Unemployment in Kentucky drops to record levels in ’22

Published 4:23 pm Monday, March 13, 2023

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Kentucky Today

Gov. Andy Beshear said last week that Kentucky had its lowest ever annual unemployment rate in 2022 and announced a new initiative to improve the supply chain situation for companies in the state.

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The 3.9% rate for 2022 is the lowest rate seen since the U.S. Bureau of Labor Statistics began reporting state unemployment rates in 1976, according to the governor.

“Today’s report is another indication that Kentucky is an economic powerhouse and that we are growing good-paying jobs for our families,” he said.  “With the lowest unemployment rate in our state’s history, we know more Kentuckians are chasing their dreams and providing for their families, right here at home.”

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

Supply Kentucky started a partnership with the Cabinet for Economic Development and the Kentucky Association of Manufacturers, or KAM, to launch CONNEX Kentucky – a new online platform that provides a searchable supply chain database for Kentucky manufacturers.

The initiative will also coordinate marketing efforts, provide resources related to the workforce and connect Kentucky companies to suppliers throughout the country, as well as foster the growth of minority- and female-owned businesses.

“As we grow our state’s already incredible manufacturing presence, it is crucial we continue to provide companies in every corner of the state with the resources they need to support new good-paying jobs,” Beshear said.  “This new statewide platform fills a critical void in that effort and ensures Kentucky will continue to meet the needs of growing companies. Thank you to the Kentucky Association of Manufacturers for their partnership in making the Commonwealth the best place to do business.”

On the site, Kentucky manufacturers can register for free to connect with 140,000 manufacturers locally and nationally.  The portal is now open for our companies to register and will allow Kentucky companies to search for other Kentucky companies to satisfy their supply chain needs.  Having more local suppliers will increase reliability and decrease transportation costs.

“Thanks to this important new partnership between the Kentucky Association of Manufacturers and the Kentucky Cabinet for Economic Development, Kentucky’s manufacturers and countless other companies will, starting today, have access to one of the best tools in the marketplace to help grow their revenue, strengthen their supply chains and enhance the job security of their employees,” said Frank Jemley, president and CEO of KAM.