KY secures top 5 ranking in economic projects per capita

HENDERSON, Ky. (WEHT) – Governor 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.

Officials say 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.”

The governor’s office says 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.

Officials say Paducah and Owensboro 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. Paducah was also recognized with top 10 spots in the 2024 Top Mississippi River Corridor Metro rankings, in both total projects, ranking eighth and projects per capita, ranking second.

The governor’s office says, 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.

Officials say 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.

Gov. Beshear says 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 a five-year period for economic growth in state history.