Gov. Beshear: Over $1.6 Million in State Funding Approved To?Support Workforce Development of Nearly 5,000 Kentuckians
Bluegrass State Skills Corp. continues to support and develop Kentucky?s workforce
FRANKFORT, Ky. (May 15, 2024) ? Today, Gov. Andy Beshear highlighted Kentucky?s continued investment in workforce training initiatives as he announced over $1.6 million in state support has been approved through the Bluegrass State Skills Corp. (BSSC) to assist with the training and development of nearly 5,000 Kentucky workers.
?Kentucky is home to an incredibly talented workforce, and it is our job to equip and support them with the skills necessary to do the jobs that we are bringing to the commonwealth,? said Gov. Beshear. ?The Bluegrass State Skills Corp. is essential to our workforce training and development, giving employees the tools necessary to be successful and helping our businesses continue to build on Kentucky?s economic momentum.?
Through the BSSC?s Grant-in-Aid and Skills Training Investment Credit programs, over $1.6 million in state support has been approved to train and develop 4,982 Kentucky employees across 25 companies.
This month?s approvals included workforce training support for over 770 employees at Buffalo Trace Distillery in Frankfort and an additional 393 trainees for Franklin Precision Industry in Franklin. Other approvals include 299 trainees at Cumberland Cooperage in East Bernstadt, 227 workers at Sumitomo Electric Wiring Systems in Edmonton, 200 trainees at Goose Creek Candles in Liberty, 190 employees at Piston Automotive in Louisville and 150 workers at Federal-Mogul Motorparts in Glasgow.
Including this month?s meeting, Gov. Beshear has now announced over $19 million in funding through BSSC across 127 projects to train over 42,600 Kentucky workers for fiscal year 2024.
Gov. Beshear previously announced over $10 million for 115 applicants throughout the state to train nearly 35,000 workers for fiscal year 2023. The state also provided over $8.4 million in funds and credits during fiscal year 2022. Those funds assisted with workforce training for more than 35,400 Kentucky employees ? the most since 2016.
The Grant-in-Aid and Skills Training Investment Credit programs assist employers throughout the commonwealth. Grant-in-Aid provides cash reimbursements for occupational and skills upgrade training at Kentucky businesses, while the Skills Training Investment Credit offers state income tax credits for companies to offset the costs for approved training programs. Applications for both programs are accepted and considered for approval by the BSSC Board of Directors.
BSSC incentives are available to a range of operations, including manufacturing, agribusiness, nonretail service or technology, headquarters operations, state-licensed hospital operations, coal severing and processing, alternative fuel, gasification, renewable energy production and carbon dioxide transmission pipelines.
For more information on BSSC or to apply for workforce training assistance, click here.
Kentucky?s investment in workforce training furthers recent economic momentum in the commonwealth.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling over $30.6 billion in announced investments, creating more than 52,700 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth?s history.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in 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 INFAC North America?s $53 million investment in Taylor County, among others.
The Governor?s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody?s Investors Service upgraded Kentucky?s credit outlook from stable to positive.
In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central economic development projects per capita in its 2023 Governor?s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
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.
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.
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