Market Highlights
Louisville, Kentucky’s largest city, is a thriving MSA with a wide-ranging economy, strong manufacturing sector, and impressive multifamily market. According to CRED iQ, Louisville was one of the Top 10 cities with the highest occupancy increases in recent months. Louisville also ranked 3rd nationally for rent growth in Q4 2023, according to a recent CoStar analysis. The 12-county Louisville MSA, which also extends into Southern Indiana, has an apartment inventory of 531 properties and 91,610 units with an additional 5,683 units under construction.
Louisville’s economy is most well-known for its manufacturing sector. UPS, with its massive Worldport, is the largest employer in the area with 26,328 jobs. Ford Motor Company employs 13,020 people in Louisville, mainly due to its two large plants – the Kentucky Truck Plant and the Louisville Assembly Plant. GE Appliances (8,500 jobs) also has a major presence within Louisville – GE Appliance Park is over 6 million square feet and occupies 750 acres. Statewide, Kentucky exported $40.2 billion in 2023, a state record and a 16.6% increase over the previous year. Kentucky’s aviation industry is also thriving, bringing in $16.2 billion 2022 and led by Lockheed Martin, GE Aviation, and Raytheon. Kentucky ranks #3 nationally for total aerospace exports.
Norton Healthcare operates 9 hospitals totaling 2,168 beds within the MSA and is the 2nd largest employer with 15,044 jobs. UofL Health (1,912 beds) and Humana (11,000 jobs) are other major companies within the healthcare industry. The University of Louisville (23,043 students & 6,339 jobs) has an economic impact of roughly $1.8 billion. World-recognized Yum! Brands (KFC, Pizza Hut, Taco Bell, Habit Burger Grill) is headquartered in Louisville. Kentucky is also well-known for its bourbon industry and horse racing – Churchill Downs is located south of downtown Louisville.
