Louisiana Records Seventh Consecutive Year of Capital Investment Growth
Louisiana continues its streak of economic prosperity as it marks the seventh consecutive year of "year-over-year capital investment growth," reports Louisiana Economic Development (LED). In 2023, companies committed over $25 billion to economic development projects statewide, marking the third consecutive year with projects totaling over $20 billion.
Former Governor John Bel Edwards expressed optimism about the state's economic future, citing the record levels of investment that have translated into job creation, propelling Louisiana to an unprecedented level of employment. Edwards emphasized the stability and consistency brought to economic development efforts, attributing them to the state's sector diversity initiatives and sound financial management.
The Bayou State's impressive performance extends to national rankings, with notable recognitions in Business Facilities' 2023 Annual Rankings Report. Gramercy, LA, ranked third for FTZ Activity (Exports) and fourth for FTZ Activity (Imports) in the Metro Rankings. New Orleans secured the second spot for Logistics Leaders, while Lake Charles ranked fifth for Manufacturing Hubs (Small). Louisiana topped the list for Tech Talent Pipeline and claimed the second position for Customized Workforce Training, Manufacturing Output (% of GDP), and Film/Television Industry incentives and economic impact in the State Rankings.
The energy and emissions reduction sector emerged as a major recipient of investments, accounting for over $14 billion in capital expenditures and the potential creation of 11,500 new jobs. Leading investments include Venture Global and Plaquemines Phase 2 Final Investment Decision with a capital expenditure of $7.8 billion, followed by St. Charles Clean Fuels at $4.6 billion and DG Fuels at $3.1 billion.
Notable projects in downtown New Orleans, totaling over $3.5 billion, highlight the city's economic revitalization efforts, including the River District, Caesars Superdome, and Charity Hospital.
LED Secretary Don Pierson emphasized the evolution of "legacy sectors" like energy and manufacturing in response to global sustainability trends, coupled with the emergence of robust technology, aerospace, aviation, life sciences, and water-management sectors.
Furthermore, Louisiana's commitment to small businesses remains steadfast, with programs tailored for women, minority, and veteran business owners. Initiatives such as the Diversity in Entrepreneurship Initiative cohort aim to foster diversity and inclusion in the business landscape.
With the establishment of STEAM-focused learning centers in Vernon Parish, supported by a $7.5 million grant from the U.S. Department of Defense and LED, Louisiana underscores its dedication to education and workforce development, particularly for military families.
The state's designation as a Tech Hub by the U.S. Department of Commerce's Economic Development Administration and grant funding through the U.S. Small Business Administration's State Trade Expansion Program further solidify Louisiana's position as a hub for innovation and economic growth.
As Louisiana charts its path forward, the momentum in capital investment and economic development sets a promising trajectory for sustained growth and prosperity in the years ahead.
