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Louisville’s Economic Growth in 2024: An Overview

Celebrating Remarkable Job Creation

In 2024, Mayor Craig Greenberg proudly acknowledged impressive economic advancements in Louisville, signaling a significant turning point for the city. This year has been marked by extraordinary job creation figures, the highest since 2017, and an unprecedented level of support dedicated to small businesses through the METCO loan program.

Louisville successfully secured 35 crucial projects this year, with businesses committing to create a total of 4,571 new jobs and invest an astounding $653 million in order to expand existing operations or establish new locations across the city.

"Great things are happening in Louisville. I am excited to celebrate the tremendous growth we’ve seen in our economy and the progress we are making toward becoming a safer, stronger, and healthier Louisville for everyone," expressed Mayor Greenberg. He extended his gratitude to both the investing companies and the dedicated team at the Louisville Economic Development Alliance who played a pivotal role in bringing these projects to fruition.

Launch of the Louisville Economic Development Alliance

In July, Mayor Greenberg unveiled the Louisville Economic Development Alliance (LEDA), a newly established nonprofit focused on steering the city’s economic development. Previously, economic development efforts were managed within the Louisville Metro Government, but many of the staff members have now transitioned to LEDA, reflecting a renewed commitment to innovative economic strategies.

"Mayor Greenberg took office with the commitment to take Louisville in a new direction, and that is exactly what we are doing with the creation of the Louisville Economic Development Alliance. We are excited to build upon the success of 2024 in 2025, including naming a permanent CEO for LEDA, and continuing to make progress on the goals set out in the Growing Louisville Together economic development plan," stated interim CEO Pat Mulloy.

Key Projects in Louisville

This year saw the announcement of several significant projects contributing to the city’s economic growth, including:

• HealthTrackRx: A state-of-the-art laboratory with a $45.5 million investment, projected to create 230 new jobs.
• ISCO Industries Inc.: Undertaking a $12.75 million expansion, this global provider of piping materials is expected to contribute 50 full-time jobs for Kentuckians.
• JQOL Global: A new $6.4 million facility is anticipated to generate 113 jobs for this certified Minority Business Enterprise.
• Whelan Machine & Tool: This veteran- and family-owned business is expanding with a $5.7 million investment, creating 30 new jobs.
• Dan-O’s Seasoning: The company is establishing a new $4.7 million headquarters and test kitchen, leading to 30 new job opportunities.

Expanding Support for Small Businesses

Alongside the substantial growth of larger enterprises, the Louisville Metro Government and LEDA extended their support to small businesses as well. In 2024, METCO loans were awarded to 21 small business owners and developers throughout the city. The METCO Board approved low-interest loans totaling $5.1 million, successfully leveraging $59.3 million in private investment.

Some notable small businesses that benefited from METCO funding this year include:

• Locals Food Hub and Pizza Pub, LLC: Approved for a $200,000 Agribusiness Loan to establish their inaugural location in Louisville, which will aid in various startup costs including furniture and fixtures.
• Talk Childcare To Me, LLC: Received a $100,000 Gap Financing Loan intended for temporary expenses during the construction of a new childcare facility.
• Halevi Bros. at 770, LLC: Secured a Gap Financing Loan and Façade Loan totaling $300,000 to facilitate essential renovations aimed at converting a building into transitional housing for unhoused youth.
• Soar Consulting, LLC: Acquired a $50,000 Midi Loan for essential working capital during their inaugural year.
• Hadley Continuum Factory: Awarded a $200,000 Gap Financing Loan to purchase advanced equipment necessary for product enhancement.

Celebratory Announcements and Community Impact

Throughout 2024, Louisville witnessed a series of significant announcements aimed at improving the quality of life in the area, including a remarkable $616 million allocation from the Kentucky General Assembly targeted at enhancing downtown areas, parks, libraries, cultural institutions, and early learning facilities.

Other noteworthy economic initiatives encompassed:

• The opening of Norton West Louisville Hospital, marking the first new hospital in the area in 150 years.
• Launching of Stellar Snacks, recognized as the largest economic development endeavor in west Louisville to date.
• Proposals for a $250 million Louisville Sports Entertainment District adjacent to Slugger Field.
• The establishment of the Goodwill Opportunity Center and MMY Housing in West Louisville.
• Groundbreaking for a $200 million mixed-use development anchored by a grocery store in Southeast Louisville.
• The inception of the Downtown Louisville Building Conversion Program, aimed at transforming vacant office spaces into vibrant residential or mixed-use developments.
• Attracting new office tenants such as Woodhouse Spa and My Financing USA through the Downtown Revitalization Fund.
• Initiating construction on LOUMED Commons, an urban park designed for the heart of the medical district.
• Launching Amped’s Russell Station Tech and Learning Center, aimed at providing low-income individuals with essential technology training that can lead to sustainable, living-wage jobs.

Rankings and Recognition

Louisville has consistently demonstrated its appeal as a desirable living and working environment, earning numerous honors and recognitions throughout 2024:

• Site Selection Magazine ranked Louisville as No. 1 in the Ohio River Corridor for economic development for the second consecutive year and No. 6 among U.S. metropolitan areas for economic development per capita.
• Forbes listed Louisville as a Top 10 Best City to Relocate to in 2024.
• LG&E and KU Energy LLC were recognized as top utilities for economic development in the latest Site Selection Magazine rankings.
• Business Facilities honored Louisville as a Top Logistics Location for the third time.
• The Council of Development Finance Agencies awarded LEDA the Distinguished Development Finance Agency – Emerging Award.

The Role of AI legalese decoder in Understanding Development Initiatives

In the context of these developments, business owners and stakeholders may encounter various legal documents and contracts that can often be laden with complex legal jargon. This is where the AI legalese decoder plays a critical role. By simplifying legal language and providing clear explanations, it helps entrepreneurs navigate through legal contracts related to loans, business operations, and regulatory compliance with ease. This ultimately empowers business owners, ensuring that they can make informed decisions about their ventures while maximizing the support available to them through programs like METCO.

Established in 2024 by Mayor Craig Greenberg, the Louisville Economic Development Alliance (LEDA) is a 501(c)(6) nonprofit organization tasked with spearheading business expansion, retention, and attraction efforts. The organization aims to cultivate a vibrant citywide brand, facilitating partnerships around talent development, small business and entrepreneurial growth, development finance, and vital policy analysis, research, and advocacy. For more information, visit www.LouisvilleAlliance.org and follow them on LinkedIn for updates and insights.

For more Kentucky business news, explore additional resources and developments here.

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