Safran Landing Systems, which makes brakes and other controls for aircraft, expanded in 2023. Provided
More than $383 million in new capital investment was committed for Northern Kentucky in 2023, says the region’s economic development agency, BE NKY Growth Partnership. That should translate into more than 1,400 new jobs, the agency says in its report for the year.
“Despite many economic uncertainties in 2023, BE NKY had a good year, bringing more than one thousand new jobs to the region and surpassing our capital investment goal by nearly $100 million,” said BE NKY Board of Directors Chair James Dressman.
Most of the new investment will come from existing Northern Kentucky companies that are planning to expand, and most of the investment, 69%, will be in the advanced manufacturing sector. Some of the companies that announced expansions include DHL Express, Kroger, Castellini Co., and Safran Landing Systems.
Four companies announced they would open new locations in the region. One is Javad GNSS, a manufacturer of satellite navigation systems, which plans to add up to 20 engineering jobs in Fort Wright. The Silicon Valley-based company designs, engineers and manufactures advanced navigational systems for the military, aerospace, geospatial, and marine industries.
BE NKY, along with the Cincinnati/Northern Kentucky International Airport, also submitted an application for funding from the Kentucky Product Development Initiative to help fund the construction of an air cargo warehouse facility with airside access at the airport. The total anticipated investment for the project is more than $14.7 million.
Since its founding in 1987, BE NKY (formerly Northern Kentucky Tri-ED) has led successful relocation or expansion efforts for 781 business projects, representing more than 75,569 primary industry jobs created with a capital investment of nearly $9.7 billion.
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