Companies and consortia across the commonwealth invest in workforce initiatives
FRANKFORT, Ky. (Nov. 10, 2022) – Today, Gov. Andy Beshear announced further investment in the commonwealth’s workforce training initiatives, with approval of $1.88 million in funds and credits toward training efforts for 8,432 Kentucky-resident employees.
With training funds and credits approved during this month’s Bluegrass State Skills Corporation (BSSC) meeting, the state’s support of workforce training in fiscal year 2023 totals over $3.8 million for nearly 60 applicants across Kentucky to train more than 12,700 employees.
“As we continue to build on the economic momentum that is positioning the commonwealth for a better future, we must be vigilant to ensure we have a pipeline for talent to fill these jobs of tomorrow,” Gov. Beshear said. “Programs like the Bluegrass State Skills Corporation are ensuring we have individuals with the necessary skills to meet the needs of these growing companies. It’s yet another reason there is no better place to do business than Kentucky.”
Approvals during this month’s BSSC meeting support workforce training in communities across the state, including more than 3,500 trainees at The Training Consortium of South Central Kentucky in Bowling Green, 975 trainees across two programs at North American Stainless in Ghent, more than 900 trainees at Bluegrass Training Consortium locations in Berea and Georgetown, over 660 trainees at SourceCorp BPS in London and more than 500 trainees at both the Kentucky Alliance Training Consortium in Georgetown and Bowling Green Metalforming.
Gov. Beshear previously announced that the BSSC provided over $8.4 million in funds and credits during fiscal year 2022. Those funds assisted with workforce training for more than 35,400 Kentucky employees – the most since fiscal year 2016.
The BSSC’s Grant-in-Aid (GIA) and Skills Training Investment Credit (STIC) programs assist employers throughout the commonwealth. GIA provides cash reimbursements for occupational and skills upgrade training at Kentucky businesses, while STIC offers state income tax credits for companies to offset the costs for approved training programs. Applications for both programs are accepted and considered for approval by the BSSC Board of Directors.
BSSC incentives are available to a range of operations, including manufacturing, agribusiness, nonretail service or technology, headquarters operations, state-licensed hospital operations, coal severing and processing, alternative fuel, gasification, renewable energy production and carbon dioxide transmission pipelines.
For more information on BSSC or to apply for workforce training assistance, visit ced.ky.gov/workforce/BSSC.
Kentucky’s investment in workforce training efforts statewide builds on recent economic momentum in the commonwealth, as the state builds back stronger from the effects of the pandemic.
In 2021, the commonwealth shattered every economic development record in the books. Private-sector new-location and expansion announcements included a record $11.2 billion in total planned investment and commitments to create a record 18,000-plus full-time jobs across the coming years. Kentucky’s average incentivized hourly wage for projects statewide in 2021 was $24 before benefits, a 9.4% increase over the previous year.
The economic momentum has carried strongly into 2022, with nearly $7.5 billion invested and more than 13,000 full-time jobs created just through September.
Since taking office, Gov. Beshear’s administration has welcomed $22 billion in investments that are creating 40,800 jobs, including the two largest economic development projects in state history. In September 2021, Gov. Beshear and leaders from Ford Motor Co. and SK Innovation celebrated a transformative $5.8 billion investment that will create 5,000 jobs in Hardin County. And in April of this year, the Governor was joined by leadership at Envision AESC to announce a $2 billion investment that will create 2,000 jobs in Warren County. These announcements solidify Kentucky as the EV battery production capital of the United States.
Kentucky’s success has been noted by both S&P Global Ratings and Fitch Ratings, which have upgraded the state’s financial outlook to positive in recognition of the commonwealth’s surging economy. In addition, Site Selection magazine placed Kentucky at 6th in its annual Prosperity Cup rankings for 2022, which recognizes state-level economic success based on capital investments.
Kentucky has posted record low unemployment rates for five consecutive months, holding at or below 3.9% since April 2022.
In July, the Governor reported the highest annual growth rate in 31 years. And for the second year in a row, Kentucky’s General Fund budget surplus has exceeded $1 billion. Also in July, Gov. Beshear reported that the state’s Rainy Day fund is up to a record balance of $2.7 billion, significantly higher than the $129 million balance the fund had when the Governor took office.
Kentucky reported August 2022 General Fund receipts hit an unprecedented high for any August on record, marking 21 straight months of growing revenues for the state.
Data from the U.S. Bureau of Labor Statistics showed Kentucky lead the entire nation in job growth for the month of August and tied with New Hampshire for the largest jump in employment growth for September.
In September, Kentucky reported August 2022 General Fund receipts hit an unprecedented high for any August on record, marking 21 straight months of growing revenues for the state. September was also the third highest revenue month on record with more than $1.4 billion reported, marking the seventh month this year with collections topping $1 billion.
And from September 2021 to September 2022, Kentucky added 81,700 new jobs. Except for a four-month recovery period after the initial COVID-19 shock, this is the largest number of new jobs added in 20 years.
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.
Read about other key updates, actions and information from Gov. Beshear and his administration at governor.ky.gov, kycovid19.ky.gov and the Governor’s official social media accounts Facebook, Twitter and YouTube.