Wednesday, February 28, 2024

Louisiana investments top $25B, marks seventh straight year of economic development growth

by BIZ Magazine

BATON ROUGE, La. – Business investment in Louisiana reached historic levels in 2023, as private companies announced plans to invest more than $25 billion in economic development projects across the state. It was the state’s seventh consecutive year-over-year capital investment growth, and the third consecutive year that project wins totaled $20 billion or more.

The capex totals are among the highlights of the 2023 Louisiana Economic Development Annual Report that was released today. The report notes that the recent growth trajectory was accompanied by the creation of more than 16,000 potential new direct and indirect jobs. For the eight years of Gov. John Bel Edwards’ administration, more than $105 billion in new investment has been announced and more than 95,000 potential new jobs created.

“An economic future that seemed quite uncertain in 2016 is filled with progress and potential prosperity in 2024 and beyond,” Gov. Edwards said. “The record levels of investment that we attracted have helped to create jobs that put more citizens to work than at any other time in our history. We have brought stability and consistency to the business of economic development in Louisiana, made investments to improve our economic condition for the long haul through sector diversity, and set Louisiana on a sound financial footing going forward.”

Energy and emissions reduction projects are driving much of the recent investment. By supporting oil and gas interests while exploring hydrogen, solar, wind, alternative fuels, electric vehicle battery and emissions reduction opportunities, Louisiana has experienced a surge of economic activity in the energy sector – more than $14 billion in capex and 11,500 potential new jobs resulting from 2023 projects alone, according to the report.

“Legacy sectors that have traditionally fueled Louisiana’s economy – energy, agribusiness and manufacturing – are expanding and transforming in response to the global shift toward sustainability,” LED Secretary Don Pierson said. “They are now complemented by increasingly robust technology, aerospace and aviation, life sciences and water management sectors. Even as we intensified our efforts to attract major projects bringing hundreds of millions, and in some cases billions of dollars of capital investment to our state, we strengthened our commitment to small businesses, including special programs for women, minority and veteran business owners. After eight years, we leave Louisiana on a solid footing for a prosperous future.”

Download the complete report at OpportunityLouisiana.gov.

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