Kentucky economy booming as big companies add good-paying jobs, Beshear says | Business

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LOUISVILLE, Ky. (WDRB) — 2021 was a record-breaking year for Kentucky’s economy.

Big name companies like Ford, Amazon and Toyota continue to make big investments in Kentucky bringing good-paying jobs.

Spotlighting Louisville as an example for the economic growth, Gov. Andy Beshear toured Quadrant International on Plantside Drive on Friday along with Mayor Greg Fischer and others.

Quadrant is based in Louisville and develops and produces magnets for products including electric vehicles. It plans top expand its operation and open a magnet manufacturing operation, a $95 million investment that will bring 200 new jobs.

Beshear said investments like these put Kentucky on the map.

“Kentucky’s economy is truly on fire, as is the city of Louisville,” Beshear said. “Last year, we shattered every economic development record in the books.”

He said Kentucky saw a record-breaking $11.2 billion of private sector investment in 2021. The state also saw 18,000 new jobs created compared to 8,000 new jobs in a typical year.

Fischer said the year is starting with a big economic boom in Louisville that is bringing new jobs. He believes Louisville is back to pre-pandemic economic levels.

“Listen to this: Louisville has recovered 99.5% of the jobs lost during the pandemic versus 84% which is the average for the rest of the United States,” Fischer said.

With some of the most recent expansions in the state including Quadrant’s Louisville expansion and Ford’s Hardin County battery factory, Beshear thinks Kentucky will be a key player in the growing electric vehicle game.

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