From the Governor
“We are continuing to attract new business and industry, while retaining and expanding our existing businesses and implementing programs in Louisiana to further strengthen our workforce.” —Gov. John Bel Edwards
Fast Growth in the Bayou State
Recent data from the U.S. Bureau of Economic Analysis revealed that the Bayou State has the 10th fastest-growing economy in the United States. Louisiana’s GDP reached a record high of $256 billion in the first quarter of 2019 with an annual growth rate of 3.8%. Non-durable goods manufacturing was the main contributor to growth, contributing to more than 2%. Kopter Group, Shintech and Formosa Petrochemical are just a few of the companies to invest here in the past year.
LED FastStart: Nationally recognized workforce training program that offers customized employee recruiting, screening and training solutions at no cost to eligible companies.
Angel Investor Tax Credit: Offers up to a 25% tax credit for individual investors who invest in early-stage, wealth-creating businesses that seek startup and expansion capital.
Industrial Tax Exemption: Offers a property tax abatement for up to 10 years on a manufacturers’ eligible new capital expenditures.
Quality Jobs: Offers up to a 6% rebate on annual payroll expenses for up to 10 years and a tiered state sales/ use tax rebate on capital expenses, or a 1.5% investment tax credit, for qualified jobs.
Louisiana Economic Development: opportunitylouisiana.com
Baton Rouge Area Chamber: brac.org/economic-development
Greater New Orleans Regional Economic Development: gnoinc.org
Highlighted Program or Initiative
LED FastStart is focusing more on technology-based training with a greater priority on increasing the number of students in computer science, computer information systems, software engineering, cyber engineering and STEM-related advanced manufacturing. In the past decade, the state has invested more than $286 million in higher education initiatives to advance curricula and training in software, digital, IT services, advanced manufacturing and STEM-related disciplines.
- LaSalle Lumber Company announced in February 2018 it will create more than 100 jobs and build a $115 million mill in Urania.
- Shintech Louisiana announced July 2018 it will expand its existing facility and build a second one in Plaque- mine. The $1.49 billion investment will create 120 new jobs.
- SuperATV announced in February 2019 it will create 75 jobs at a $4.3 million manufacturing and distribution center to be built in Shreveport.
- Swiss helicopter manufacturer Kopter Group AG announced in March 2019 it will create 120 jobs to assemble its SH90 helicopters in Lafayette.
- FG LA, LLC, a subsidiary for Formosa Petrochemical announced in April 2019 a $9.4 billion petrochemical complex in St. James Parish that will create 1,200 jobs.
Two Fortune 500 companies are headquartered in the state:
“We are extremely grateful to Louisiana state and parish officials and our neighbors, whose strong support and understanding has enabled Shintech’s continued growth and success in Louisiana.” —Yasuhiko Saitoh, President and Director, Shin-Etsu
“Kopter Group chose the Lafayette site for several reasons. First, because of Louisiana, which is a rapidly growing and attractive region, already hosting several key helicopter operators and many industrial players. Second, for the easy access to a qualified workforce and high-quality educational environment. And third, for the facility itself—which meets the highest standards and allows almost instant operations.” —Andreas Lowenstein, CEO, Kopter Group AG
“SuperATV is excited about expanding into the ‘Sports- man’s Paradise.’ A second location in Louisiana will allow SuperATV to establish the premier retail and shipping location so that we have the opportunity to bring our products to our customer as fast as possible.” —Harold Hunt, Founder and President, SuperATV