‘A huge boost:’ Progress begins on state-of-the-art aircraft hangar at CVG
The $40 million expansion will create 250 jobs including more than 120 in Kentucky alone.
HEBRON, Ky. (WXIX) - An aviation company broke ground Tuesday on a three-bay hangar at CVG that promises to bring nearly 250 jobs to the region.
Kentucky Gov. Andy Beshear was on hand with CVG CEO Candace McGraw and leaders from F&E Aircraft Maintenance for the groundbreaking ceremony.
“The momentum we are seeing across the commonwealth is not possible without existing companies continuing to invest and to believe in our communities,” Beshear said. “This expansion will provide a huge boost to the Northern Kentucky economy and provide incredible job opportunities for the region. I am thrilled to be here today celebrating this groundbreaking and am excited to see FEAM AERO continue to succeed here in Kentucky.”
CVG reached a new shipping record in September with 1.2 billion lbs. of aircraft landing at the airport.
“As freight volume at CVG continues to increase, FEAM AERO’s services to our two air hubs are critical in keeping the global supply chain moving,” Boone County Judge/Executive Gary Moore said.
McGraw notes CVG is now the 18th largest cargo airport in the world.
“It’s thanks to partners like FEAM who continue to support the incredible growth of cargo operations and career opportunities at CVG,” she said. “We congratulate FEAM as they prepare to build their second state-of-the-art aircraft maintenance hangar in the Northern Kentucky region.”
FEAM AERO operates maintenance bases at 36 locations in the U.S. and Europe.
The company signed a 10-year tax incentive package with the Kentucky Economic Development Finance Authority in March.
The $40.2 million hangar at CVG will house Boeing 767 aircraft.
The investment will bring aircraft mechanics and technicians, ground support equipment mechanics, administrative personnel and management positions.
The company already employs 300 people at CVG. Its total U.S. employment comprises 1,300 technicians and engineers.
Its clients include Amazon and DHL, both with large and growing presences at CVG.
“We have accomplished great success through our partnership with CVG and the public support from the state of Kentucky,” said Fred Murphy, founder and CEO of FEAM AERO. “We look forward to growing our local economic impact by creating meaningful careers within the region and bringing our best-in-class standards of quality and safety to the already thriving cargo ecosystem at CVG.”
Kentucky on the rise
Kentucky’s run of economic growth continues. The Commonwealth has recorded more than $18.7 billion in planned investment since the beginning of 2021 and $21 billion since Beshear took office.
Kentucky is 6th in Site Selection magazine’s coveted Prosperity Cup Rankings for 2022, recognizing state-level economic successes based on capital investments.
The Commonwealth saw its highest annual growth rate in 31 years over the 12 months preceding July 2022.
The general fund surplus exceeded $1 billion in 2022 for the second consecutive year. August 2022 general fund receipts were the highest on record, marking 21 straight months of growing revenues.
Data from the U.S. Bureau of Labor Statistics showed Kentucky lead the entire nation in job growth for the month of August.
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