Deep Driver: Jobs
Louisville’s progress toward increasing employment in technical and professional fields stalled during the Great Recession, and the slow recovery is still hampering its evolution to a more knowledge-based economy for the 21st Century.
On the jobs front overall, the 13-county Louisville Metropolitan Statistical Area experienced relatively low growth compared to its peer cities over most of the decade but lost less than several others when the recession hit.
In the “Next Economy,” The Brookings Institution says, successful metros will be “export-oriented, driven by innovation, low-carbon, and rich in opportunity."
While the Louisville regional economy is smaller than several of its peer cities, because of its still-strong manufacturing base it ranks in the top third of all major metros on total exports as a percentage of Gross Metropolitan Product – and ranks 5th among its 15 peer cities. Investments, like the ones Ford Motor Company and GE are making to transform their local operations into world-class competitors in production and “green” products exemplify the Next Economy.
Louisville’s work to strengthen the innovation economy is slower in gaining traction, although it has changed the business ecosystem. It’s low on measures such as the rate of patent applications and degrees awarded in science and technology. And, despite an almost 130% increase in R&D expenditures at the University of Louisville over the decade, totals for the last two years showed declines.
On the other hand, the rate of business start-ups for the state as a whole spiked over the last year -- registering one of the highest rates among all the states.
Deep Driver: Jobs
Louisville’s progress toward increasing employment in technical and professional fields stalled during the Great Recession, and the slow recovery is still hampering its evolution to a more knowledge-based economy for the 21st Century.
On the jobs front overall, the 13-county Louisville Metropolitan Statistical Area experienced relatively low growth compared to its peer cities over most of the decade but lost less than several others when the recession hit.
In the “Next Economy,” The Brookings Institution says, successful metros will be “export-oriented, driven by innovation, low-carbon, and rich in opportunity."
While the Louisville regional economy is smaller than several of its peer cities, because of its still-strong manufacturing base it ranks in the top third of all major metros on total exports as a percentage of Gross Metropolitan Product – and ranks 5th among its 15 peer cities. Investments, like the ones Ford Motor Company and GE are making to transform their local operations into world-class competitors in production and “green” products exemplify the Next Economy.
Louisville’s work to strengthen the innovation economy is slower in gaining traction, although it has changed the business ecosystem. It’s low on measures such as the rate of patent applications and degrees awarded in science and technology. And, despite an almost 130% increase in R&D expenditures at the University of Louisville over the decade, totals for the last two years showed declines.
On the other hand, the rate of business start-ups for the state as a whole spiked over the last year -- registering one of the highest rates among all the states.