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.
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.
In late September Cleco and UL Lafayette showed off the Cleco Alternative Energy Center, where researchers explore ways to generate power by using renewable resources.
The most recent promotions, hirings and announcements from Acadiana's biz community.
While Amendments 1 and 2 will shield some health care providers from the budgetary whims of Gov. Jindal, they could make higher ed even more vulnerable to cuts.
Age 60 looks good on the country’s second-largest oil and gas show.
Local pieces and logo-emblazoned corporate gifts
Let’s show how much we care what it looks like.
The Memphis based investment firm Wunderlich recently arrived in Louisiana with the opening of a wealth management branch in Lafayette.
Broussard will soon be the site of a new Courtesy Automotive dealership.
Event addresses the industry’s growing need for qualified employees by providing an industry specific networking event.
Attorney General Buddy Caldwell’s office announced Thursday that AT&T Mobility has agreed to a $105 million settlement with Louisiana and the other 49 states over allegations that the company added third-party charges to AT&T customers’ bills without their consent or knowledge.
Investors aren’t enthusiastic about parent company Gannett’s spinoff plan, and that’s bad news for employees.
Lafayette Consolidated Government was the victor at the 3rd Circuit Court of Appeal in a suit brought against it by a billboard company that argued new(ish) zoning regulations prevented it from making good on a contract.
The state labor department figures released Friday show the initial claims increased to 2,081 from the previous week's total of 1,887. For the comparable week a year earlier, there were 2,456.
The U.S. rig count peaked at 4,530 in 1981 and bottomed at 488 in 1999.
The U.S. Attorney in New Orleans says a Slidell man has pleaded guilty to fraud in connection with a claim he filed related to the 2010 Gulf of Mexico BP oil spill.