“Laying the groundwork for continued economic momentum and future job opportunities is what separates Kentucky from its competition and what will keep our economy moving forward,” said Gov. Beshear. “Team Kentucky is investing in site and building development projects in every corner of the state. We are committed to building a stronger Kentucky, and this is just one example of how we are doing just that. Congratulations to the Floyd County community on their approval.”
The KPDI provides funding for local communities to boost investment in site and building upgrades to support future, well-paying jobs and economic growth across the commonwealth. This month’s approved project will benefit from recaptured funds tied to the KPDI Program of 2022.
The Floyd County Fiscal Court is considering the purchase of the Allen Rail Site near the city of Allen. The property includes approximately 30 developable acres. The project was identified by an independent site selection consultant as having the potential for future investment/location of an economic development project. The $1.5 million project was approved $750,000 in state support.
Currently, $35 million is available for projects entering the due diligence stage in the latest round of KPDI. The projects have been reviewed by a third-party, independent site selection consultant, which evaluated, scored and submitted project recommendations to the Cabinet for Economic Development. The cabinet will consider each project and complete the final stage of due diligence for a recommendation of funding approval by the Kentucky Economic Development Finance Authority in the coming months.
Including projects approved last month that use remaining funds, the two rounds of the previous iteration of the initiative have seen 151 approved projects statewide for over $147 million in funding. Including local contributions, these projects have generated nearly $638 million in investments in Kentucky’s sites and buildings portfolio.
To date, 51 companies have located on pilot PDI and KPDI funded sites, totaling over $5.7 billion in capital investment and creating over 7,400 new jobs.
The initiative is a collaboration between the Cabinet for Economic Development and the Kentucky Association for Economic Development (KAED). It provides state support for potential upgrades to sites and buildings across the commonwealth to ensure Kentucky remains a prime location for growing companies across all industry sectors.
Terri Bradshaw, president and CEO of KAED, noted the importance of taking the necessary steps to create future economic growth: “KPDI continues to be one of the most important tools Kentucky communities have to prepare for future economic growth and investment. KAED is proud to support efforts that strengthen Kentucky’s economic competitiveness and create lasting impact in communities such as Floyd County.”
To date, Gov. Beshear and the Kentucky General Assembly have allocated up to $220 million in funding for the initiative.
Site and building development projects are first evaluated by an independent consultant based upon all facets a prospective company would consider, from workforce availability, access to all infrastructure and detailed information on costs associated with development.
Learn more about KPDI at kpdi.ky.gov.
Investment in site development throughout Kentucky furthers what has been the best six-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,300 private-sector new-location and expansion projects totaling over $50 billion in announced investments, creating more than 70,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history and $29 billion more than the next highest total.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the battery capital of the United States: AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Ford Motor Co.’s $2 billion, 2,200-job commitment in Louisville, as well as its $2 billion, 2,100-job project at the Kentucky 1 plant in Hardin County; Shelbyville Battery Manufacturing’s $712 million investment, creating 1,572 jobs in Shelby County; and Toyota’s $1.3 billion investment in Scott County, among others.
In February, the Governor announced Kentucky once again set an all-time record for products shipped globally, with $50.6 billion in exports in 2025, representing a 5.65% increase over 2024.
Unemployment rates fell in all 120 counties between December 2024 and December 2025.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund. In 2023, Kentucky recorded over 2 million jobs filled for the first time ever and has stayed above that number ever since.
In addition, Kentucky has secured rating increases from major credit rating agencies Fitch Ratings, S&P Global Ratings and Moody’s Investors Service.
Earlier this year, Site Selection magazine ranked Kentucky in the top five nationally and second in the South Central region for economic development projects per capita in its 2024 Governor’s Cup rankings. Site Selection also placed Kentucky second in the South Central region and No. 6 nationally in its 2025 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear also announced a new initiative, called New Kentucky Home, to increase economic investment, attain and attract talent, and increase tourism across the state
Information on Kentucky’s economic development efforts and programs is available at NewKentuckyHome.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
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