In order to improve Louisville’s economy and move our economy ahead of our peers, we should consider economic development strategies that develop and attract jobs requiring higher levels of education.
Source: BLS Occupational Employment Statistics, May 2013
Using MIT’s living wage calculator, Jefferson County’s Cost of Living for a family of four (not considering childcare costs) is $36,795. We see that the median wage in Louisville is below this number, indicating that, by definition, more than half of our jobs pay below a living wage. In fact, only 4 in 10 jobs in our MSA pay a living wage. However, when we compare Louisville with our peer cities, we rank 5th of 17 in percentage of jobs paying a living wage. Even though we have a good ranking, still less than half of our jobs pay at least a living wage.
Source: Wage and jobs data are from EMSI Analyst, Living Wage data are from MIT Living Wage Calculator bowed on the core county of each MSA.
While 53% of our job postings are for jobs paying above a living wage, we still rank 10th among our peers. This suggests we are moving in the right direction in growing well-paying jobs, but we are still lagging behind our peers.
Source: EMI Analyst and Burning Glass
In 2010, Louisville’s birth rate of firms was 6.07%, ranking it 14 out of 17 cities. The firm birth rate has declined over time, as it has in all peer cities. Between 1990 and 2010, the birth rate of firms in Louisville declined almost 4%.
Source: Census – Business Dynamic Statistics, using Kauffman Foundation methodology, Birth rate=Firms Age 0 divided by total Firms. Birth rate is the percent of new firms born in a year relative to the total number of firms.
Data provided by KentuckianaWorks; BLS Occupational Employment Statistics, May 2013; MIT’s living wage calculator; Wage and jobs data are from EMSI Analyst, Living Wage data are from MIT Living Wage Calculator based on core county of each MSA; Wage and jobs data are from EMSI Analyst, Living Wage data are from MIT Living Wage Calculator based on core county of each MSA; Burning Glass; EMSI Analyst and Burning Glass; Kauffman Foundation; Census – Business Dynamic Statistics