Governor Andy Beshear joined officers of Pitman Creek Wholesale, LLC for the grand opening of the new Lincoln County fishing tackle producer and distributor’s headquarters, a $ 15 million project creating 60 jobs full-time for Kentuckians.
âI am pleased to have the opportunity to join Pitman Creek representatives and leaders at Stanford and across the region in celebrating the opening of this new facility in Lincoln County,â said Beshear. âOur state’s distribution and logistics industry is thriving and companies like Pitman Creek are helping to take the industry to the next level while creating quality employment opportunities for Kentuckians. I want to thank the leaders of Pitman Creek for their commitment to the Commonwealth, and look forward to seeing the continued growth of the company.
The new 205,000-square-foot operation was commissioned in late September after 11 months of construction and added 60 full-time employees, bringing the total number of jobs at the relocated facility to 160 Kentucky residents. The investment also includes the cost of new distribution equipment, conveyor systems and office equipment. New jobs created through the project include management, team leaders and production roles. Previously based in neighboring Danville, the company will maintain a distribution presence in Boyle County.
âThis installation completes the Pitman Creek loop when we first started. After the purchase in 1993, we started at Stanford with 2,500 square feet of leased space and now have the largest and most modern facility of any distributor in our industry, âsaid James Coffey, President and owner of Pitman Creek. âOur Kentucky employees are the best in our industry and now have a facility to match. “
Established in Somerset in 1978, Pitman Creek began as a manufacturer of custom fishing lures and has grown into a full gear distributor for over 5,000 retail stores in the United States and 10 other countries. The company specializes in the bass fishing market, with more than 30,000 products from more than 280 vendors.
Pitman Creek contributes to more than 600 logistics and distribution facilities employing nearly 86,000 people statewide. To date, the industry has seen 56 announcements of new locations and expansion totaling nearly $ 426 million and over 2,800 full-time jobs.
Lincoln County Executive Judge Jim Adams expressed gratitude for the company’s commitment to the region.
âOn behalf of the Lincoln County Tax Court and our citizens, I thank James Coffey for having faith in and investing heavily in our county,â said Adams. âI would also like to thank the Pitman Creek team for their determination to pursue James Coffey’s dream of being a leading supplier of sports equipment. I look forward to a bright and fruitful future for everyone involved.
Stanford Mayor Dalton Miller said the new location would benefit the local workforce.
âThe Mayor, City Council and all citizens of Stanford are delighted that Pitman Creek has chosen Stanford for its new headquarters and operations center,â said Mayor Miller. âThe additional jobs added in our city and county will allow them to spend more quality time at home with their children and spouses instead of commuting every day. “
George Leamon, executive director of the Stanford-Lincoln County Industrial Development Authority, said the project reflects the region’s ability to support a variety of businesses.
âPitman Creek Wholesale has roots in Lincoln County and we are proud to welcome their operations to us,â said Leamon. âIt was a pleasure working with James Coffey and his team, from the initial search for the property to the completion of the new facility. Lincoln County is a great place to do business and we’re ready to help businesses and industries of all sizes become part of our strong business community.
Pitman Creek’s investment and expected job creation bolster the Commonwealth’s recent economic momentum, as the state strengthens in the wake of the pandemic.
This year the Commonwealth has broken all economic development records on the books for total annual investment. Since the start of the year, announcements of new locations and private sector expansion include more than $ 8.85 billion in total planned investments and commitments to create 12,500 full-time jobs over the years. future. Through September, the Kentucky incentive average hourly wage is $ 24.15 before benefits, a 10% increase from the previous year.
In September, Beshear, Ford Motor Co. executive chairman Bill Ford, CEO Jim Farley and Dong-Seob Jee, president of SK Innovation’s battery business, announced the largest economic development project in the history of the Commonwealth, celebrating a transformative investment of $ 5.8 billion. that will create 5,000 jobs and put Kentucky at the forefront of the future of the auto industry.
In July, thanks to strong budget management from the Beshear administration, the state budget office announced that the Commonwealth had ended fiscal 2021 with a general fund surplus of more than $ 1.1 billion – the highest ever in the Commonwealth – and a 10.9% increase in the general fund. revenue to $ 12.8 billion.
In May, Moody’s Analytics published a positive economic outlook for Kentucky, noting that mass vaccination was the driving force behind a sustained recovery in consumer services. The state’s recovery, Moody’s said, benefited from earlier reopening efforts and increased demand for manufactured goods relative to services. The report also found that Kentucky’s manufacturing industry has outperformed the nation’s since the national downturn last year.
Fitch Ratings in May improved the state’s financial outlook to stable, reflecting the Commonwealth’s strong economic recovery. April sales tax receipts from the state set a monthly record of $ 486.5 million, as did vehicle use tax receipts at over $ 64 million.
In March, Site Selection magazine’s annual Governor’s Cup ranking for 2020 placed Kentucky at the top of the South Central region, and third nationally, for eligible projects per capita. The Commonwealth also ranked seventh overall, the highest of any state with a population of less than five million. Site Selection also recently tied Kentucky for fifth in its 2021 Prosperity Cup ranking, positioning the state among the nation’s leaders in the business climate.
To encourage investment and job growth in the community, the state and Pitman Creek have previously entered into performance-based tax incentive agreements based on investment, employment, and investment goals. salary of the company.
By meeting its annual goals over the term of the agreement, the business may be eligible to retain a portion of the new tax revenue it generates. The company can claim eligible incentives for its income tax and / or employee contributions.
In 2011, Pitman Creek obtained a tax credit of $ 3,500 under the Kentucky Small Business Tax Credit (KSBTC) program for creating at least one job and purchasing at least $ 5,000 of ‘eligible equipment and technologies. Since 2011, KSBTC has helped small businesses create nearly 3,200 jobs and invest more than $ 32 million in 72 counties in Kentucky.
Additionally, Pitman Creek may receive resources from Kentucky Manpower Service Providers. These include free recruitment and placement services, personalized training at reduced cost, and job training incentives.
For more information on Pitman Creek Wholesale, visit PitmanCreek.com.
A detailed Lincoln County community profile can be viewed here.
More information on the Governor’s AgriTech Initiative is available at AgriTech.ky.gov.