Greater Louisville Inc. says it has helped 84 companies grow or relocate in the region since Kentucky expanded its business incentive programs in 2009.
“All those (84 companies) total about 6,958 jobs, so it’s a significant amount of payroll being generated when we’re in the middle of a great recession and the economy is being challenged,” said Daryl Snyder, GLI’s vice president for economic development.
That’s partly due to the economy bouncing back from the recession; some of that growth can be attributed to large companies like Ford Motors and GE expanding, he said.
Around 55 of those 84 companies have used incentive programs, which require a business growth commitment, he said. Incentives come in the form of tax breaks that require significant accounting infrastructure to accept.
Snyder said he’s uncertain how many companies GLI attract to the region that fail. When businesses use GLI to relocate they are often already successful and looking to build off that success, he said.
“Most of the times when we have companies that we’re attracting into the area that are brand new, those are national and multi-national companies,” said Snyder.
GLI executives have been criticized in the past for having high salaries and not producing enough well-paying jobs, and Studies have shown that UPS has accounted for most of the area’s growth.
Snyder said the new jobs created as a result of GLI’s help have an average salary around $42,000.
Overall, however, there are roughly as many jobs in Louisville now as there were ten years ago.