Distillery, commercial bakery companies will bring more than 200 jobs to Kentucky, Beshear says
Gov. Andy Beshear announced good news for Kentucky’s economic development and investment during his weekly news conference Thursday.
Two companies will invest millions into Kentucky economic development and bring about 225 full-time jobs to the state, Beshear said.
Eastern Light Distilling, a new company based in Eastern Kentucky, is constructing a $143.7 million facility in Rowan County that will introduce 50 full-time jobs, Beshear said. It’s expected to bring well-paying jobs to the region and grow the craft bourbon industry.
The company is led by CEO Cordell Lawrence and Caleb Kilburn, an internationally recognized master distiller, Beshear said.
“Their plans for this project build on recent bourbon and spirits growth across Kentucky, which saw record investment and job growth in 2022,” Beshear said.
Bakery Express MidWest, a commercial bakery manufacturing company, is opening a $10 million facility in Boone County that will create over 175 full-time jobs in Northern Kentucky.
The 35,000 square-foot facility will service Kentucky, Ohio, Indiana and Tennessee with production of fresh baked goods.
“Kentucky’s economy continues to gain momentum, and our state’s food and beverage sector is a crucial part of that growth,” Beshear said.
Other investments
In the news conference, Beshear announced approvals in state funding investments and the amount of coal severance tax funds to be allocated to communities.
The Kentucky Economic Development Finance Authority approved $2.5 million in state funding to support land and building development in eight sites across 11 counties, Beshear said.
The eight projects approved are in Logan, Washington, Henderson, Caldwell, Trigg and Nicholas counties, with a regional project in Lyon County that is in collaboration with Caldwell, Crittenden, Livingston and Trigg counties.
The site and building developments are important for Kentucky’s economic success, and it will encourage companies to invest in those communities, Beshear said.
It was also announced that in fiscal year 2023, coal-producing communities will receive over $74 million in coal severance tax funds. This is the largest amount of coal severance money distributed to Kentucky’s coal communities in over 10 years.
“These communities fueled this country through two world wars, and they deserve our continued support,” Beshear said. “Just think about the counties hit by flooding and tornadoes and the needs they have right now. These are important dollars that will help these communities thrive.”
Beshear also announced that his administration received a second credit rating increase from S&P Global Ratings.
The rating shows the state’s ability to pay debts and reflects the overall health of Kentucky’s economy, Beshear said. The last credit rating increase in May was the first in 13 years.
“It had been 13 years since we had gotten any credit upgrade from these major rating agencies, and we have now secured two over the last two months alone,” Beshear said.
The upgrade reflects Kentucky’s commitment to strengthen long-term financial stability and highlights Kentucky’s continued investment and job creation in the auto industry, Beshear said.
“This is a fantastic milestone for Team Kentucky as we show everyone that our economy is booming, our pension systems are strong and our fiscal house is in order due to strong management,” Beshear said.