Home to 1,394,234 residents across 12 counties, the Louisville MSA is Kentucky’s largest metro and a dynamic regional hub for healthcare, logistics, education, and advanced manufacturing. Positioned along the Ohio River, Louisville combines rich cultural heritage with pro-business infrastructure, a strategic central location, and access to over two-thirds of the U.S. population within a day’s drive.

Louisville’s economy is anchored by key industries including healthcare, logistics, bourbon & tourism, and automotive manufacturing. The city is home to UPS Worldport, the largest automated package handling facility in the world, employing 24,000 people and driving demand in the local industrial and multifamily sectors. Healthcare systems such as Norton Healthcare (16,785 jobs), Baptist Health (11,085 jobs), and UofL Health (14,654 jobs) serve as major regional employers, with a combined total of over 4,900 licensed hospital beds.

The region also boasts 26 colleges and universities, most notably the University of Louisville (7,302 jobs / 24,073 students), a Carnegie-designated Research 1 institution and home to a major medical campus and nationally ranked engineering, business, and medical programs. Other notable institutions include Bellarmine University, Spalding University, and Jefferson Community and Technical College.

Louisville offers a thriving sports and entertainment scene. The city is home to Churchill Downs (home of the Kentucky Derby), the Louisville Bats (MiLB), Louisville City FC (USL), and Racing Louisville FC (NWSL). KFC Yum! Center, Kentucky International Convention Center, and Waterfront Park are key attractions, along with a revitalized downtown and bourbon tourism corridor.

Retail centers like Oxmoor Center, Mall St. Matthews, Jefferson Mall, and Paddock Shops serve the metro’s diverse consumer base.

The Louisville MSA contains 564 multifamily properties with 99,844 units, with 11 properties totaling 2,644 units currently under construction, highlighting measured growth and strong underlying demand fundamentals.

Louisville Economy

The Louisville–Jefferson County MSA features a diverse and steadily growing economy anchored by healthcare, logistics, manufacturing, professional services, and bourbon/tourism. The metro’s Gross Metropolitan Product exceeds $90 billion, driven by its strategic location, multimodal infrastructure, and strong employer base. Since March 2020, the Louisville metro has added over 40,000 jobs, reflecting solid post-pandemic recovery and labor force expansion.

Major Industries

The Louisville MSA is economically diverse, with leading contributions from the following sectors:

Logistics & Transportation

  • Louisville is a global logistics powerhouse, home to UPS Worldport, the largest fully automated package-handling facility in the world.
  • Logistics supports over 90,000 jobs, accounting for nearly 10% of total MSA employment
  • UPS alone employs 24,000+ people and continues to expand operations
  • The city’s location places two-thirds of the U.S. population within a day’s drive

Healthcare & Life Sciences

  • A regional healthcare hub anchored by Norton Healthcare, Baptist Health, and UofL Health
  • The healthcare sector employs over 70,000 across hospitals, specialty clinics, and research institutions
  • UofL Health, Baptist Health, and Norton combined manage over 4,900 hospital beds
  • The University of Louisville supports a growing life sciences research ecosystem

Manufacturing & Advanced Industry

Louisville has long been a manufacturing stronghold, with a focus on automotive, appliances, and materials

  • Ford operates two major assembly plants in Louisville, employing 12,531 workers
  • GE Appliances (a Haier company) employs 8,400 at its Appliance Park campus
  • The MSA also supports growing investments in steel, aluminum, and battery production

Bourbon, Tourism & Hospitality

  • The Louisville metro is the epicenter of bourbon production and a major tourism destination
  • The bourbon industry generates $9 billion in annual economic impact statewide, with much centered in Louisville
  • Tourism supports over 28,000 local jobs
  • The estimated 2025 economic impact of the industry is expected to be nearly $4.2 billion

Professional & Business Services

This sector includes insurance, finance, and tech-enabled services, with continued downtown revitalization supporting office and innovation growth

  • Employs over 86,000 across the MSA
  • Strong regional banking and back-office presence, with support for expanding tech and consulting firms

Population Analysis

 

Louisville MSA Population

The Louisville MSA had a 2024 population of 1,394,234, led by Jefferson County (Louisville – 793,881). Other counties of note include Clark County (Jeffersonville, IN – 127,479), Bullitt County (Shepherdsville / Mount Washington – 85,802), and Floyd County (New Albany, IN – 81,931).

While the MSA as a whole grew 2.29% from 2020-24, the fastest-growing counties in the MSA during that same time period were:

  • Spencer – 6.77%
  • Clark – 5.03%
  • Oldham – 4.18%

Demographics

Total Population (MSA)
1,394,234
Unemployment Rate (May 2025)
4.5%
Population Growth (2020-24)
2.29%

Multifamily Highlights

Louisville Multifamily Analysis

 

The Louisville MSA has 564 apartments of over 50+ units, for a total of 99,844 units. Vacancy in Louisville’s multifamily sector has remained relatively stable since 2024, where it currently sits at 8.9%, and is expected to tighten over the next several years (CoStar). A slowing development pipeline is anticipated to temper future deliveries, allowing market fundamentals to rebalance. The Average Rent in Louisville is $1,233 with a 12-Month rent growth of 1.1% (CoStar). Based on an analysis of over 100 multifamily properties in Louisville, Average Expenses are $5,653 per unit (TKC’s Expense Averager Tool).

 

Major Employers

  1. United Parcel Service (UPS) Worldport

    26,000 Jobs  | Learn More
  2. Norton Healthcare

    22,298 Jobs / 2,188 Beds  | Learn More
  3. Kroger (Incl. Division HQ)

    19,313 Jobs  | Learn More
  4. Jefferson County Public Schools

    17,959 Jobs  | Learn More
  5. UofL Health

    14,975 Jobs / 1,912 Beds  | Learn More
  6. Humana Inc.

    13,000 Jobs  | Learn More
  7. Baptist Healthcare System Inc.

    11,997 Jobs / 816 Beds  | Learn More
  8. Ford Motor Co.

    11,866 Jobs  | Learn More
  9. GE Appliances (Appliance Park)

    8,000 Jobs  | Learn More
  10. University of Louisville

    7,217 Jobs / 24,073 Students  | Learn More
  11. Walmart Inc.

    6,100 Jobs  | Learn More
  12. Archdiocese of Louisville

    2,805 Jobs  | Learn More
  13. Robley Rex VA Medical Center

    2,372 Jobs / 109 Beds  | Learn More
  14. Churchill Downs

    2,282 Jobs  | Learn More
  15. LG&E and KU Energy

    1,906 Jobs  | Learn More
  16. Rawlings Group HQ

    1,600 Jobs  | Learn More
  17. Samtec HQ

    1,400 Jobs  | Learn More
  18. Texas Roadhouse Support Center & HQ

    1,388 Jobs  | Learn More
  19. JBS USA

    1,200 Jobs  | Learn More
  20. Spectrum

    1,200 Jobs  | Learn More
  21. Kentucky Kingdom Theme & Water Park

    1,200 Jobs  | Learn More
  22. Seven Counties Services HQ

    1,171 Jobs  | Learn More
  23. Faurecia

    1,108 Jobs  | Learn More
  24. Signature Healthcare

    1,063 Jobs  | Learn More
  25. ADP

    1,000 Jobs  | Learn More
  26. Trilogy Health Services

    1,000 Jobs  | Learn More
  27. Yum! Brands HQ

    920 Jobs  | Learn More

Other Demand Drivers

  1. Muhammad Ali International Airport

    Record-setting 4.8 million passengers in 2024  | Learn More
  2. Churchill Downs & Kentucky Derby Week

    $441 Million Economic Impact  | Learn More
  3. Bourbon Industry

    23,133 Jobs; $9 Billion Industry  | Learn More
  4. KFC Yum! Center

    $258 Million stadium; 22,090 Seats  | Learn More
  5. Mall St. Matthews

    1,019,075 SF; Dillard's, JCPenney, Forever 21, Cinemark  | Learn More
  6. Jefferson Mall

    783,643 SF; Dillard's, JCPenney, H&M, Ross  | Learn More

Sources & Comments

1. The Louisville Metropolitan Statistical Area consists of 12 counties in KY and IN: (1) Jefferson KY (2) Clark IN (3) Bullitt KY (4) Floyd IN (5) Oldham KY (6) Shelby KY (7) Nelson KY (8) Harrison IN (9) Meade KY (10) Washington IN (11) Spencer KY (12) Henry KY

2. Primary Sources: (1) https://fred.stlouisfed.org/ (2) CoStar (3) MSCI Real Capital Analytics

3. Sales Comps are from July 2024-July 2025

4. This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy