Thursday, May 30, 2024

Louisiana tops $20 Billion in total economic investment for second consecutive year

by BIZ Magazine
LOuisiana-money

BATON ROUGE – Louisiana leveraged its unique business advantages, sector diversity and support for innovation and climate action to generate $20.7 billion in capital investment and more than 18,000 direct, indirect and retained jobs in 2022. It marks the second consecutive year of more than $20 billion in economic investment, third consecutive year of more than $10 billion of investment, and the fifth consecutive year-over-year investment growth, according to the Louisiana Economic Development 2022 Annual Report.
 
The report highlights the 9,035 new direct and indirect jobs and 9,102 retained jobs resulting from 53 state-supported economic development projects across the state’s eight economic regions last year. Included are 12 major projects with investments of more than $100 million and four mega-projects with investments of more than $1 billion: Clean Hydrogen Works’ proposed $7.5 billion hydrogen-ammonia production and export facility and CF Industries’ $2 billion ammonia plant project with carbon capture, both in Ascension Parish; Port NOLA’s $1.8 billion Louisiana International Terminal project in St. Bernard Parish; and Venture Global’s final investment decision for its LNG facility project in Plaquemines Parish, which increased the originally announced capital investment from $8.5 billion to $13.2 billion.
 
“Economic growth requires us to fix our gaze forward, not back. But the view from 2022 is clear: Louisiana’s economic foundation is strong, and the future is bright and sustainable,” Gov. John Bel Edwards said. “We begin 2023 poised for additional expansion and innovation, positioning our state for long-term success in a rapidly changing global economy at the same time that more Louisiana residents are entering the workforce than ever before.”
 
The 2022 LED Annual Report is again presented in a multi-platform format, with traditional print and interactive digital editions divided into 12 sections exploring new business development; business expansions; international commerce; energy investment; economic diversification and innovation; entertainment industry growth; workforce development; state-federal partnerships; small businesses and start-ups; community competitiveness; rural revitalization; and national recognition for Louisiana’s economic development efforts.
 
“As important as the list of accomplishments for 2022 is the groundwork that has been laid for future growth,” LED Secretary Don Pierson said. “The team at LED, with the support of Gov. Edwards and the Legislature, is empowering small business prosperity, supporting research and technology, leaning into the global energy transition, reinvesting in critical infrastructure, and recruiting, training and sustaining Louisiana’s most valuable resource – a skilled and versatile workforce. Working closely with our regional partners, we are riding the momentum of 2022 into 2023 in our never-ending pursuit of prosperity for our state and its people.”

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