By Blake Jackson
Kentucky's iconic bourbon industry reached new heights, according to a recent survey unveiled at a press conference in the state capitol. The Kentucky Distillers' Association (KDA) released impressive figures, showcasing the industry's significant contributions to the state's economy and job market.
Here are some highlights from the survey:
- Economic Impact: $9 billion, a testament to the industry's growing influence.
- Job Creation: Over 23,100 jobs, demonstrating their role in supporting Kentucky's workforce.
- Annual Payroll: $1.63 billion, highlighting the substantial financial contributions to employees.
- Tax Revenue: $357 million generated annually for Kentucky, signifying its fiscal importance.
- Capital Investment: $5.4 billion invested, illustrating the industry's commitment to expansion.
- Local Sourcing: 21 million bushels of corn and other grains purchased from Kentucky farms, emphasizing its link to local agriculture.
Governor Andy Beshear commended the industry leaders present, acknowledging the hard work and leadership that fueled this growth. He highlighted his efforts to protect the industry by reversing harmful tariffs that threatened distillers.
Senate President Robert Stivers acknowledged the historical "Frankfort Bourbon Party" protest against unfair taxes and credited the subsequent tax adjustments for enabling the industry's growth. He attributed the initial loss of revenue as a calculated risk that ultimately paid off with the industry's trajectory.
House Speaker David Osborne shifted the focus to the individuals driving the industry's success. He emphasized the role of distillery owners and investors who took risks and created jobs, ultimately transforming the industry.
Photo Credit: gettyimages-willhowecreative
Categories: Kentucky, Business