Project is newest approval of the Kentucky Product Development Initiative program
FRANKFORT, Ky. (Oct. 7, 2026) – Today, Gov. Andy Beshear highlighted the continued growth of the state’s site development efforts as a project in Lyon County was selected to move through the Kentucky Product Development Initiative (KPDI) approval process. The Kentucky Economic Development Finance Authority (KEDFA) approved project for over $560,000 in state funding in addition to local support.
“Our KPDI program is laying the foundation for future jobs, investment and long-term economic success in every corner of the commonwealth,” said Gov. Beshear. “Each time a new project is approved, a community receives funding for critical site and building upgrades and improvements, which will help attract quality businesses and good-paying job opportunities. Thank you to the local and state officials involved for helping move this project through the approval process, and congratulations to Lyon County on this new investment for their community.”
The Eddyville Riverport and Industrial Development Authority is poised to acquire approximately 58 acres adjacent to the Eddyville Industrial Park that will support the development of additional rail served tracts. The acquisition of the property will allow for construction of a new rail spur parallel to the existing Paducah and Louisville Railroad and develop multiple smaller rail-served sites. After receiving favorable results from the due diligence portion of the project, Eddyville Riverport is now ready for the site acquisition phase of the project.
Including projects approved last month that use remaining funds, the two rounds of the previous iteration of the initiative have seen 171 approved projects statewide for over $168 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, highlighted the importance of the program for the state’s long-term economic success: “KPDI is an investment in Kentucky’s future. By helping communities prepare sites and infrastructure before an opportunity arrives, we are giving them the tools they need to compete for new jobs, private investment and economic growth. These investments strengthen individual communities while making Kentucky more competitive as a whole, which is a win for all of us.”
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 on all facets a prospective company would consider, including workforce availability, access to all infrastructure and detailed information on development costs.
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 nearly 1,400 private-sector new-location and expansion projects totaling over $54 billion in announced investments, creating more than 71,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history and $33 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’s position as a national leader in automotive and energy storage system battery production: Ford Motor Co.’s nearly $3 billion, 2,200-job commitments 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 $51.6 billion in exports in 2025, representing a 7.65% 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 2025 Governor’s Cup rankings. In June, Area Development magazine awarded the commonwealth a Silver Shovel designation in its 2025 Shovel Awards, which highlight states for attracting high-value investment projects that will create a significant number of new jobs in their communities.
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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