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.
The board hopes to recover all fees paid, plus one-half, along with what could amount to hundreds of thousands in additional penalties.
Oh, the irony... or something like that.
The Louisiana Workforce Commission said Friday that initial claims rose to 2,125 from the previous week's total of 1,964. There were 2,887 initial claims during the comparable week in 2013.
Oilfield service company’s year-over-year revenues climbed 3.7 percent.
Move is part of company-wide consolidation of residential call centers.
Contentious deposition renders LOGA chief too ill to testify. Here's why.
Proposal for the upcoming legislative session would set Louisiana’s minimum wage at $10 per hour, beginning in 2015, up from the federal rate of $7.25 per hour.
Patrick Kane II recalls his mother awakening him 50 years ago to say his dad’s plane was missing.
His health affected by a contentious deposition last week, the LOGA chief says he can't testify (court will reconvene March 10).
Chair of the energy committee, Mary Landrieu (discussing the urgency of Keystone with Canadian Foreign Minister John Baird) should get the respect she deserves in Louisiana.
A fundraiser co-chaired by former U.S. attorneys from both sides of the political aisle could signal the end of Mike Harson’s long grip on the D.A.’s office.
Former W. Home Furnishings owner Rene Ward faces seven years in prison.
Stuller’s Danny Clark focuses on satisfied customers and effective employees as he settles in as the company’s president/COO.
Sterling Ford-Lincoln of Opelousas ribbon cutting and the State of the Parish address
Increases in higher-end home sales say a lot about the health of the overall market.
Who joined whom or got promoted?
World-class athlete riding high in custom bike biz.
Setting the record straight on that February story in HuffPo
Liability waivers — what you need to know before you sign
A one-man operation, Brett Gauthier is bringing the oil and gas industry into the age of digital animation.
Planning a meeting with results
Local Ad Fed’s Copywriter of the Year and recently named creative director at Russo tapped for Boston Marathon project.
Forecasts for more frigid weather drive prices to highest level in four years.
CiCi's Pizza on Johnston Street will be torn down to make way for popular bakery-café Panera Bread's first Lafayette store.
A computer services company announced Tuesday that it plans to open a new technology center in Bossier City, creating 800 new jobs and bolstering efforts to position northwest Louisiana as a center for cybersecurity work.