An Economic Development Architecture for New Orleans by Kevin F. McCarthy

By Kevin F. McCarthy

Based on the present scenario in New Orleans within the aftermath of storm Katrina, this file presents options concerning powerful organizational and strategic techniques to revitalizing the city1s financial system, identifies the simplest practices that different towns have used to foster fiscal improvement, describes how those practices may be utilized to New Orleans, and considers old traits and earlier improvement missteps.

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Additional info for An Economic Development Architecture for New Orleans (Technical Report)

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2 A variety of such studies is available. We reviewed the following studies, by topic area. Economic development plans: Bring New Orleans Back Commission (2006), Louisiana Economic Development Council (2003), MetroVision (2001), Regional Technology Strategies (2007), UNOP (2007), and Mt. Auburn Associates (2005). Damage done by Katrina and the current state of recovery efforts: Terrell and Bilbo (2006), Liu and Plyer (2007), and University of New Orleans (2007). Development progress: Bureau of Governmental Research (2004).

Workforce. 9 One by-product of this outflow has been a very tight labor market that has made it difficult for businesses in the city to find sufficient numbers of workers to fill their demand for both high- and low-skilled jobs. 10 But problems with the New Orleans labor market predate Katrina and include both an overall shortage of workers and a shortage of workers with the skills needed by businesses. The city was, for example, losing residents, especially its highly skilled and well-educated population, for at least three decades prior to the storm.

T An effective division of labor is best served by establishing separate bodies to perform three key functions: a policy board to set policy, an executive board to carry out that policy and coordinate activities, and a resource group to provide the expertise to the effort as needed. Finally, the implementation of the strategy requires setting priorities, goals, and metrics to evaluate the progress in meeting those goals. 2 This chapter combines the findings from this review with the lessons from other cities’ economic development programs to identify major issues for New Orleans’s economic development efforts.

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