Wednesday January 18, 2006
Louisville’s economic development team landed more than 5,200 jobs in 2005, marking the most successful year for job creation since 2000.
Mayor Jerry Abramson, Greater Louisville Inc. President and CEO Joe Reagan, and George Burgess, Deputy Commissioner of Existing Business Development for the Kentucky Cabinet for Economic Development, made the announcement at a joint news conference at the Meidinger Tower today.
Some of the major economic development achievements in 2005:
- Landed 5,208 new jobs, the highest total since 2000
- Grew 4,107 jobs by expanding current businesses, the highest gain since the partnership began
- Raised the average salary above the $40,000 level for the first time
The job gains show Louisville is rebounding from the national recession and capitalizing on the unified team approach to economic development, which was one of the major selling points of the 2000 campaign to merge city and county governments, Abramson said.
In the three years since merger, Louisville has landed nearly 12,000 new jobs and attracted almost $850 million of private investment in salaries, construction and equipment.
"Working truly as a team, GLI, the City, and the State are attracting thousands of new jobs each year by helping our hometown businesses expand and attracting new companies to our community," said Abramson. "Our job is jobs, and the numbers we are highlighting today show that we are doing our job."
Most of the economic development effort is focused on helping Louisville’s existing businesses prosper and grow, Reagan said. Three out of every four new jobs added are from expansions of current Louisville businesses.
"One of our top priorities is to help our existing businesses expand, which means assisting with everything from incentives to space to employees," Reagan said. "We want them to stay and grow in Louisville."
A great example of the hometown growth in 2005 was Mercer Human Resources Consulting, the largest tenant in the Meidinger Tower. Mercer officials announced in December they will add more than 270 jobs to Louisville by expanding and centralizing their retirement consulting business and actuarial valuation work. Louisville was in competition with other company locations in Ireland, India, Canada and South Africa.
"Mercer is excited about the expansion of our company in Louisville. We believe that we will be able to recruit people to move here, in part, because of Louisville’s quality of life," said Margaret Handmaker, Worldwide Partner of Mercer Human Resources Consulting.
"Greater Louisville Inc. and the City of Louisville are to be commended for the excellent job they continue to do bringing jobs and opportunity to Jefferson County," said Burgess. "The Cabinet’s great partnership with GLI and the City has accumulated many success stories over the years. We will continue to support Louisville and are optimistic about future job growth in Jefferson County, as well as, all of Kentucky."