Kentucky spent nearly $1.3 billion on economic development incentives from 2001 to 2010, and businesses that received the incentives created 55,173 new jobs, according to a report by the Anderson Economic Group presented Thursday to state legislators.
Many of the new jobs lasted for more than one year, resulting in an average of 33,000 “maintained” jobs per year, according to the report, which was commissioned by the General Assembly in 2011 to help legislators and other policymakers make informed decisions about the operation of the state’s 17 incentive programs.
Seven incentives, which are administered through the Cabinet for Economic Development, have a jobs requirement. Between 2001 and 2010, 577 unique companies received final approval for incentives.
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