I am surprised that people are not talking more about the catastrophic effects the sale of Humana is going to have on everything in the region --- plus on UofL Sports.
Humana is equal in size in revenue and tax effect to the next 20 companies added-together in Louisville. It is the 58th largest public-traded stock-held company in the United States. It is the largest public company in Kentucky. It has a massive local payroll, with an emphasis on very high paying jobs. Humana accounts for over 14,000 jobs in Louisville alone-directly. Humana has much more effect on the local economy than GE (soon to be a small operation of Electrolux).
When Humana is sold, Louisville will lose 60-80% of the high-paying jobs that Humana has. These people will move somewhere else (probably Connecticut, as it now stands), retire, or take much-lower-paying jobs. Likely Two of their main Louisville buildings will be sold, because they won't need them anymore. That real estate will be dumped onto the local market.
Humana employees and consultants/contractors, and the company itself. undoubtedly account for a large number of lower-bowl seat licenses at KFC Yum Center. In addition they hold suites. The same goes for PJCS.
The number of ticket buyers in the area will drop, especially for UofL high-end tickets.
The donations base to CAF and to the UofL Foundation (ULF) will drop.
These will not be small effects that are seen. This company's mega-sized operations have a massive effect on the commerce and economy of this region, rippling throughout banking, it, office real estate, housing, investment, amateur and pro sports, churches, synagogues, the derby events, philanthropy, malls, hotels, conferences and even air travel availability.
The last time Louisville lost businesses of a similar scale was when the L&N Railroad was sold and moved out of town, and when Philip Morris shut down and moved away, and when Brown & Williamson shut down and moved. Other major events were when American Air Filter was sold and shut down, when GE downsized over 30 years from 26,000 employees to 5,000.
However the sale of Humana is the first impacting all of us, in which such a massive number of new-economy jobs will be lost!
An immediate shock will be felt throughout the region, but also quite significantly in high-end seat demand at UofL and in donations to UofL. And also Stadium expansions (Humana and its employees commit to a lot of seats).
My purpose in posting this is simply to ensure that more of us are in tune with the tremendous effect that Humana's sale and job loss will have on the University of Louisville and its Sports Programs.
Guardman
Humana is equal in size in revenue and tax effect to the next 20 companies added-together in Louisville. It is the 58th largest public-traded stock-held company in the United States. It is the largest public company in Kentucky. It has a massive local payroll, with an emphasis on very high paying jobs. Humana accounts for over 14,000 jobs in Louisville alone-directly. Humana has much more effect on the local economy than GE (soon to be a small operation of Electrolux).
When Humana is sold, Louisville will lose 60-80% of the high-paying jobs that Humana has. These people will move somewhere else (probably Connecticut, as it now stands), retire, or take much-lower-paying jobs. Likely Two of their main Louisville buildings will be sold, because they won't need them anymore. That real estate will be dumped onto the local market.
Humana employees and consultants/contractors, and the company itself. undoubtedly account for a large number of lower-bowl seat licenses at KFC Yum Center. In addition they hold suites. The same goes for PJCS.
The number of ticket buyers in the area will drop, especially for UofL high-end tickets.
The donations base to CAF and to the UofL Foundation (ULF) will drop.
These will not be small effects that are seen. This company's mega-sized operations have a massive effect on the commerce and economy of this region, rippling throughout banking, it, office real estate, housing, investment, amateur and pro sports, churches, synagogues, the derby events, philanthropy, malls, hotels, conferences and even air travel availability.
The last time Louisville lost businesses of a similar scale was when the L&N Railroad was sold and moved out of town, and when Philip Morris shut down and moved away, and when Brown & Williamson shut down and moved. Other major events were when American Air Filter was sold and shut down, when GE downsized over 30 years from 26,000 employees to 5,000.
However the sale of Humana is the first impacting all of us, in which such a massive number of new-economy jobs will be lost!
An immediate shock will be felt throughout the region, but also quite significantly in high-end seat demand at UofL and in donations to UofL. And also Stadium expansions (Humana and its employees commit to a lot of seats).
My purpose in posting this is simply to ensure that more of us are in tune with the tremendous effect that Humana's sale and job loss will have on the University of Louisville and its Sports Programs.
Guardman
