SWK Sees Continued Growth in 2023!

01/29/2024

SWK Sees Continued Growth in 2023!

PRESS RELEASE

Contact:           Carter Hendricks

Executive Director

                        270-885-1499

Release:           January 29, 2024

SWK Sees Continued Growth in 2023

Adds region’s 23rd international company

The South Western Kentucky Economic Development Council (SWK EDC) recently released its annual report highlighting activity, strategies, and success from 2023.  The report highlights company announcements, recent trends, grants awarded, and major initiatives aimed at recruiting company investments and new jobs through new locations and/or expansions.

SWK EDC Executive Director Carter Hendricks stated, “Our board of directors and regional leadership are  focused on maintaining a regional business environment that meets the diverse needs of industries while providing a stable foundation for growth.  With Kentucky’s state income tax dropping to 4% and our region’s low cost of living and affordable housing, we’re truly earning our less taxing, more relaxing reputation as a great place to live, work, invest, and play.”

Recent demographic reports provided by Lightcast, a 3rd party provider for TVA, continue to forecast strong job and population growth for South Western Kentucky over the next five years.  With several local governments and tourism commissions reporting record tax receipts, the regional economy saw steady growth in the past year.

Previous Year Highlights include:

Toyota Boshoku broke ground on a new “smart facility” with a $225M investment creating nearly 160 new jobs.  Toyota Boshoku is the region’s 23rd international company and 11th Japanese owned.

Rural King began renovations at the former Bradford Square mall announcing Ashley Furniture as well as their new store location.  This project promises to create over 200 jobs with a $10M investment.

White Drive announced a $10M expansion creating 100 new jobs.

The region received over $4M in grant announcements related to developing industrial sites.

The regional manufacturing GDP surpassed $1 Billion.

Since 2020, the South Western Kentucky region has announced eight industry expansions and nine new industry announcements.  These projects represent over $2 Billion in planned investment and the creation of over 1500 new jobs. 

“We are grateful that our region has celebrated so many new industries and expansions.  We are confident that we’ll continue to see success as we maintain our commitment to a business-friendly environment, award winning quality of life, and strong workforce development pipelines,” shared Lee Conrad, Chairman of the Board of Directors, SWK EDC.

For more information on this release, the SWK EDC, the region, and available sites, please contact the SWK EDC at 270-885-1499 or visit www.southwesternky.com.