When I put this question to business analysts, several pointed me in the direction of Louisiana, which has applied a number of Romney’s principles. Its governor, Bobby Jindal, is a former McKinsey & Company consultant who has focused on making his state more attractive to businesses. Since taking office in 2009, Jindal helped cut antiquated taxes (like those on certain factory machines) and streamlined regulatory burdens (like lengthy permit processes). He and Stephen Moret, his secretary of economic development (and another former McKinsey guy), have also used state tax incentives in creative ways. A few years ago there were virtually no video-game designers in Louisiana; today, digital media is on pace to make up 5 percent of the state’s economy. In 2011, according to Southern Business Development magazine, Louisiana attracted more new business-development projects per capita than any other state in the South. Its unemployment tracks below the national average, too. Romney would presumably be encouraged by the comparison.Read the full story here.
Regardless of whether this growth was achieved by a federal infusion [of Katrina recovery money] or conservative policies (or a combination of both), it is not necessarily clear that it has even worked on a statewide level. Many of Jindal and Moret’s highest profile projects focus on specialized industries, like pharmaceuticals, renewable energy and digital media, which offer a disproportionate number of jobs to already in-demand workers in gentrified urban areas. The median wage for a software developer is more than $90,000 a year, and new jobs are expected to grow at more than double the national average and nearly four times the state’s average income. Moret was eager to point out one recent success story — a new G.E. software office in New Orleans. The facility, however, will largely employ computer engineers, software developers and other information-technology professionals. It’s unlikely to have much of an impact on the city’s poorer residents.
Moret contends that growth, no matter where it starts in the economy, will eventually effect everyone. “If we’re able to grow faster,” he said, “you can have a surplus of tax revenue, without raising tax rates, that you can invest in education.” But when I pressed him on how job growth among programmers in Baton Rouge or engineers in the Garden District would enhance the lives of the chronically unemployed in the Lower Ninth Ward, Moret said, “We’re not there yet.” The state has successfully recruited some manufacturing and call-center businesses that employ high-school graduates, he said. These jobs, however, are unlikely to reach Louisiana’s truly poor. “We haven’t done well enough to see the reduction in poverty we’re looking for,” he said.
Shoppers familiar with Louisiana-based Rouses Market might be surprised when they walk into the new third location set to open at the Corner of Johnston Street and Duhon Road south the Acadiana Mall on Wednesday.
Noted architect and co-founder/principal of Architects Southwest receives highest honor given to former student.
Know an innovator, job creator and visionary with a penchant for hard work? We want to know that person.
If you care about the wellbeing of Louisiana’s college students, vote against Amendments 1 and 2.
A Mandeville media consultant with big name political connections pleaded guilty Monday to a series of federal mail fraud charges.
Despite a decline in global oil prices affecting the outlook for domestic ethylene producers, South African company moves forward.
1,595 rigs were exploring for oil and 332 for gas. A year ago there were 1,738 active rigs.
Prestigious honor annually recognizes a single attorney for excellence in public interest/pro bono work.
JPMorgan Chase is giving $1 million to Louisiana's community and technical colleges, to help with workforce training efforts to match students to available jobs.
Law firm unveils newly renovated 200-year-old building.
UL grad named web developer at BBR Creative
Lafayette-based emergency department staffing and management company raises $120 million in senior credit facilities through GE Capital, Healthcare Financial Services.
High-rise apartment building, parking garage, hotel and retail part of new development.
The number of Louisianans with jobs continued to set records in September, but the state's unemployment rate kept rising.
Louisiana is drowning, quickly.
An investment group led by Macquarie Infrastructure and Real Assets will buy the Louisiana power company Cleco for $3.4 billion.
Local developer’s Lake Charles Gardens LLC purchases buildings and leases; land still owned by Dugas family.
Economist Loren Scott says Louisiana is in the midst of an industrial boom unlike any other in its history, with more than $100 billion in industrial projects either under construction or in the engineering and design phase.
The Louisiana Treasury holds $18 million in Israel Bonds — bonds that earn 2.868 percent when the three-year U.S. Treasury is yielding 1.08 percent.
ABiz celebrates another class of Acadiana's most influential female trailblazers, the Lourdes Foundation honors a local philanthropist and MedExpress in Opelousas celebrates its 22nd year as the “little ambulance service that could.”
Is Louisiana’s O&G industry ready to head south of the border?
Downtown’s newest live-work space for creatives doubles as a gallery for other upcoming artists to show their work.
A maritime case originating in Lafayette federal court could become a game changer for the oil and gas industry.
Here’s what’s at stake in the November Senate race — regardless of whether Republicans gain control of the upper chamber.
From the publisher’s in-box: ABiz reaches out to Lake Charles, time to “Come Home, Louisiana,” and now accepting nominations for Entrepreneur of the Year.