As more industries and businesses plant roots across the state, Kentucky Economic Development Cabinet Secretary Jeff Noel appeared in Hopkinsville on Tuesday to talk about the steps state and local leaders can take to encourage job growth.
Noel began serving as the cabinet’s secretary in 2022, and he is responsible for developing policies that promote the creation of new jobs and support existing industries in the state.
In 2024, more than $6.9 billion in economic investments were announced, which is expected to create around 9,425 new jobs. Governor Andy Beshear says 2024 was the fourth-best year in state history for economic development.
When attracting industries, Noel says it’s not all about having the most affordable building sites, because industry officials are also searching for supportive community leaders.
Noel also calls tourism a driver for economic development. He says a community’s recreational activities and spaces play a role in attracting and maintaining talent.
Noel says programs such as the Kentucky Product Development Initiative and other federal grant matching programs have also played a key role in the state’s economic growth. The initiative was launched in 2022, and since then, it has supported 116 industrial projects across the state.
To support economic development projects in rural Kentucky, Noel says he would like to have a program that provides a bit of extra support and incentives for smaller communities attracting industries. He says rural communities typically have higher project development costs in comparison to urban communities as well as smaller workforces.
On the national stage, President Donald Trump’s administration has ignited a tariff war and implemented harsher consequences for illegal immigrants, both of which can impact economies across the country.
Noel says he believes tariffs are essential to ensure manufacturing companies are following production regulations and are not taking advantage of the U.S. market. However, he says the unpredictability of tariff policies have not made the U.S. an inviting location to establish a facility, and some companies have seen drastic cost changes.
Despite the challenges, Kentucky’s economic momentum continues. In August, Beshear announced that over the course of less than two weeks, more than $6.3 billion in new investments were announced resulting in over 1,000 new jobs coming to the state.