ARGI Expands to Louisville, Creates 245 High-Paying Jobs
Kentucky businesses continue to create well-paying jobs for residents, and today Governor Andy Beshear announced that financial services provider ARGI Financial Group LLC will create 245 quality job opportunities in the years to come with an investment of $ 2.7 million.
“I applaud this investment and job creation from ARGI as another company expands its headquarters in Kentucky,” Governor Beshear said. “ARGI has built its business in the Commonwealth for the past 25 years, and it’s great to see the company continue to create well-paying jobs that will make a difference for Kentucky families. Congratulations to everyone who played a role in making this expansion project happen.
With this investment, ARGI will expand its existing 54,000 square foot location at High Wickham Place by 10,000 square feet. The expanded headquarters will create new management and back-office support opportunities in the years to come, in addition to its current staff of 152. Company executives expect the expansion work to be completed. completed by 2023. Currently, ARGI operates five sites in Kentucky, including offices. in Bardstown, Bowling Green, Elizabethtown and Paducah, which employ 57 people.
“We are honored and grateful that the Commonwealth is supporting our efforts to strengthen ARGI’s service to the people of Kentucky,” said Joe Reeves, CEO of ARGI. “Our practice was built around service to others, with the primary focus being our clients, our employees and our community. These funds will help us continue our mission to improve the lives of every relationship, and that starts with our Kentucky employees. “
Established in Louisville in 1995, ARGI provides financial and commercial services to businesses and individuals, such as financial planning and accounting, estate planning, retirement planning, tax services and investment management, among others, through the various subsidiaries of the company. In addition to its Kentucky locations, ARGI operates in Georgia, Indiana, Michigan and Ohio.
Louisville Mayor Greg Fischer said the investment continues recent growth in the area.
“Providing high-quality, well-paying jobs, ARGI sets the bar higher for companies in the business service sector,” said Mayor Fischer. “We are thrilled to celebrate this major expansion and continued success here in Louisville, where businesses benefit from a competitive cost to do business, high quality equipment and an ever growing workforce. tech savvy. “
ARGI’s investment and expected job creation bolster the Commonwealth’s recent economic momentum, as the state strengthens in the wake of the pandemic.
Today alone, companies announced more than 1,700 new full-time jobs in new premises and expansion projects totaling more than $ 800 million in new investments.
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 $ 10 billion in total planned investments and commitments to create 14,000 full-time jobs over the coming years. . Through September, the Kentucky incentive average hourly wage is $ 24.15 before benefits, a 10% increase from the previous year.
In September, Governor Beshear, Ford Motor Co. Executive Chairman Bill Ford, CEO Jim Farley and Dong-Seob Jee, President of SK Innovation’s Battery Business, announcement the largest economic development project in Commonwealth history, celebrating a transformative $ 5.8 billion investment that will create 5,000 jobs and place 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 in total projects, the highest of any state with a population of less than 5 million. Site Selection also recently tied Kentucky for fifth in its 2021 Prosperity Cup rankings, positioning the state among the nation’s leaders in business climate.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) today approved a 10-year incentive agreement with the company under the Kentucky Business Investment Program. . The performance-based deal can provide up to $ 1.8 million in tax incentives depending on the company’s investment of $ 2.7 million and annual targets of:
- Creation and maintenance of 245 full-time jobs for residents of Kentucky over 10 years; and
- Pay an average hourly wage of $ 46.80, including benefits for these jobs.
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.
Additionally, ARGI 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 ARGI, visit ARGI.net.
A detailed community profile for Jefferson County can be viewed here.