Gov. Beshear: Over $350,000 in State Funding Approved To Support Site Development and Future Job Growth in Caldwell County

FRANKFORT, Ky. (Oct. 29, 2026) – Today, Gov. Andy Beshear highlighted continued growth of the state’s site development efforts as a site in Caldwell County was approved through the Kentucky Product Development Initiative (KPDI). The project was approved by the Kentucky Economic Development Finance Authority (KEDFA) for over $350,000 in state funding in addition to local support.

“Team Kentucky is giving communities across the state critical site and building upgrades that help position us for future economic success,” said Gov. Beshear. “By building the infrastructure needed to attract quality businesses, we’re driving investment, creating good-paying jobs for our people, and continuing the historic economic momentum our commonwealth has seen in recent years. Congratulations to Caldwell County on this new investment for their community.”

The Princeton-Caldwell County Industrial Development Authority (PCCIDA) is seeking to conduct site preparation to construct a new Build-Ready site on Tract No. 5, a nearly 20-acre greenfield site in the PCCIDA Industrial Park in Princeton. Upon completion of the project, the PCCIDA will possess a qualified Build-Ready site capable of supporting the construction of an up to 100,000-square-foot speculative or purpose-built industrial facility. After finalizing the due diligence portion of the project, PCCIDA is now ready for the site preparation phase.

Including a project approved last month, the two rounds of the previous iteration of the initiative have seen 172 approved projects statewide for nearly $170 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 important role KPDI plays for communities across the state: “KPDI gives local leaders the resources to take meaningful steps toward their vision for the community’s economic future by improving sites, infrastructure and other assets that can attract future investment and create new opportunities for their residents. We are excited that Caldwell County has taken advantage of this opportunity and look forward to seeing their progress.”

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 72,000 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.

###

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.