Eastern Kentucky county gets biggest investment in its history, officials say

Speed Kentucky plans to open a $1.47 million facility in Owsley County and employ 60 people who will work on “final assembly and distribution” of the company’s utility task vehicles, Gov. Andy Beshear said Wednesday. 

This is the “largest investment and job creation announcement” in the county’s history, Beshear said. Owsley County, in Eastern Kentucky, is home to about 4,000 people. According to U.S. Census Bureau data, the median household income was $22,188 from 2020-2024 and about 40% of the population was in the labor force. 

Jimmy Lewis, cofounder of Speed Kentucky, said in a statement that the company is “proud to call Owsley County, Kentucky, home and look forward to growing alongside this incredible community.”

Robby Gordon, also a cofounder of Speed Kentucky, and a renowned motorsports champion from North Carolina, said the state’s “strong outdoor and industrial communities make it a great place to grow this part of our business, including opportunities connected to the region’s coal and natural resource industries.”  

It’s unclear when the facility will open. As long as the company creates and maintains 60 full time jobs for Kentucky residents over 15 years and pays them an hourly rate of $26 an hour, it can receive $1.3 million in tax incentives from the state, Beshear’s office said.  

The Kentucky Economic Development Finance Authority has also approved up to $30,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA) for Speed Kentucky, according to Beshear’s office, and it may be able to keep part of its generated tax revenue. 

Senate President Robert Stivers, R-Manchester, whose district includes Owsley County, said the region “was built for this kind of partnership.” 

“This investment is about more than Owsley County,” Stivers said in a statement. “It strengthens a regional asset that will draw people from across Eastern Kentucky and neighboring states, bringing visitors, supporting local businesses and creating economic opportunities throughout this region.”

This story may be updated.