Company recognized for Corporate Investment in Georgetown

FRANKFORT, KY - Today, Gov. Andy Beshear congratulated a vital Kentucky automotive manufacturer, Toyota Motor Manufacturing, Kentucky (TMMK), as the company received a 2024 Corporate Investment & Community Impact (CiCi) Award from Trade & Industry Development magazine.

“Kentucky is on an economic development roll, and the success we’re seeing is thanks to the businesses that continue to invest in the commonwealth and our amazing workforce,” said Gov. Beshear. “This award is a huge honor, and it’s exciting to see Toyota continuing to work with Scott County and the Georgetown community to secure that lasting prosperity. I want to congratulate TMMK on its 2024 CiCi Award, and I am proud to support the company’s continued growth here in the commonwealth.”

This is the 18th year the publication has honored projects from all over the United States that bring extensive capital investment, influential community impact – or both – to help shape the communities in which they are located and in which they continue to develop and grow. Trade & Industry Development’s CiCi Awards honored 31 projects this year, 16 in the “Corporate Investment” category and 15 in the “Community Impact” category. All the winners are projects that were announced in 2023.

In May 2023, Toyota announced plans to invest $591 million in future projects and increase job retention within the state by 700 full-time employees to establish the company’s first U.S.-assembled battery electric vehicle (BEV) in Scott County. And in February 2024, the company made public its plans to increase investment to $1.3 billion, reinforcing Toyota’s commitment to high-quality vehicles and long-term stability.

“This award is a testament to the skills and quality that our Toyota team members put into their work every single day,” said Kerry Creech, president of Toyota Kentucky. “As we continue to invest here in Kentucky, we are grateful for the support of our partners across the state dedicated to ensuring the region remains an excellent place to live and do business. We are excited about the future of manufacturing in the commonwealth as our team prepares to launch Toyota’s first battery electric vehicle assembled in North America, supporting our commitment of providing secure and long-term employment.”

TMMK is Toyota’s largest production facility globally and currently employs approximately 9,400 team members. Opened in 1988, more than 12 million vehicles have rolled off TMMK’s assembly lines, including the Camry, America’s best-selling sedan. Current production capacity is approximately 550,000 vehicles and 600,000 engines annually, with more than 350 suppliers nationwide – including over 100 in Kentucky.

Scott County Judge/Executive Joe Pat Covington thanked leaders at Toyota for their continued commitment: “The Trade & Industry Development 2024 CiCi Award given to Toyota Motor Manufacturing Kentucky is another indicant of the commitment made to Kentucky and Scott County since 1985. Their continued investment in our community attests that Georgetown is business friendly. Thanks, Toyota!”

Georgetown Mayor Burney Jenkins congratulated Toyota on the award: “On behalf of the city of Georgetown, I want to congratulate TMMK for being named a Trade & Industry Development 2024 CiCi Award recipient. This honor, which is based on corporate investment, is another example of Toyota’s continued commitment to economic development and community excellence here in Georgetown/Scott County, the region and the entire commonwealth.”

Jack Conner, executive director of Scott County United Inc., noted the scale of the project: “There is nothing more exciting than to know that Toyota Motor Manufacturing, Kentucky continues to bring new products and technology to our community – the home of the largest Toyota plant in the world.”

Kentucky’s recognition in the 2024 CiCi Awards builds on the best four-year period for economic growth in state history.

Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling over $30.6 billion in announced investments, creating more than 52,500 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.

The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.

Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.

The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.

Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.

In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central economic development projects per capita in its 2023 Governor’s Cup rankings. Previously, Site Selection placed Kentucky first in the South Central region and top 5 nationally in its 2023 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.

Gov. Beshear announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.

The full list of CiCi Award winners is available here.

Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.