Infrastructure: The Importance of Governor Beshear’s Budget Plan

In short, economic development is about improving and evolving communities to make them sustainable and prosperous. In doing so, the quality of life for residents in the community is enhanced through infrastructure, jobs, real estate, and community identity, aka culture. 

What is Infrastructure?

Infrastructure is the physical operating system that makes a society function. Parts of infrastructure include:

• Aviation
• Communications Network (telephone & internet)
• Power & Energy
• Mass Transit
• Water

To name a few. Infrastructure explains and demonstrates how these forces work together to make Kentucky great.

Governor Beshear’s Announcement

January 11, 2022 - Funds will be allocated to improve & modernize infrastructure in the following areas quoted by Governor Beshear:

• Aviation
  • “...invests … $6 million to keep our promise to support the construction of a new terminal building at the Barkley Regional Airport…”
• Communications Network (internet)
  • “... directs $200 million to boost high-speed internet across the commonwealth …”
• Power & Energy
  • “... directs $100 million to begin building up our electric vehicle charging stations …”
• Mass Transit
  • “... allow for nearly $1 billion for road and bridge construction …”
• Water
  • “... includes nearly $500 million over the biennium.”

What Does It All Mean?

The infrastructure upgrades and corrections Governor Beshear mentioned will help advance Kentucky in a - as he says - “leapfrog” capacity in comparison to other states. Such advancements will boost economic development in the following ways:

• Jobs - The workforce will be inundated with opportunities in order to carry out Governor Beshear’s plans. Such demand will help keep residents in Kentucky, strengthening family & community ties.
• Real Estate - Property values are sure to increase as Kentucky moves closer and closer to being the electrical vehicle leader. Also, as high school and college graduates start to spread their wings of independence, young adults will have the option of buying or renting before age 30.
• Community Identity/Culture - These changes will help redefine the identity of Kentucky while maintaining its agricultural origins. Each community’s culture/identity will be enhanced, based on what progressions come their way. 

Governor Beshear’s infrastructure plans are on a track that falls right in line with the core values of economic development, and the Ohio County Economic Development Alliance is pleased with his direction.