Governor to address economic success, future growth in our ‘New Kentucky Home’
FRANKFORT, Ky. (Dec. 27, 2024) – Today, Gov. Andy Beshear announced he has accepted an invitation to speak at the World Economic Forum in Switzerland next month, a global event that brings together business, government and academic leaders to improve the state of the world. The Governor and a delegation from Team Kentucky will travel for the event and also visit with business leaders in Spain to promote our New Kentucky Home and encourage future investment and job-creation in the commonwealth.
Gov. Beshear was invited to attend and speak at the World Economic Forum’s 2025 Annual Meeting, which will be held Jan. 20-24 in Davos, Switzerland. This international summit provides an opportunity for the Governor to introduce our New Kentucky Home to the world, highlighting Kentucky’s record economic momentum, its place as a national leader in the manufacturing, automotive, electric vehicle and battery sectors, and how the commonwealth is positioned for even more economic success in the future.
“Over the past five years, we’ve worked hard to secure historic economic wins for our families and our state, and we will keep that momentum going by building new, strong partnerships through opportunities like the World Economic Forum,” Gov. Beshear said. “This trip will provide a chance to connect with growing companies that already operate in Kentucky, as well as those that we want to see invest in our state in the future. I am excited to participate in next month’s summit and show the world that our New Kentucky Home is the best place to live, work and thrive.”
The forum will convene with the theme “Collaboration for the Intelligent Age,” with five primary categories of focus: Rebuilding Trust; Reimagining Growth; Investing in People; Safeguarding the Planet; and Industries in the Intelligent Age.
In 2024, nearly 3,000 government, business and civic leaders participated in the forum, representing more than 125 countries. The annual invitation-only event, established in 1973, has grown to become a major international networking opportunity and one of the world’s largest assemblies of global decision-makers including approximately 1,000 corporate members.
The Governor and Team Kentucky’s participation provides an opportunity to build on Kentucky’s extensive international presence, which currently includes nearly 540 foreign-owned facilities that employ 116,000 Kentuckians. The commonwealth ranks fourth nationally for Foreign Direct Investment employment as a percentage of total private employment.
Gov. Beshear also will visit with leadership from Acerinox in Spain, the parent company of North American Stainless, which employs more than 1,600 people at a facility in Carroll County. In 2023, the company announced its 13th expansion since 1990 with a $244 million investment that will create 70 full-time jobs.
The Governor’s visit to Europe will build on the best five-year period for economic growth in state history.
The trip follows the announcement that Gov. Beshear secured the fourth best yearfor economic investment in the state’s history. In 2024, Kentucky saw an additional $6.9 billion in new private-sector investment announced, which is creating 9,425 full-time jobs for Kentuckians. Since the start of the administration, new-location and expansion projects have totaled over $35 billion in new investments and more than 59,800 full-time jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history by more than $14 billion.
The robust job creation has been accompanied by rising wages across the commonwealth. Since 2022, the average incentivized hourly wage has topped $26 in three consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; Shelbyville Battery Manufacturing’s $712 million investment, creating 1,572 jobs in Shelby County; and INFAC North America’s $53 million investment in Taylor County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings, S&P Global Ratings and Moody’s Investors Service.
In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central region for economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear announced a Supply Kentucky initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies. And last month, the Governor announced a new initiative, called New Kentucky Home, to increase economic investment, attain and attract talent, and increase tourism across the state.
For more information on the World Economic Forum, visit weforum.org.
Information on Kentucky’s economic development efforts and programs is available at CED.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.
