Tuesday, July 23, 2024

Report: Bossier ranks in top 10 in Louisiana for economic expansion

by BIZ. Staff

Bossier Parish ranked in the top 10 in Louisiana for economic expansion, according to a new study.

SmartAsset released a study Wednesday that shows Bossier as one of the best parishes in the state for having the most incoming investments. 

“Bossier Parish ranked among the top places in Louisiana due to a strong showing in each of the factors considered including business growth, GDP growth, new building permits and federal funding,” a press release on the study said.

The study takes into account growth in terms of number of business, GDP growth, building permit growth, and Federal funds received per capita. 

SmartAsset’s study aims to capture the places across the country that are receiving the most incoming investments in business, real estate, government and the local economy as a whole. To do this, the financial advisor website, looked at four factors: business establishment growth, GDP growth, new building permits and federal funding.

Bossier had a 43.11 ranking in SmartAsset’s index. Metrics showed business growth at 2.4 percent, a -$123 million GDP growth, 11.6 new building permits per 1,000 homes, and $38 in federal funding per capita.

SmartAsset’s methodology included first looking at the change in the number of businesses established in each location over a 3-year period. 

“This shows whether or not people are starting new business ventures in the (parish),” the study notes.

The second factor that was investigated was the GDP growth. Real growth (inflation adjusted) in the local economy was used for this number.

Investment and development in the local residential real estate market was also measured. To measure this real estate growth, SmartAsset calculated the number of new building permits per 1,000 homes.

The final factor considered was federal funding received by each parish. This includes contracts awarded to businesses in each parish, divided by the population. 

“This gave us a per capita look at the flow of investment from the federal to the local level,” the study denoted.

Those four factors are scored and then combined to create a final ranking of cities. With that ranking, an index where the parish with the most incoming investments was assigned a value of 100 and the parish with the least investment activity received a zero.

The No. 1 parish was Ascension with an overall 58.03 index ranking. Lincoln and Union Parishes were the only other two parishes in north Louisiana ranked in the top 10. Lincoln came in at No. 6 while Union ranked No. 8.

You can see more here: https://smartadvisormatch.com/data/places-with-the-most-incoming-investments/louisiana

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