By Kevin F. McCarthy
In accordance with the present scenario in New Orleans within the aftermath of storm Katrina, this document presents concepts relating to powerful organizational and strategic ways to revitalizing the city1s financial system, identifies the simplest practices that different towns have used to foster financial improvement, describes how those practices will be utilized to New Orleans, and considers historic developments and prior improvement missteps.
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Additional resources for An Economic Development Architecture for New Orleans (Technical Report)
The second is the retain-and-grow approach that aims to strengthen the city’s existing industrial base and create conditions that are conducive to those industries’ growth. The third approach focuses on creating conditions that will promote and develop new high-tech, high-growth industries. Although most cities choose some combination of these approaches, they tend to emphasize one approach over the others. 9 billion of direct federal aid would be required to repair the city’s economy. This is in addition to state and local funding (BNOB, 2006).
The Organizational Ecology of Economic Development Currently, there is a diverse array of organizations involved in some way with economic development in New Orleans. These organizations operate at the state, regional, and local levels and focus on a wide range of activities and purposes. 1 presents a schematic overview of these organizations, the geographic levels at which they operate, and the speciﬁc focuses of their activities. , loans and seed capital), through the Louisiana Economic Development Council, and a broader set of business incentives through the Louisiana Board of Commerce and Industry.
Both the cold-storage facility and the cruise terminal have an added advantage in that they will also beneﬁt the food-processing and tourist industries. As noted earlier, New Orleans’s medical facilities were a major asset that was badly damaged by the storm. They served as the major provider of health services to the region, as well as a center for medical research and an incubator for the biomedical industry. Rebuilding the medical industry’s infrastructure for the provision of medical services should be a high priority for the city—particularly given the expected growth of this sector in the next decade as the region’s and the nation’s populations age.