Kentucky is making strides in economic development with new investments aimed at creating opportunities and driving growth in Eastern Kentucky. As part of the Kentucky Product Development Initiative (KPDI), the Kentucky Economic Development Finance Authority (KEDFA) recently approved $10.2 million in state funding for three significant projects across the state, aimed at enhancing local infrastructure and creating new business opportunities. This includes major investments in Floyd and Perry counties.

Shaping Our Appalachian Region, Inc. (SOAR), a non-partisan, non-profit organization focused on the prosperity of Appalachian Kentucky, is encouraged by these developments. SOAR is actively involved in fostering growth throughout the region, aiming to make Eastern Kentucky a more attractive for businesses and families.

“Investments such as these are essential in creating opportunities and attracting investments to Eastern Kentucky,” said Colby Hall, Executive Director of SOAR. “By enhancing local infrastructure, we’re setting the stage for future job creation, stronger communities, and a more vibrant economy.”

Key Investments in Eastern Kentucky

Several major projects are set to drive growth and create jobs across the region:

• Thunder Ridge Industrial Business Park, Floyd County: In collaboration with the Big Sandy Area Development District, the Floyd County Fiscal Court will develop a 50-acre tract into an industrial park, with $2 million in state funding contributing to a total investment of $5 million. This park will provide space for new businesses and job creation.
• Water Treatment Infrastructure, Hazard: The Coal Fields Regional Industrial Authority is constructing a secondary water treatment plant and transmission line at the Coal Field Industrial Park, with $4.2 million in state funding and total investment exceeding $37.7 million. This infrastructure project, supported by Breathitt, Knott, and Perry counties, will enhance business capacity and reliability for the region.

These projects are part of the broader KPDI initiative, which has supported 86 projects across Kentucky with a combined investment of $166 million, including local contributions.

SOAR’s Vision for a Thriving Eastern Kentucky

These projects align closely with SOAR’s strategic objectives, which are aimed at enhancing economic stability and quality of life for the residents of Eastern Kentucky. Key goals include:

• Reduce distressed counties by 10 in the next 10 years
• Reverse regional population decline by 2030
• Increase labor force participation by 5% by 2030
• Create 4,000 new jobs by 2035

Through partnerships with government entities and local communities, SOAR is committed to establishing a resilient and thriving Eastern Kentucky, positioning it as a competitive region for long-term investment and development.

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