As Gov. Andy Beshear, D-Kentucky, continues to gear up for re-election he will do so with some powerful statistics of the state’s performance.
The latest numbers Beshear is sharing with the state shows the commonwealth just hit the lowest unemployment rate in state history.
According to the Kentucky Center for Statistics, an agency within the Education and Workforce Development Cabinet, Kentucky’s seasonally adjusted preliminary April 2022 unemployment rate was 3.9 percent, the lowest rate ever recorded since the U.S. Bureau of Labor and Statistics began reporting state rates in 1976, according to the Beshear administration.
“Kentucky’s economy is absolutely on fire, and today’s report shows that continued success is benefiting Kentuckians across the commonwealth,” Gov. Beshear said Thursday morning. “We’ve secured our spot as a leader by establishing Kentucky as the capital for electric vehicle battery production and agritech. But even more important, we’re building a Kentucky where our people can create a better life through great jobs, world-class education opportunities, quality health care and strong infrastructure. We’re not just talking about building a better Kentucky – we’re doing it.”
Sean Southard, the spokesperson for the Republican Party of Kentucky, pushed back against the latest announcement.
“Andy Beshear is right about one thing: the Biden-Beshear economy is definitely on fire,” Southard said. “Parents can’t find baby formula, the Dow is down 10% in the last month, and J.P. Morgan is predicting $6 a gallon gas nationwide this summer. Our labor force has 20,000 fewer people today than when Andy Beshear was elected. We’ve gotten national headlines for being a leader in people quitting their jobs. The economy is definitely on fire, and the Biden-Beshear agenda is responsible for putting a match to our wallets.”
Beshear said the news follows a record year in Kentucky history. There has been a record $11.2 billion in private-sector new location and expansion projects and the creation of 18,000-plus full-time jobs, under the first-term governor.
S&P Global Ratings and Fitch Ratings have upgraded Kentucky’s financial outlook to positive in 2022. Site Selection magazine placed Kentucky at 6th in its annual Prosperity Cup rankings for 2022, which recognizes state-level economic success based on capital investments.
“In addition, two of the commonwealth’s most significant recent projects – Ford Motor Co. and SK Innovation’s BlueOvalSK battery park in Hardin County and the recently opened Amazon Air Hub in Boone County – ranked third and 11th, respectively, among the Top Deals in North America for 2021, based on capital expenditures and job creation,” read a Thursday news release.
Beshear will face the winner of the GOP gubernatorial primary next year which currently includes Republican Attorney General Daniel Cameron, Agriculture Commissioner Ryan Quarles, and Auditor Mike Harmon, among others.