Grant Allows GNO Inc. to Fund Economic Development Plan

The shotgun approach would never work. It lacked focus, precision and insight. After Hurricane Katrina, economic development studies listed more than 16 different sectors of the New Orleans areas’ economy that were ripe for investment.

That was way too many.

Greater New Orleans Inc. stepped in to explore the economic landscape of post-Katrina New Orleans.

“We realized if we were going to succeed with so many recovery issues going on, we were going to have to focus,” said Pamela Meyer, director of regional business development for GNO Inc., an economic development agency.

A $100,000 grant from the Greater New Orleans Foundation has provided the seed money for GNO Inc. to conduct an economic development study of the 10-parish area. The grant was matched by the Louisiana Economic Development Department.

GNO Inc. instructed AngelouEconomics of Austin, Texas, to come up with no more than five industry sectors with the greatest potential for new investment. Economic development directors in each of the 10 parishes were consulted along with public and private sector leaders.

The study, which is 90 percent complete, targets four industry sectors: international trade, logistics and distribution; energy, petrochemicals and plastics; advanced aerospace and defense manufacturing; and creative media and design.

Some obvious choices for growth – such as tourism – aren’t included in the list because they already have substantial backing from other entities.

Based on the study, GNO Inc. has drafted a Regional Economic Development Roadmap. The next step will be to devise a marketing and sales campaign to promote the region.

A $1 million marketing and attraction campaign, supported primarily by LED, will be launched this year using the Roadmap as its foundation.

“It enables us to build a blueprint for a very focused economic development strategy and tactics for marketing the region,” Meyer said.