Kentucky ranks 2nd in South Central Region; 14 Kentucky communities recognized in Top Metropolitan, Micropolitan rankings
FRANKFORT, Ky. (March 4, 2025) – Today, Gov. Andy Beshear announced Kentucky has once again placed in the top five for economic development projects per capita as Site Selection magazine posted its 2024 Governor’s Cup rankings, a placement the state has held during all five years of this administration.
In the South Central region, Kentucky placed second for regional projects per capita, as well as third for total projects, with 187 announcements in 2024.
“These Governor’s Cup rankings showcase what we already know: Kentucky is witnessing unprecedented economic growth and setting a strong foundation for long-term success,” said Gov. Beshear. “Hundreds of new and expanding companies are selecting our New Kentucky Home for their projects and creating jobs throughout the commonwealth. I am proud to see not only recognition for what we have accomplished as a state, but also significant growth in so many of our communities.”
In addition to the commonwealth’s strong placement in the South Central region, several Kentucky communities were recognized for their economic success in 2024, with categories based on population size.
Bowling Green, for the second year in a row, placed first among top metro areas by total projects with populations between 50,000 and 200,000. The community also moved to the top spot in the per capita category. Announcements in Warren County include a new headquarters location from Clark Beverage Group and a new manufacturing facility from Shinsung ST KY.
Paducah and Owensboro also placed in the top 10 in the category for both total projects and per capita, and includes expansions from Blockware Mining, Swedish Match and Mizkan America.
Louisville/Jefferson County and the Northern Kentucky/Cincinnati region both took spots in the top 10 for metros per capita for populations over one million, in addition to Northern Kentucky/Cincinnati placing seventh in total projects, with 126. Projects contributing to the placement include a new laboratory from HealthTrackRx; a relocation and expansion from Dan-O’s Seasoning; new facilities from ISCO Industries, Chick-fil-A Supply and L2 Aviation; and an expansion from Nexigen Communications.
Lexington/Fayette County placed fifth per capita and tied for ninth overall in top metros with populations between 200,000 and one million, with 25 projects. Expansion projects from SRC of Lexington and Piramal Pharma Solutions contributed to Lexington’s strong placement.
Paducah was recognized with top 10 spots in the 2024 Top Mississippi River Corridor Metro rankings, in both total projects (eighth) and projects per capita (second).
Additionally, eight Kentucky communities placed in the Top Micropolitans rankings by number of projects – the sixth most nationally – including Richmond-Berea, Corbin, Frankfort, Somerset, Campbellsville, Danville, Franklin and Madisonville.
Since 1988, Atlanta-based Site Selection has awarded the Governor’s Cup annually to the U.S. state with the newest and expanded corporate facilities as tracked by the Conway Projects Database. The rankings are regarded by corporate real estate analysts as an industry scoreboard. The magazine’s circulation reaches 42,000 executives in corporate site selection decision-making roles.
Last year, 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. Site Selection also 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.
Kentucky’s recognition in the 2024 Governor’s Cup builds on the best five-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,100 private-sector new-location and expansion projects totaling over $35 billion in announced investments, creating more than 60,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history and $14 billion more than the next highest total.
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; and Shelbyville Battery Manufacturing’s $712 million investment, creating 1,572 jobs in Shelby County.
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.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings, S&P Global Ratings and Moody’s Investors Service.
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. The Governor also announced a new initiative, called New Kentucky Home, to increase economic investment, attain and attract talent, and increase tourism across the state.
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 and the Governor’s official social media accounts Facebook, Twitter and YouTube.
