March 2006

Welcome to eFYI, your exclusive monthly e-newsletter from Greater Louisville Inc. - The Metro Chamber of Commerce. As one of our valued partners, you can count on eFYI to cover the topics and issues of most interest and benefit to you. Share your comments and ideas with us any time at VFisher@greaterlouisville.com.


UPS to fill 1,500 part-time positions
Louisville gained 5,208 jobs through 2005 economic development efforts
A modern spin
First Residential Mortgage planning to add 273 jobs
Louisville Ford plants escape cuts
Businesses eyeing China stand to benefit from UPS Worldport hub's presence
Forbes ranks Louisville companies among America's best
Kentucky ranks 18th in public funding for the arts
State nurtures high-tech companies
More young workers lured to Louisville
Area reaches clean-air milestone
Yum's CEO named among best in America


UPS to fill 1,500 part-time positions

UPS has begun hiring about 1,500 part-time workers in Louisville.

The company is hiring in just about all positions at its hub operations at Louisville International Airport, including package sorters, ramp workers, and administrative and air-cargo personnel.

The jobs stem in part from the company's December 2004 acquisition of Menlo Worldwide Forwarding, whose Dayton, Ohio operations are being consolidated at the airport.

The new jobs coincide with the company's $82.5 million expansion of its Louisville air hub, which will add a new 700,000-square-foot building to handle heavy freight shipments. 
 
UPS is Louisville's largest private sector employer, with more than 17,000 jobs. The new jobs would increase the company's local work force nearly 9 percent.  Read more.



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Louisville gained 5,208 jobs through 2005 economic development efforts

Louisville-Jefferson County Metro Government, Greater Louisville Inc. and the Kentucky Cabinet for Economic Development reported that Louisville gained 5,208 new jobs in 2005.

That figure includes only jobs created by companies that the three organizations worked with during the year and does not represent total jobs in the Louisville area.

Of those 5,208 jobs, 4,107 were created from expansions of current Louisville businesses. Read more. 




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A modern spin

 Their combination hotel and museum celebrates the leading edge of 21st-century life, and marrying that concept to a group of buildings on West Main Street dating to the 19th century has been a challenge.  But husband-and-wife co-developers, Steve Wilson and Laura Lee Brown have their 21c hotel/museum on track for opening. 

The $26 million, 90-room hotel and contemporary art museum is what Wilson calls the "missing link" of the West Main renaissance, which along with the Kentucky Center features the Louisville Slugger Museum, the Louisville Science Center, the Frazier Arms Museum and nearby Muhammad Ali Center. 

The hotel's restaurant, Proof on Main, has already opened and the hotel is scheduled to open in the Spring 2006. Read more



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First Residential Mortgage planning to add 273 jobs

First Residential Mortgage Net­work Inc., an Internet-based mortgage banking business, plans to add 273 jobs in what would be the company's third major expansion in four years.

The firm is considering expanding here, at its existing operations in Florida, New Jersey, Ohio and Arizona, or at new sites along the West Coast.

First Residential currently has 408 local employees. Read more.


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Louisville Ford plants escape cuts

When Ford Motor Co. announced its restructuring plans, neither of Ford's two Louisville factories were slated for immediate closure. 

Ford's plan would close vehicle plants in St. Louis, Atlanta and Wixom, Michigan.  Parts plants in Canada and Ohio also would close.  Ford will announce two additional assembly plant closures later this year.  By 2012, the plan should cut 25,000 to 30,000 jobs.

With St. Louis closing, the Louisville Assembly Plant will be the sole source of the Explorer and Mercury Mountaineer sport utility vehicles.  The Kentucky Truck Plant makes the F-series Super duty pickups, part of Ford's best-selling product line.  Ford officials said that the F-Series line remains vital to the company's future and that they plan to invest more in the vehicle in the coming years.

Ford, the area's second-largest private employer in Louisville, employs about 9,000 workers. Read more.


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Businesses eyeing China stand to benefit from UPS Worldport hub's presence

Hardly a day goes by that Joseph Dehner and his colleagues at Frost Brown Todd LLC do not receive a phone call or an e-mail from a prospective client interested in doing business in China.

Identifying those opportunities is "becoming an increasing part of what we do" in the law firm's international department, said Dehner, the department's Cincinnati-based chairman.

"At any one time, we're working with five to 10 clients who want to go into China," Dehner said. "That is compared with about one every six months just five years ago."

As businesses from the United States continue to enter China, Dehner and other experts say those businesses located in Louisville have a distinct advantage over businesses exporting from or importing goods to other parts of this country.

The United Parcel Service Inc. Worldport international air hub -- the largest air hub in the UPS system at 4 million square feet -- provides customers in Louisville with nearly immediate access to overnight shipping, meaning orders can be taken late in an evening and placed on a plane and in a customer's hands in China within a day or two. Read more.


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Forbes ranks Louisville companies among America's best

Humana Inc., The Genlyte Group Inc. and Steel Technologies Inc. have been chosen among Forbes magazine's Platinum 400, also known as America's Best Big Companies.
 
Forbes required companies on the list to have revenue of at least $1 billion, have stock prices above $5 per share and must have been public for more than two years.  

Forbes ranked the candidates in 26 industry groups on financial performance against industry peers over the latest five years and most recent 12 months, including sales and earnings growth, stock market returns and debt to total capital. Read more.



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Kentucky ranks 18th in public funding for the arts

Kentucky ranks in the top half of states when it comes to public funding for the arts, according to an appropriations report from the National Assembly of State Arts Agencies.

Legislative appropriations to state arts agencies nationwide totaled $327.5 million for 2006. According to the report, 37 states and U.S. jurisdictions reported some level of budget gains, while seven states reported flat funding, and 12 states experienced budget reductions. 
 
Kentucky's arts budget increased 0.3 percent, or just over $14,000, from 2005 to 2006. Read more.



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State nurtures high-tech companies

University of Louisville surgery professor Claudio Maldonado believes that his research will improve the success rate of tissue and organ transplants.

Now the state has become a believer, too, enough to invest $200,000 in Maldonado's company, EndoProtech, in hopes that it might generate a financial return and spur additional high-tech investment in the state.

Since 2001, the Kentucky Science and Technology Corp. has issued $31.4 million in awards to hundreds of state university researchers and entrepreneurs in hopes that at least one of them will produce big profits -- and a big return to the state.

While state officials acknowledge that the investments are a high-risk, high-reward strategy, the awards are fostering an entrepreneurial culture in Kentucky, having netted $400,000 in returns from just two companies and have led to the creation of 120 technology companies and more than 1,500 jobs. Read more.


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More young workers lured to Louisville

Despite concerns about a "brain drain," the metro Louisville area is doing a better job attracting young people.  A study released last fall found that workers ages 25 to 29 were the biggest group of newcomers to the metropolitan area during the late 1990s.

But, according to the U.S. Census Bureau, Louisville is still older than many of the regional cities it competes with for companies, jobs and young, educated workers.

Jefferson County's median age in 2004 was 38.2. Read more.


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Area reaches clean-air milestone

It's getting easier for people to breathe in Louisville.

Monitoring during the past three years shows the metro area meets the national standard for ground-level ozone -- or smog, a lung-irritating pollutant that has plagued the region for decades.

In response, officials in Indiana and Kentucky plan to ask the U.S. Environmental Protection Agency to declare Jefferson, Oldham and Bullitt counties in Kentucky, as well as Clark and Floyd counties in Indiana, in compliance with a national ozone standard set in 1997.   Read more.


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Yum's CEO named among best in America

Institutional Investor magazine has named Yum Brands Inc. chairman and CEO David Novak among the "Best CEOs in America."

In the publication's fourth annual listing, investors and brokerage firm analysts identified the top CEOs in 62 industries. The magazine surveyed more than 1,700 investment professionals at about 475 firms.

Louisville-based Yum Brands operates about 34,000 restaurants in more than 100 countries and territories.  Read more.


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