It is an exciting time of growth in the bourbon [More]
Industry News
Kentucky’s bourbon industry has seen “explosive growth” over the last decade, with much more planned for the next few years, according to a study released in early February 2019 by the Kentucky Distillers’ Association. The economic impact of the industry now tops $8.6 billion, which is up 60 percent in 10 years according to a study that was unveiled at a press conference in Frankfort. Overall, the interest in the bourbon industry has grown tremendously with consumers becoming interested in not only the drink itself but the history behind the drink, food pairings, and how it is produced. The number of jobs in the distilling industry also has doubled to more than 20,000, with payrolls of more than $1 billion. In the last five years more than $1.1 billion in capital spending was reported by member distilleries of the KDA (which does not include Sazerac, which owns the Buffalo Trace Distillery complex in Frankfort and the Barton Distillery in Bardstown among others) with another $1.2 billion planned over the next five years. The bourbon boom shows no signs of slowing down, with Kentucky distillers shipping more than $452 million of product, mostly whiskey, abroad in 2017, the study says. Governor Matt Bevin, in a statement, also hailed the growth of the industry: “The Commonwealth has a long, proud history of distilling, and the economic impact made by our bourbon and spirits producers is recognized at national and international levels. As a signature industry, Kentucky embraces with open arms any business looking to build on the growing moment of the bourbon industry.”