Ten years after Katrina, New Orleans offers the ideal intersection of quality of life and economic opportunity. A resilient economy has resulted from our steady progress over the last decade, weathering economic hits such as subsequent storms, the Great Recession and the 2010 oil spill far better than many had anticipated. New Orleanians – native and transplanted – have reinvented the city as a pliable, fertile landscape for entrepreneurial experimentation, for commercial and industrial progress and social innovation.
MAJOR CHANGES SINCE KATRINA
Brain Gain, Jobs Growth
- The city has recovered more than 80% of its private sector jobs; faster job growth than the state or nation since 2011. (source: Bureau of Labor Statistics)
- The share of the city’s population with a Bachelor’s degree or higher grew by 40.5% from 2000 to 2013 (from 25.7% to 36.1% of working age adults). (source: US Census Bureau)
- Proportion of working age adults in 25-34 group increased 2000 to 2013, from 22% to 26%). (source: US Census Bureau)
- More than 9000 new jobs added (source: City of New Orleans)
- Year-over-year, Orleans Parish has added jobs to its economy for the past 48 months straight, and at a higher rate than both the state and the nation (source: Bureau of Labor Statistics)
Entrepreneurship & Small Businesses Fueling Growth
New Orleans now ranks among the nation’s top cities to start a business because of its strong entrepreneurial ecosystem, including more than a dozen business incubators, co-working spaces and technical support organizations across numerous industries and multiple growth phases. The cost of doing business remains relatively low; from real estate to utilities, it’s economical to live, play and work in the Crescent City.
- Businesses with 10 employees or fewer made up 87% of all Orleans Parish establishments
- 64% more startups per capita than anywhere else in the nation
Economic Asset Investment
- $296.3 million in capital expenditure improvements to the Port of New Orleans, including terminal expansions, completely renovated transit sheds, upgraded infrastructure and new state-of-the-art cruise terminals. Tonnage growth hit a 14-year high in 2014 – 8.37 million tons of cargo worked at public docks, the highest since 2000. Key tenants have returned, including International Shipholding. Passenger cruises hit an all-time record 1 million passengers in 2014 across three cruise lines.
- Louis Armstrong New Orleans International Airport –
- 9 new airlines, 19 non-stop destinations added since 2010.
- 45 nonstop destinations.
- Passenger counts hit 9.78 million in 2014 (5 years consistent growth).
- 3 new carriers are beginning service from New Orleans in 2015 $800 million new terminal under development
Water Management and Storm Protection
- Permanent gated storm surge barriers and canal pumps at the 17th Street Canal, Orleans Avenue Canal and London Avenue Canal – part of the $14.45 billion in U.S. Army Corps of Engineers Hurricane and Storm Damage Risk Reduction System
- Urban Flood Control projects underway citywide to provide flood risk reduction for a 10-year rainfall event – 16 major drainage lines, two new pump stations, additional two upgraded pump stations
Retail Growth Fuels General Fund
- More than 1.5 million s.f. of new retail space added since 2013 – more than 80 new retailers
- Retail sales tax collections are at a decade high – grew 9% over the past two years
- Since 2011, $32.2 million in new sales tax revenue generated for City’s General Fund helped fund a 15% raise for New Orleans police in 2015.
- Major investment in new and existing hospitals
- $41 million renovation of Ochsner Baptist Hospital
- $5 billion capital investment in biomedical corridor
- $130 million renovation of New Orleans East Hospital
- More than 70 primary care neighborhood health clinics, serving 59,000 patients per year