Growing Kentucky’s Economy Through Tourism & Economic Development

Within a day’s drive of two-thirds of the U.S. population, our economic landscape for bourbon, manufacturing and tourism creates the perfect recipe for businesses to thrive in Kentucky. The tourism industry experienced positive economic momentum in 2021 as Kentucky welcomed seven new tourism development projects. Through the Tourism Development Act, eligible Kentucky businesses can receive an annual reimbursement for taxes paid on qualifying economic development projects. Tourism development projects in 2021 totaled $276 million in project investment and included new, expanded bourbon experiences, a boutique lodging experience, a horse racing experience and more. These projects represent major economic investment in our local communities and will help ensure that the tourism industry is positioned to thrive in a post-pandemic economy. Kentucky Main Street was created in 1979 to reverse economic decline in central business districts through historic preservation and redevelopment of commercial buildings. In 2021, 23 Kentucky communities achieved accreditation and were certified by both Kentucky Main Street and the National Main Street Center. Kentucky Main Street communities reported $45.5 million cumulative investment in downtown commercial districts throughout the commonwealth. This positive economic news represents $28.1 million in private spending matched by $17.4 million in public improvements with a net gain of 842 new jobs, 122 new businesses and 66 rehabilitation projects.

Project Investments

$24 MILLION $14 MILLION $9.7 MILLION $5.9 MILLION $25 MILLION $103 MILLION $94 MILLION

LOG STILL DISTILLING, LLC New Haven, KY 900 BAXTER, LLC Louisville, KY THE BROADWAY BUILDING, LLC Frankfort, KY 418 E STEPHEN FOSTER, LLC Bardstown, KY KD HOSPITALITY, LLC Franklin, KY HORSE SOLDIER FARMS, LLC Somerset, KY ECL CORBIN, LLC Corbin/Williamsburg, KY