Kentucky Gov. Andy Beshear announced Legacy Metals LLC, a building materials supplier and manufacturer, will grow its current operation with a 24,000-square-foot expansion that will create 100 well-paying jobs for local residents.
“Legacy Metals is an incredible example of a company fully committed to serving its community and the state of Kentucky,” Gov. Beshear said. “The commonwealth is experiencing a wave of economic momentum like we’ve never seen before, because companies continue to believe in our workforce and resources. I want to thank Legacy Metals’ leadership and I’m excited to see this expansion bring them even greater success.”
The $1.2 million project in Hopkinsville will include a new 12,000-square-foot facility that will house two manufacturing lines to develop and trim roofing and siding panels. A separate 12,000-square-foot warehouse will also be added to provide room for inventory and further expansion.
“We’d like to thank Christian County Judge/Executive Steve Tribble, Christian County Fiscal Court, Gov. Andy Beshear and the Kentucky Economic Development Finance Authority for their support of our expansion,” said Lewis Stoll, founder and president of Legacy Metals. “We’re thrilled to be announcing this expansion and the subsequent economic activity it generates. We’re looking forward to continued growth and success for generations to come.”
Legacy Metals is a family-owned company founded in 2017 that specializes in custom-length metal siding and roofing and offers a full-service lumber yard, metal and wood trusses and custom building packages. Starting with just two employees, the company has grown to employ over 26 Kentucky residents in the Hopkinsville area. Additionally, as a building materials supplier, the company facilitates local projects to be constructed through independent contractors, indirectly employing over 120 individuals over the last five years.
The new Legacy Metals operation will add to the state’s 230-plus metals-related facilities, which employ approximately 25,000 Kentuckians. In 2021 alone, Kentucky’s metals industry spurred approximately $975 million in planned investment and more than 1,700 expected new jobs for Kentucky residents.
Christian County Judge/Executive Steve Tribble said the project benefits all residents in the region.
“On behalf of Christian County Fiscal Court and the citizens of Christian County, I am excited to support Legacy Metals’ continued growth in our region,” Judge/Executive Tribble said. “Their continued success is creating more jobs and investment in the community which is good for all Christian County residents. We wish Legacy Metals and their leadership good fortune and success for years to come.”
Tony Prim, associate director of business, retention and expansion for the South Western Kentucky Economic Development Council, said he is thrilled for the company’s planned investment in the community.
“Legacy Metals is an incredible, family-owned company that’s already enjoying tremendous success in our region,” Prim said. “We are thrilled to have worked with their team as they analyzed this expansion opportunity. Thanks to their investment and support from the State of Kentucky and Christian County government, Legacy Metals will be creating 100 new jobs and investing millions of dollars into our region. This is further proof that our community and region are great for business!”
Legacy Metals’ investment and planned job creation furthers recent economic momentum in the commonwealth, as the state builds back stronger from the effects of the pandemic.
Site Selection magazine’s annual Governor’s Cup rankings for 2021 recently placed Kentucky atop the South Central region, and third nationally, for qualifying projects per capita.
Gov. Beshear recently announced that on Jan. 28, S&P Global Ratings revised Kentucky’s financial outlook to positive from stable and affirmed its “A-” credit rating. S&P cited a reduced reliance on one-time items to balance the budget and a higher balance in the state’s rainy-day fund as primary factors influencing the change.
That follows a 2021 during which the commonwealth shattered every economic development record in the books. Private-sector new-location and expansion announcements included a record $11.2 billion in total planned investment and commitments to create a record 18,000-plus full-time jobs across the coming years. Kentucky’s average incentivized hourly wage for projects statewide in 2021 was $24 before benefits, a 9.4% increase over the previous year.
In recent months, the commonwealth has seen its two largest economic development projects in the state’s history. In September, Gov. Beshear and leaders from Ford Motor Co. and SK Innovation celebrated a transformative $5.8 billion investment that will create 5,000 jobs in Hardin County. Last week, the Governor was joined by leadership at Envision AESC to announce a $2 billion investment that will create 2,000 jobs in Warren County. The announcements solidify Kentucky as the national leader in EV battery production.
Legacy Metals’ commitment also continues recent economic growth in West Kentucky. Since the start of the Beshear administration, companies in the region have announced 90 new-location and expansion projects totaling over $1.7 billion in new investments and creating more than 2,000 full-time jobs.
Kentucky also saw an all-time, record-setting budget surplus in fiscal year 2021 and entered 2022 with an estimated $1.9 billion more than budgeted.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) last Thursday preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $1 million in tax incentives based on the company’s investment of $1.2 million and annual targets of:
- Creation and maintenance of 100 Kentucky-resident, full-time jobs across 15 years; and
- Paying an average hourly wage of $17 including benefits across those jobs.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, Legacy Metals LLC can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.