By Kevin F. McCarthy
In accordance with the present scenario in New Orleans within the aftermath of typhoon Katrina, this record presents options relating to potent organizational and strategic methods to revitalizing the city1s economic climate, identifies the easiest practices that different towns have used to foster financial improvement, describes how those practices should be utilized to New Orleans, and considers historic tendencies and previous improvement missteps.
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Additional info for An Economic Development Architecture for New Orleans (Technical Report)
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.
Press release accompanying Bureau of Governmental Research, 2004) The study further noted that the city’s development activities suﬀered because there was no “investor” in charge. Instead, authority was divided among multiple organizations. As a result, there was no clear set of priorities. Instead, key decisions were driven by individual funding organizations’ agendas. Further, no evaluation was conducted on whether projects met their promises, and no analysis was undertaken to assess the cumulative eﬀects of the individual grants.
These funds are spent on salaries and various programs, including marketing costs. Perhaps a better gauge is the cost of running the city’s Oﬃce of Recovery and Development Administration, which implements the Uniﬁed New Orleans Plan. 21 Like most other public-private partnerships, these costs should be borne by a combination of public and private sources. 2 million annually on economic development–related programs. In addition, the city’s economic development fund raised $5 million in FY 2007 and is projected to raise more than $8 million in 2008.
An Economic Development Architecture for New Orleans (Technical Report) by Kevin F. McCarthy