Economic Vitality Committee Agenda and Packet 2024 06 21

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Economic Vitality Committee Meeting Minutes May 17, 2024 Page 2 of 4 Finance and Insurance. Manager Zarate added that these top industries represent roughly 1,000 of the 1,600 total businesses in Louisville. Manager Zarate commented that the majority of businesses (all but 13) in Louisville have 500 or fewer employees and are therefore considered small businesses by the Small Business Administration. She added that 87.6% of Louisville businesses have 20 or fewer employees. Community Development Director Zuccaro asked whether the employment numbers are specific to employees within Louisville or nationwide. Manager Zarate confirmed that these numbers represent only employees physically based in Louisville, even for businesses with additional locations across the country. Councilmember Fahey wondered whether home -based businesses that do not have any additional employees are included in this data. Manager Zarate responded that they should be included, as the data pulls from unemployment insurance and also allows for businesses to report zero employees. Manager Zarate presented the top 10 employers in Louisville. She noted that this list includes multiple industries across sever of Louisville's business districts. Chair Dickinson asked how this information could be used to help guide Economic Vitality efforts in Louisville. Manager Zarate responded that this data can help staff communicate with brokers on sites for future tenants, can help new businesses recognize Louisville as a place to locate to be close to or partner with other businesses in similar industries, and can help with planning resource allocation. Public Comment from Mike Kranzdorf: Mr. Kranzdorf asked for clarification regarding the "Businesses by Industry Chart" on page 8 of the packet. He questioned if the first 3 industries listed on the legend were included in the chart. Manager Zarate confirmed that those industries are not visible in the pie chart. Councilmember Fahey asked whether restaurants are include under "Accommodation and Food Services". Manager Zarate responded that generally restaurants would be included in this category, but noted that since businesses self -identify their industry some restaurants may have include themselves under retail. Chair Dickinson asked how difficult or tedious it is to pull and update this data. Manager Zarate clarified that it can be done fairly quickly, but noted that the report will not change until new federal data is updated quarterly.