November 20, 2023 9:19am
Strong third quarter results in Greater Louisville Inc. report highlight economic optimism
Louisville, Ky. (November 20, 2023) – Greater Louisville Inc. (GLI) released its quarterly Economic Summary report which paints an optimistic picture of the state of the regional economy at the end of third quarter. GLI’s regional project pipeline grew by 47 percent from July through September, showing increased corporate interest in investing in Greater Louisville.
GLI’s Economic Summary is released quarterly and includes core updates on the state of the regional and national economies, as well as an update on GLI’s regional economic development project pipeline. The pipeline currently includes 47 active projects representing at least 5,656 potential new jobs for the region, and the possibility of thousands more as projects finalize their plans.
“Despite increasing inflationary pressures, our economic development prospects remain strong. In fact, there are more projects in our pipeline than any time in recent history,” said Sarah Davasher-Wisdom, president and CEO of GLI. “While our region faces challenges related to workforce participation and rising costs, I am confident we are well-positioned to sustain any significant downturns and continue on a strong path of growth.”
Key takeaways from the report include:
- Over 92 percent of jobs in the regional project pipeline are in the Advanced Manufacturing sector, showing Greater Louisville is poised for continued growth as this industry grows and innovates.
- This year, GLI’s team will attend seven national and international conferences, including two in the third quarter, to build relationships with and showcase the region to national site consultants.
- The Federal Reserve remains focused on reigning in inflationary pressures, without causing marked increases in unemployment. The number of job openings increased in the third quarter, indicating that employers remain optimistic about the short-term future of the economy.
- Louisville’s total employment was up from the second quarter, aligning with national employment trends that are seeing more people re-enter the workforce. With 3.3 million more job openings than unemployed workers, the national labor shortage improved slightly in the third quarter.
“The Greater Louisville economy continues to surpass expectations and capitalize on our strong assets to bring in more leads, projects, and investment. I am encouraged by the growth our region experienced through the first three quarters of the year and look forward to seeing how we close out 2023,” said Clark Welch, GLI’s vice president of economic development.
The report also includes a recap of GLI’s annual Familiarization Tour and other strategies deployed to generate leads and close deals. GLI continues to offer a number of services to site selectors and companies, including research and fee-based talent attraction services to relocating or expanding companies. To view the full report, click here.