Business

New Orleans’ business sector stayed active during the recession. With all of the money that was poured into the economy by Katrina recovery funds, businesses received the boom they needed.

Our city was recently named the nation’s best city for young entrepreneurs. Not only are young adults coming to enjoy themselves, but to make a living as well. Many Colleges have seen record enrollments the last few years. Educated youth are cementing this city’s future.

“New Orleans is now considered the hippest City in America,” said Mr. Richiutti, Finance Professor at Tulane. “Young smart people are moving here in droves.”

In 2008, Louisiana was named one the two dominant states in terms of southern economic development. In the core of the recession, Louisiana refused to falter.
33 major projects were announced in 2009, saving the city’s unemployment rate from increasing like many other cities experienced in that year. Many of these deals meant either the gain or loss of nearly 1000 jobs. The growth of new businesses coupled with government incentives prevented a potential 8000 job loses. Government incentives also played a factor; breaks on taxes and rebates to businesses that create well paying jobs attracted many employers.

One major company, Entergy, handled the recession just fine. The Energy Industry gave New Orleans its necessary stability.

“Entergy made a total of 11.27 billion dollars in 2010,” said an Entergy representative. “Our goal financially is to retain long-term optionality to capture the benefits of ongoing economic growth.”

Separately, so many of the mainstays of New Orleans economy are strong. But a popular idea in further enhancing the economy is to tie the industries together. In an interview, Mayor Mitch Landrieu briefly stated,”One way the tourism industry can further develop is to seek out other industries. Branching out would be a big step forward.”

With so much activity in the city, that public has responded well. Housing prices have not risen significantly, unlike the majority of the country, even in this “pioneering period” in Louisiana. Public money has never been more vital in our economy. Business development in general was a big reason why the recession barely affected us.