Gov. Bevin leads economic development mission to continue the industry’s growth
Media Contacts: Nicole Burton
FRANKFORT, Ky. (July 16, 2018) – At Great Britain’s Farnborough International Airshow this week, Gov. Matt Bevin and Cabinet for Economic Development leaders Terry Gill and Vivek Sarin, along with local and regional Kentucky development professionals, will seek to attract new companies and create jobs in Kentucky’s burgeoning aerospace industry.
“Kentucky is a top-flight location in the US for aviation and aerospace engineering, manufacturing and R&D,” Gov. Bevin said. “We offer formidable advanced-manufacturing resources and experience in addition to nationally recognized workforce programs, a wealth of available sites in attractive communities, and logistics hubs delivering products across the globe overnight. At Farnborough, we’ll meet with corporate leaders from a wide array of companies and showcase how the commonwealth offers them the perfect environment for long-term success.”
The Farnborough International Airshow (FIA) alternates years with the Paris Air Show and is the world’s second-largest event of its kind. The show provides opportunities to create new relationships, strengthen existing ties and discuss investment with some of the world’s foremost aerospace companies. FIA organizers expect more than 1,500 exhibitors from 52 countries as part of this year’s display, scheduled July 16-22.
Kentucky’s aerospace industry employs more than 18,500 people across nearly 80 facilities. Those include providers of rolled aluminum sheet, aircraft weapons systems, machining, manufacturing and assembly operations, engineering and design expertise, airfreight delivery services, carbon brake production, aircraft and engine repair and maintenance, robotics supply and more.
Also, aerospace parts and products consistently rank first among Kentucky’s export categories. Aerospace exports this year through April – the most recent available – hit $4.84 billion, an increase of more than 5 percent over the same months last year.
In 2017, Kentucky exported a record $11.7 billion in aerospace parts and products, more than a third of all $30.9 billion in goods and services sent abroad. As well, exports of aerospace components grew by nearly 8 percent from 2016 and 34 percent since 2015.
During Gov. Bevin’s administration Kentucky’s aerospace industry is surging. Since December 2015, the state announced $1.5 billion in aerospace investments, which are expected to create more than 1,000 jobs.
The state’s geographic location in the eastern US makes it an attractive center of operations logistically for many companies. Kentucky lies within 600 miles of two-thirds of the nation’s population and manufacturing facilities. Additionally, it offers international air-shipping hubs by UPS, DHL and Amazon, a broad FedEx network, and extensive highway, rail and waterway shipping options, making delivery of manufactured components both fast and reliable.
At this year’s FIA, in addition to industry promotion, the show will feature innovations in aviation from World War I, which officially ended 100 years ago. Several historic aircraft will be featured, including the Bleriot XI, the first plane to cross the English Channel, and the Brooklands Museum will host a remembrance ceremony honoring those who fought in the Great War. FIA officials expect record attendance at this year festival.
For more about the Farnborough International Airshow, visit www.farnboroughairshow.com/trade.
To learn more about Kentucky’s aerospace industry, visit www.thinkkentucky.com/Aerospace.
Information on Kentucky’s economic development efforts and programs is available at ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook or follow on Twitter. Watch the Cabinet’s “This is My Kentucky” video on YouTube.