By Kevin F. McCarthy
According to the present scenario in New Orleans within the aftermath of typhoon Katrina, this document offers concepts concerning powerful organizational and strategic ways to revitalizing the city1s economic climate, identifies the simplest practices that different towns have used to foster monetary improvement, describes how those practices can be utilized to New Orleans, and considers old traits and previous improvement missteps.
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Additional resources for An Economic Development Architecture for New Orleans (Technical Report)
Small Business Administration and the Economic Development Administration to provide loans to small businesses (see Regional Loan Corporation, 2006). The second set includes the New Orleans–Jeﬀerson Renewal Community and the Regional Planning Commission. S. Housing and Urban Development’s empowerment zone and renewal community programs. The Regional Planning Commission is a comprehensive planning agency that includes regional public- and private-sector leaders (see Regional Planning Commission, undated).
Assessment of Economic Infrastructure Prior to Katrina, New Orleans’s economy was based on four key industrial clusters: the maritime industry (shipping, shipbuilding, and ship repair), oil and gas (production and petrochemicals), hospitality (accommodations, food, and a host of tourism-related activities), and biomedical services (health services, medical research, and other areas). In addition, the city 3 There have been at least four separate plans proposed for rebuilding New Orleans in the aftermath of Katrina.
As Tortorano and Tortorano point out, each of these clusters is expected to grow well above the national average in the future, and a solid research foundation provides the key element needed for local areas to capture that growth. Although Katrina did substantial damage to the city’s economy and its industries, both the maritime and oil and gas clusters have made solid recoveries, and the hospitality cluster appears to be on its way (Liu and Plyer, 2007; University of New Orleans, 2007). Moreover, New Orleans has a clear competitive advantage in several of its core clusters, given its location on the Mississippi River, its access to railroad networks, its proximity to oil and gas reserves in the Gulf of Mexico, and its numerous cultural and tourist attractions—and these advantages have not been altered by Katrina.