LA Rockets up in Economic Development RankingLouisiana Economic Development Update
March 8, 2010
LOUISIANA ROCKETS UPWARD IN SITE SELECTION MAGAZINE'S "GOVERNOR'S CUP" ECONOMIC DEVELOPMENT RANKING
Capital Region, Northeast Louisiana also rank highly
Last week, Site Selection magazine released its annual "Governor's Cup" rankings, in which Louisiana's national economic development projects ranking improved 12 spots from 27th in 2008 to 15th in 2009. On a per-capita basis, Louisiana's ranking rocketed from 33rd in 2008 to ninth in 2009 -- an improvement of 24 spots.
Louisiana's per-capita project results for 2009 were considerably better than most other Southern states, including Alabama, Arkansas, Florida, Georgia, Mississippi, North Carolina, Oklahoma, South Carolina, Texas and West Virginia.
"Since day one we have made economic development and job creation the top priority of our administration," said Louisiana Economic Development Secretary Stephen Moret. "Thanks to this focus, including our efforts to create a more competitive business climate, aggressively support small business development and provide turnkey workforce solutions for expanding companies, we continue to receive positive national recognition for our economic results. By any reasonable measure, Louisiana's economy has outperformed the South and the U.S. since the beginning of the national recession, and we're just getting started."
Since January 2008, LED has secured projects that will create more than 35,000 new direct and indirect jobs and more than $4.6 billion in new capital investment, as well as billions in new sales for small businesses.
Site Selection also recognized the Capital Region and the Northeast Region in its 2009 rankings. The Capital Region tied for third place with 30 economic development projects among tier two metropolitan areas, and the Northeast Region tied for 10th place with eight economic development projects among tier three metropolitan areas.
Site Selection's rankings are based on new and expanded facilities tracked by Conway Data Inc.'s New Plant Database, which focuses on new corporate location projects with significant impact. It does not track retail and government projects, or schools and hospitals. New facilities and expansions included in the analyses must meet at least one of three criteria: (a) capital investment of at least $1 million, (b) creation of at least 50 new jobs or (c) addition of at least 20,000 square feet of new floor area.
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