While 2022 brought about record economic growth for the lower Pennyrile, 2023 still trended in the right direction.
This was the message during Monday’s South Western Kentucky Economic Development Council meeting, when Executive Director Carter Hendricks noted the developments of Toyota Boshoku, SK Ecoplant, White Drive and Altria brought about more than $550 million for investments, and more than 400 jobs to Trigg, Christian and Todd counties.
And that’s not taking into account the expansion of Novelis in Guthrie, nor the prospectus of the Cadiz spec building in the I-24 Business Park.
As such, Hendricks said third-party demographer Lightcast and the Tennessee Valley Authority project more than 2,000 new manufacturing jobs in the region over the next five years — while regional gross domestic product in manufacturing surpassed $1 billion for the first time in 2023.
Furthermore in 2023, Hendricks noted that 34 requests for information from contractors and subcontractors led to more than 15 site visits.
It’s not the 60-plus RFI’s he, Sharon Butts and Tony Prim received in 2022, but it’s still strong interest in the region and its available commercial lots.
Hendricks said more than $10 million in grant funds were procured through SWK EDC efforts, as well, including monies from the Economic Development Fund, TVA InvestPrep and TVA Workforce initiatives.
Looking to the next 12 months, Hendricks said Commerce Park II development and a tenant for the Cadiz-Trigg County spec building will remain in focus — as will the region’s workforce participation rate, which hovers near 57%.
This means 43% of those able-bodied aren’t working, for whatever reason.
Over the next few months, Hendricks said consistent aerial updates will be provided not just on the Ascend Elements project, but on open parcels, as well — in order to continue generating interest in the locales.
Also, following a lengthy executive session, the SWK EDC membership voted in favor of extending a $75,000 loan from its coffers to the Hopkinsville Industrial Authority.
Those who abstained: Pennyrile Electric’s Alan Gates, Hopkinsville/energynet’s Jeff Hurd, HIA’s John Crenshaw, Hopkinsville Mayor J.R. Knight, Christian County Judge-Executive Jerry Gilliam and Planters Bank’s Jason Jenkins.
