Louisville, Ky. (May 30, 2024) – A newly released report by the Greater Louisville Partnership, a collaboration managed by Greater Louisville Inc. among 15 counties across the bi-state region, shows strong opportunities for continued economic growth in Greater Louisville throughout 2024.
At the end of March 2024, 57 projects were considering relocating to or expanding within the Greater Louisville region. These projects represent over 8,100 potential new jobs across various industries. Among the active projects which represent nearly $3.8 billion in potential new investment, 34 are attraction projects and 23 are expansion projects. All jobs and investment numbers are initial estimates and are likely significantly higher.
“The results from the first quarter show that our economy is primed for continued growth. GLI and our economic development partners who make up the Greater Louisville Partnership are poised to capitalize on this exciting momentum by selling our region’s assets to expanding and relocating companies,” said Sarah Davasher-Wisdom, president and CEO of Greater Louisville Inc.
Greater Louisville continues to experience accelerated economic growth despite ongoing inflationary pressure. Although most experts believe that the U.S. economy will be able to avoid a major recession, inflation remains high and continues to strain businesses. In the last quarter, employment and unemployment in the region mirrored national trends with the number of people employed slightly decreasing and the number of those unemployed slightly increasing.
Despite these factors, the region continues to attract new businesses and grow existing businesses. During the first quarter, the Greater Louisville region celebrated a major win with the announcement of MMY US’s new facility in West Louisville. MMY Global, a UK-based modular home manufacturer, is investing $6.1 million in its first U.S. manufacturing site. The site will create 73 full-time jobs with an average wage of $30 per hour and offer on-site childcare for working parents. The company is committed to hiring at least 51 percent of its workforce from Louisville, prioritizing applicants from West Louisville’s nine neighborhoods.
“Last year, our team grew the regional economic development pipeline by 93 percent. In 2024 our focus remains on working with our county partners to land those projects and continue to bring new ones into the picture,” said Clark Welch, GLI’s vice president of economic development.
To view the full report, click here.