Industrial Construction in Louisville Slowing Faster Than the National Rate

The slowdown in construction starts for industrial projects across the country that materialized in late 2022 is resulting in a gradual pullback in the pace of industrial completions at the national level. The decrease in industrial construction activity in Louisville, Kentucky has been much more pronounced, with space under construction as a percent of inventory falling from a peak of 5.4% in mid-2022 to just 2.7% as of the first quarter of 2023, well below the national benchmark of 3.4%.