Ranked 8th in mobile project jobs
LEXINGTON, Ky. (Aug. 15, 2016) — Kentucky ranked fourth in the nation last year in business capital investments, according to an annual report prepared by the Ernst & Young LLP Quantitative Economics and Statistics (QUEST) and Indirect Tax Incentives practices.
Kentucky’s capital investment in 2015 was $5.6 billion, trailing only Texas ($48.3 billion), Louisiana ($33.9 billion) and California ($7 billion).
Kentucky also accounted for 17,400 mobile project jobs, eighth best in the nation, behind Texas (38,400), Tennessee (27,700), Ohio (25,800), California (22,200), Florida (19,400), North Carolina (19,100) and Michigan (18,200).
Overall, the report found that U.S. business investment projects accounted for $166 billion in capital investment in 2015. More than 5,400 business investments were announced in 2015 and are expected to create or retain more than 402,000 jobs in the U.S.. Although the total amount of capital is $16 billion higher than the previous year, there was a 2 percent decrease in the total number of projected jobs.
The report found that projects capturing high amounts of investment include chemical manufacturing facilities, which account for nearly 40 percent of all investment, followed by motor vehicle manufacturing and machinery manufacturing facilities. More than 70 percent of the investment in chemical manufacturing is from new liquefied natural gas export facilities.
In all, nondurable manufacturing represents more than half the announced capital investments in 2015, states the report. Durable manufacturing industries, including machinery, motor vehicle and semiconductor manufacturing, accounted for approximately $45 billion in investment announcements.