Frankfort, KY – Kentucky Economic Development Secretary Larry Hayes says, in the new economy, it's becoming more important to help existing industry expand than to try to attract new industry. He told lawmakers in Frankfort, the state's automotive industry is a good example
"You helped us to do that with Ford, when we came to you. We were able to get in a position to make an investment with an existing manufacturer. They're making new investments in Louisville. Now, the job totals aren't up to what they were, certainly. But what is happening is they're in a position to be able to create the cars of the future that are really going to sell."
Hayes says the economic incentives package approved by lawmakers in the June special session is giving the administration the kinds of tools it needs to help existing industries expand.