Kentucky is paying tribute to one of its largest and most significant industries. Gov. Steve Beshear has proclaimed October as Manufacturing Month in the Commonwealth.
“From automobiles and aerospace parts to raw materials to food and beverages, Kentucky is at the heart of manufacturing in this country,” said Gov. Beshear. “Our products are enjoyed by people around the world, and that presence is growing. I want to thank all those who work tirelessly to make Kentucky manufacturing such a vital part of our state’s economy.”
The Commonwealth is home to more than 4,000 manufacturers across the state. These companies represent $27 billion in GDP and 220,000 jobs.
To celebrate Manufacturing Month, the Commonwealth is joining with the Kentucky Association of Manufacturers (KAM) to honor Kentucky’s manufacturers and their employees. Events focusing on manufacturing innovation and workforce are scheduled throughout the state. Some manufacturers also will open their facilities for public tours.
“As I speak to various groups in Kentucky and elsewhere, I am asked how Kentucky has been able to capitalize and grow our manufacturing industry,” said Greg Higdon, president and CEO of KAM. “The answer is simple: partnerships at all levels. Much of the success can be traced back to a reform of our economic development initiatives to allow incentives for the reinvestment of dollars in existing manufacturing. Job creation is the result of government, policy makers and industry working together. Truly, the value in manufacturing’s resurgence in Kentucky isn’t measured through investment dollars or products made, but in the thousands of Kentuckians who work in our industry.”
Kentucky’s manufacturing presence is growing. Last year alone, more than 200 manufacturers announced new locations or expansions in the state. Those projects are expected to create nearly 7,500 jobs and $2.2 billion in new investment. In the past five years alone, Kentucky’s manufacturing GDP has grown by more than a third.
Manufacturing also makes up a significant portion of Kentucky’s growing exports.
Last year, the Commonwealth exported a state record $25.3 billion to approximately 200 countries. Exports this year are up nearly 10 percent, far exceeding the national average of 3 percent. Kentucky’s top exports are aerospace products, motor vehicles and parts, and resin, rubber and fiber materials.
Story provided by Cabinet for Economic Development
