FRANKFORT, Ky. (May 19, 2022) – Today, Gov. Andy Beshear reported that the commonwealth just posted the lowest unemployment rate in state history, further proof that the commonwealth’s record-breaking economic momentum is benefitting all Kentuckians.
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%, the lowest rate ever recorded since the U.S. Bureau of Labor and Statistics began reporting state rates in 1976.
“Kentucky’s economy is absolutely on fire, and today’s report shows that continued success is benefiting Kentuckians across the commonwealth,” Gov. Beshear said. “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.”
The Governor said the news follows a year when the state shattered every economic development record in the books, which included a record $11.2 billion in private-sector new location and expansion projects and the creation of 18,000-plus full-time jobs. Under Gov. Beshear’s leadership, more than 33,000 new jobs have been created and private-sector investment has reached more than $17 billion.
The Governor noted the economic momentum has carried strongly into 2022, with both S&P Global Ratings and Fitch Ratings upgrading Kentucky’s financial outlook to positive in recognition of the commonwealth’s surging economy.
Just last week, the Governor reported the highest-ever monthly General Fund receipts of $1.84 billion. That is up 34.9% over last April’s collections, bringing Kentucky’s year-to-date growth rate to 16.4%.
Earlier this week, the Governor announced 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.
To learn more about today’s report, visit kystats.ky.gov/KYLMI.
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