GLI report shows strong second quarter for regional economy despite job market concerns

GLI’s project pipeline includes business expansion and relocation opportunities considering Greater Louisville. At the end of the second quarter, the pipeline included 72 projects considering relocating or expanding to the region, potentially generating over 8,200 new jobs and $3.8 billion in investment. This is a conservative estimate, as many companies disclose the investment and job numbers late in the process. Among the active projects, 43 are attraction projects, and 29 are expansion projects.

“Businesses are still feeling economic pressures from inflation and interest rates, however that has not deterred regional economic growth. As we advocate for solutions to mitigate these challenges for businesses, I am happy to see the resilience of our economy illustrated by increased interest in investing new jobs in our region,” said Sarah Davasher-Wisdom, president and CEO of Greater Louisville.

Other insights in the report include:

• The Bureau of Labor Statistics (BLS) reported that the unemployment rate for the Louisville MSA was 4.4% in June, a slight increase compared to the 2024 Q1 unemployment rate of 4.3%. The national unemployment rate was 4.1% at the end of June, up from 3.8% in March.
• In June, the national economy added 206,000 jobs, bringing the average over the last year to 218,000 jobs per month, well above the anticipated 175,000 jobs forecasted by the Labor Department.
• At the end of June, there were just under 8.2 million national job openings, which is 46,000 fewer job openings than at the end of May.
• While the labor market remains tight, the number of quits was down slightly compared to earlier in the year.

“Over the past year there has been widespread talk of an economic downturn. While there is still a degree of uncertainty for businesses, Greater Louisville has fared extremely well in adding jobs and transformational economic investment to the region,” said Clark Welch, GLI’s vice president of economic development. “We will continue to keep an eye on unemployment and job growth in the final two quarters of 2024, but remain optimistic that Greater Louisville will finish the year strong.”

The report also includes a recap of the Trifecta Kentucky Coalition’s attendance at the BIO International Convention. The coalition is led by GLI’s Health Enterprises Network with the goal of selling the region to expanding and relocating biotechnology companies. The coalition generated more than 100 leads and new connections and is finalizing plans to attend the 2025 BIO International Convention.

To read the full report, click here.